I am in dispair and need advice

tikki_2

Hi can anyone help me PLEASE, i am so ill with worry, i have a debt of £15,500. which is made up of a £5,500 car loan, (i need a car for work), two personel loans (unsecured) total £7,000, three credit cards total £3,000.
I am meeting the payments at the moment of £500 per month, but after paying my other bills morgage,gas electric council tax ect ect i am going into a overdraft each month and this is increasing each month, i am now in a position where i am going to start struggling for money for food each month, as my outgoings are now greater than my income.
I have tried to borrow a loan of £16000 at a low apr to try and reduce my monthly payments but everytime i am turned down, i am thinking of going for a trust deed (is this a good idea), can anyone advise me how to get out of this mess.
I thank you all in antisapation for your help.

Tikki

skylight

start with the https://www.nationaldebtline.co.uk

You can do things yourself or get phoned advice. I think they have helped most people here!

Start with their budget and work from there.

youngandreckless

Hi Tikki,

Firstly don't panic, you're in the right place for sound advice and help (I've had loads of help on here). Have a look through some recent threads that look like the kind of situation you face and make a note of the various organisations you can contact. I'm sure you'll get plenty of replies giving you the ones that have been the most helpful for others in a similar situation to you anyway. It would be a good idea to make sure all your paperwork is handy and sorted so you know exactly what you need to pay and can then begin to put a plan together which will begin to show the light at the end of the tunnel.
It is perfectly understandable that you're worried, but please know that there is a way out of this and the sooner you start the better you'll feel.
I'm sorry I can't give more practical advice, but there are people that are far better qualified than me to point you in the right direction. I just want to let you know that there is a lot of support here which can lighten the load a little x

Malestrom

You need to work out a full budget so you can see exactly why you're living beyond your means and see if there are any steps you can take to reduce your outgoings.

The Budget Planner is linked at the top of this page in the blue bar. If you want, post back here with your full budget and we'll try and help you find areas to save some money. I suspect that you will have to try and reach an agreement with your creditors to reduce your payments, but if they refuse then you may have to consider a debt management plan. Is you car loan an actual loan or is it HP?

Magentasue

You must start with a budget - you can't negotiate with your creditors if you haven't got a clear idea of how much you can afford to repay.

When you do your budget, you must include all your spending, not just major bills but all the incidentals like TV Licence, shoes for the kids etc. Include a realistic amount for food.

When you have done these calculations, you can see how much you have for debt repayment. If it's enough to make minimum payments, you can get by. By selling stuff, earning more or spending less you can clear your debt quicker.

If (and I think this is where you are) you don't have enough for those repayments, you have to negotiate. You don't spend your food money or repayments - that way you starve or use more credit.

You need to work out that budget and vow to live within it and not use credit. Moneysaving oldstyle has lots of info on how to live on less. Others have found it helpful to post their budget here so that other people can point out ways of cutting bills. Whatever you do, you'll feel so much better when you get started - you'll feel more in control and you'll be closer to getting debt free. This is the beginning!

tikki_2

I wish to thank you all for your speedy replies, it makes me feel a lot better knowing there are people out there who are helpfull and undersatnding.
I will make up a budget planner and post it on

Tikki

Lucie_2

Tikki
You've made the first step, things will not seem so bad now you have asked for help.
Try to post your budget in as much detail as possible - you will be amazed at how many savings you can make just by other people looking at your figures. There will be things you assume that you cannot save on, but someone on here will have a way of shaving off a few pounds/pence. Good Luck!