My debt is out of control please help

damsidebear

Sanctioned_Parts_List wrote: »

Hmm... the new SOA paints a slightly different picture. What happens if you do a "whole house" SOA - yours and your wife's income, assets, expenditures combined? Does your wife know about these other debts?

It's far more efficient to have both partners working on the same plan than each trying to do their own thing, or having one struggling and the other oblivious...

My wife knows about the debts and is in a similar boat. with less income

tori.k

If she is in the same boat it would worth pooling your income together coming back with a joint SOA and going from there. Your married so your financially linked anyway, also have a look at some of the debt free diary's lots of people are in for the long haul.

damsidebear

wrong thread.

damsidebear

So I've done my first 'snowballing' months payment and it's a chore and it's effecting me not just financially but emotionally and mentally, I'm not sure how I'm meant to get through the rest of the month never mind the next 61 months.
If i did try the debt management route which I believe would take me roughly 24 months to clear my debts how long after that would it take to revive my credit rating? I am really at a loss here.

fatbelly

damsidebear wrote: »

If i did try the debt management route which I believe would take me roughly 24 months to clear my debts how long after that would it take to revive my credit rating? I am really at a loss here.

You have unsecured debt of £19300, i.e £804 x 24. I'm not seeing £804 per month available on your soa

As you can afford the contractual minimum payments, a dmp would not normally be recommended but I understand that Stepchange and Payplan do do them at that level. You could talk to them. Even so, interest does not always go to zero.

Have you tried for any 0% credit cards?

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

If a default goes on your file it stays there for 6 years

damsidebear

fatbelly wrote: »

You have unsecured debt of £19300, i.e £804 x 24. I'm not seeing £804 per month available on your soa

As you can afford the contractual minimum payments, a dmp would not normally be recommended but I understand that Stepchange and Payplan do do them at that level. You could talk to them. Even so, interest does not always go to zero.

Have you tried for any 0% credit cards?

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

If a default goes on your file it stays there for 6 years

My assumption of 24 months is possibly nieve, but at the current level I am paying out each month which I need to sustain for 5 year + is a strain.

I have attempted a 0% cc but to no avail, I just don't see any other way.

tori.k

It is hard at first but as you get into a routine things will improve as the debt comes down 0% offers will open up and you will start to see a faster drop. im terribly impatient with my debt and found joining one of the debt free challenges help's me feel Im being more productive. I've also made a list of all the little jobs around the house that doesn't cost that need doing that keep's me distracted.

What is it that bothering you about your debt ?

damsidebear

tori.k wrote: »

It is hard at first but as you get into a routine things will improve as the debt comes down 0% offers will open up and you will start to see a faster drop. im terribly impatient with my debt and found joining one of the debt free challenges help's me feel Im being more productive. I've also made a list of all the little jobs around the house that doesn't cost that need doing that keep's me distracted.

What is it that bothering you about your debt ?

I'm frustrated feeling guilty and sad as I've been here before and ended up in trust deed over 3 years and vowed never to put myself in this position again as I had really bad depression due to my money problems but here I am again struggling to manage day by day and scared it effects me mentally again, I'm already sitting some nights crying just thinking about it.

It's my own fault no one elses and I can't believe I've did it again.

tori.k

My mother would say Sorry doesn't butter parsnips and sorry is the same as could have would have and should have. I still have know idea what that means but it sprang to mind.

So you have been in this position before debt is a crap time but it didn't break you last time and it wont this time.

Break it down as hard as it is look at the little picture at rather than the big one for the moment pay the minimums and just focus on over paying one debt use motivation aids if it help's, I know some people on here use a 1% grid every time they pay off 1% they colour in a grid then they can visually see the debt reducing.
Just take it one day at a time.

damsidebear

tori.k wrote: »

My mother would say Sorry doesn't butter parsnips and sorry is the same as could have would have and should have. I still have know idea what that means but it sprang to mind.

So you have been in this position before debt is a crap time but it didn't break you last time and it wont this time.

Break it down as hard as it is look at the little picture at rather than the big one for the moment pay the minimums and just focus on over paying one debt use motivation aids if it help's, I know some people on here use a 1% grid every time they pay off 1% they colour in a grid then they can visually see the debt reducing.
Just take it one day at a time.

Thank you tori.k your words mean a lot and I take them on board.