help

winbus

have got 63k debt. have been keeping secret from partner cos really scared. he just found out. some of it is his debts. behind in all payments. got 1 ccj each. his is going through to secure debt on house. income 2500 pm.
what can we do

Lucy1982_2

Morning!

The best thing I can suggest is to read the post 'Frist Time Posters' and post your Statement of Affairs or a list of all your incomings and outgoings. It will help us to see if there is anywhere you can make some cuts.

Have you considered speaking to wither CCCS or Payplan? I don't know much about them, but they are debt charities who will NOT charge you a fee for managing your debt repayments.

You are not alone and more people will be along soon to help.

You say your partner has just found out, how has he reacted? As some of the debt is his, surely he will help you sort this out.

Take care x

sammy115

Welcome!

1. Make a cup of tea and then come back!
2. Can you do an 'SOA' or a statement of affairs. This will detail all income (weekly or monthly) all current outgoings (excluding debt).
3. Then detail all debt. Who to. How much owed. APR. Min payments. Arrears. secured or unsecured.
4. Make another cup of tea and then come back to see the advice.

OberonSH

Hi, and welcome. To start with, you say this is both your debt. So get talking, you can do it together.

First, sit down and do a full breakdown of what you owe, including interest rates. Then work out what you have coming in each month, and what you spend. It's a tough job, but needs to be done. Then you can see where you can make cuts to give yourselves more money to throw at debts. This is a Statement of Affairs or SOA. Put it up on here, and we can all make suggestions as to how you can cut stufff down.

Have you contacted the creditors? Most companies are willing to help, freeze interest etc as long as you keep them informed. If you're in a bad state, try contacting one of the debt charities - they'll send you a pak with a budget sheet you can fill in and send to creditors. It's a great weight off your mind, the feeling that you're doing something about it.

rayday2

Please listen to the above but I would not secure any debt on my house, think of what you spent the money on maybe a car, holiday, shoes, pans, make up, things like that do you really want to pay for things like that over the next 10 years, run the risk of your house being at risk for things like that?

You already have CCJ so that says to me you struggle with finances so a debt management plan will be a lot cheaper for you than a loan or extra mortgage, your home will not be at risk and it will not damage your credit history as much as it already is.

Also a secured loan with CCJ is going to be very pricey and with interest rates on the up secured loans go up and up and up a lot quicker than a standard mortgage.

Please give this a lot of thought!

chevalier

Will await your SOA with interest. But until we can see it, it is difficult to offer pin point advice. However I agree with the above, don't secure the debt on your house. This is a panic reaction, which I am sure you will regret later.
If you really don't think you can cope, then CCCS or Payplan will give you FREE impartial advice on next steps.
chev

HairyHandofDartmoor

Think carefully before securing the debt on your home and putting your home at risk. Take other posters advice and put up your SOA and contact CCCS or Payplan for advice. There may be other ways you can proceed that don't potentially endanger your home.

trying-very-trying

I must agree with hhod above, don't take a secured loan to clear unsecured debt. there are other ways round this.

if you pop up your soa, you will get loads of good advice on ways to cut back and start sorting this situation out. You will get loads of moral support here too.