I’ve got myself in quite a mess

haggyloops

Hi all, I have got myself in quite a pickle. Basically I have been living beyond my means for years and borrowing my way out of deft which funnily enough has not helped. 

I now need to face things, In short I had a mental health crisis (another one) resulting in a vulnerable missing persons report and a massive !!!!!! storm. I have every crisis team known to man involved and I have thoroughly !!!!!! up. (Please excuse my language) I don’t know where to start. I can’t let debt be the reason I make a silly decision I can’t take back and I am feeling much better but I need a bit of hope please. Everything feels insurmountable at the moment.

help please or just a virtual hug xx

BestnamesRgone

Have a virtual hug from me, I can’t offer any advice but there are some very knowledgeable people on here who I’m sure will help x

sourcrates

Never yet seen a debt problem that could not be fixed, how much do you owe ?

Do you own any assets such as a house ?

Are you working at all ?

You have found out the hard way that borrowing more money doesn't get you debt free, however there are both formal and informal options you can make use of, to actually get debt free, depending on your circumstances, all you have to do is apply the right solution.

The answers to my questions will give you a basic idea of what to expect.

MWT

Have another *hug* and you have found the right place to start back on the path to sorting out the debt problems.

Share what you are comfortable sharing, such as the answers to the questions above and that is the first step towards a better future...

Karonher

Another hug - as soon as people have more information they will be able to give you advice.

lillypoo

Big hugs from me too and a promise that there will be a solution!

haggyloops

                        Balance           Monthly Payment

Evolution Money              20556              362  (Will be going up again given new interest rate - this is a secured loan)

Blue Motor Car (Me)           2613              245.00

Halifax Loan (Me)             2618.36           150.24

Next (me)                     2591.86           130.00

MBNA (Me)                   6493.19           137.01

Paypal Credit (me)            4992.27             159.16

Paypal Credit            1628.32            59.35

Novuna Finance          5275.31           326.38  (Spread over 4 loans)

Morgage Areas                3700      
Payday loan                    600.             218  

Additional Information

Our outgoings excluding the above and Mortgage

Newday      62.19

Newday      7.11

Sky (3 mobile phones not TV package)      54.90

Windows Loan 70.00

Car Ins         49.02

Prescriptions     10.81

Argos           40.00

Littlewoods       10.00

Utilities (Phone, Gas, Electric, Broadband) 300

Water       23.90

Netflix, tv license, Disney plus, Amazon prime etc       50.95

Council Tax       206

Go Henry Fees     9.97

Swimming Lessons       62.00

Life Insurace   33.74

Home and Contents 39
school lunch 30
childrens clubs 20

I also have an overdraft with Halifax (1000) and HSBC (750)

Incomings

Me: 2830 after tax and pension per month (Salary 47100)

Child benefit 223 every 4 weeks

Husband 2000 per month

i think that is everything 

haggyloops

Sorry forgot to add - our mortgage is increasing to 1600 next month

TheAble

As a rule we advise against turning unsecured debts into secured as it puts your home at risk.

Do you have the APRs for those debts to hand? 

If you could fill out the SOA as given here:

https://www.lemonfool.co.uk/financecalculators/soa.php (format for MSE)

it will give a clearer picture.

fatbelly

You have a mortgage with arrears and you want to add 49k of other debt to it, and it is planned to finish when your partner is 70. Is that correct?

Can you hear the distant sound of alarm bells ringing?

Can you do a full statement of affairs and post it? Looks like you have most of the info already

https://www.lemonfool.co.uk/financecalculators/soa.php

haggyloops

Thank you, sorry I meant to delete that bit as I cut and pasted an email.  From research we are no longer borrowing anymore at all - I think I was desperately trying my normal strategy which let’s face it is poor at best. I will get the SOA completed - thank you