Urgent debt help

Tilly78

Hi my debt is spiralling out of control I’ve sat down and wrote all bills and debts (what I’ve put off for months) kept spending on credit cards now I’ve sat and calculated everything and I seem to be spending more than we are earning credit card bill a month is crazy and can’t afford it. 

got 4 loans some finish in 3yrs, 3 credit cards all maxed out and going to be over the limit 😢 soon I feel it’s getting out of control I tried for consolidated loan but I have no equity in my property 
do I do debt consolidation? To possibly reduce monthly amount? Before things get worse  
I have a car what I need scared if I done this they would take my car away? Any advise would be greatly appreciated thank you 

Brie

First off well done for facing up to the problem.  That's the crucial thing.

Next go to the top sticky and fill in a Statement of Account and, if you like, post it back here so people can see the full picture and offer some practical advice.

The one immediate thing I'd suggest as well is to talk to the creditors and let them know you are stretched but are getting help.  They might be able to offer you an interest free period to give you a bit of time to get things sorted.  

Consolidation loans are almost never the answer even if you could get one because it assumes you can afford both the loan and all the debt you intend to pay off with it.

Tilly78

Thank you Brie sorry what do you mean stop sticky to fill in statement? Thanks

Martico

There's a broad Debt-free wannabe forum where you'll find the sticky. You've posted in the Diaries subforum. Which is fine, but you may want to move the thread to the main forum so it is noticed by the regulars there.
In the meantime, the SOA we'd advise filling out can be found here (to save you hunting through the stickies)

enthusiasticsaver

I second the suggestion to do a statement of account and the link is kindly supplied above by @Martico

Don't try and consolidate the debt especially not secured on your home.  It never works and usually ends up making things worse and turning unsecured debt into secured runs the risk of you losing your home. 

You may need to consider a debt management plan but until we see the soa we cannot advise further. 

You could read this thread which gives a lot of information 

In Debt and Wannabe Debt Free? First Steps! - Page 2 — MoneySavingExpert Forum

As said above you have posted in the diaries section.  I can move it to the main DFW forum if you wish? Some  knowledgeable posters only check the main DFW forum and not the diaries section.