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91k in Debt and don’t know where to turn

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  • April22
    April22 Posts: 19 Forumite
    Third Anniversary 10 Posts
    I was just wondering how you got on Hooley22 said:
    Hi all, hope you are all well. I have found this forum and have been reading some stuff which have helped me a little bit. As you can see from the title I am in huge debt 7 credit cards practically maxed out ( 42k ish)5 loans and two overdrafts. I have a house worth 250k with £168k left on the mortgage. It was a build up from Covid/living on ccs etc getting loans to pay off then getting back into cc debt by overspending massively. I have a healthy credit score but big utilisation so no one will touch me for a balance transfer etc. I got a job 3 years which means working away from my family in another country which took a lot of money to get to and from home to work for flights/trains every weekend and to get set up with accommodation. Z

    Finally after 3 years I have just got a promotion and start my job in march on 99k a year with my overtime and expenses finally paid. My wife only knows about 38k of the debt which is making me absolutely ill, I feel like and absolute failure, a bad husband, a bad dad etc. I have thought a few times would it just be easier if i wasn’t here 😢 but id never ever do anything like that after seeing the aftermath of something similar to my cousins family. I know she will probably up and leave when/if she finds out and that’s what’s breaking me. I’ve been so stupid. 

    My question is what should I do? I have stopped using all forms of credit. And have been in contact with Payplan and they have offered me a DMP 1900 per month x4 years. Obviously I know my credit would be wrecked but I was wondering if I should ask all of my creditors for a 2-3 month payment holiday to get an emergency fund together and pay off all my low debts in this time then attack the debt when I start my new position. 

    Apologies for the long explanation but I don’t know where to turn at the moment. 


    Hooley22 said:
    Thanks for your Reply it’s much appreciated. 

    I will organise a SOA tomorrow and post. 

    Luckily now the expenses working away from home are fully covered. Flights, trains food and accommodation. 

    I have just remortgaged on a 5 year fix and it’s only me that’s on the mortgage so we are not linked in any way. We have 2 kids 6 and 9. 
    Hooley22 said:
    Thanks for your Reply it’s much appreciated. 

    I will organise a SOA tomorrow and post. 

    Luckily now the expenses working away from home are fully covered. Flights, trains food and accommodation. 

    I have just remortgaged on a 5 year fix and it’s only me that’s on the mortgage so we are not linked in any way. We have 2 kids 6 and 9. 

  • sourcrates
    sourcrates Posts: 31,595 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    OP has not been active on the forum for over a year, I expect by now they will have started to solve the problem, or not as the case may be.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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