Need Massive help with massive debt

mrs1978

I have the hugest debt of just under £50k and really don't know where to start. Debt is with loans and credit cards, some are under some sort of control and the rest are near the death..Court CCJ's etc..

I have a house in my name with little equity. Me and my husband are both in good jobs with a total income of roughly £40k a year.

All the debt is in my stupid name.

To put a spanner in the works i am on maternity leave and will be going back to work on reduced hours and can't come up with a budget plan of income as i don't know what i'll be gettin.

I have total support from my husband and hide nothing from him...but the thought of this debt continuing and ruining everything is making me sick....pls help?? Anyone??
:eek:

Conor_3

Basically to go on a debt management programme through CCCS or go the IVA route you need to have at least a couple of hundred quid disposable income after living expenses and secured debts are paid. If you haven't, there's not anyone who'll set up a DMP/IVA and you'll be advised to declare bankrupt.

Post an SoA listing all income/outgoings and loan/CC amounts with APRs.

roomontheend

If you post your soa, you income and exp, you current loans and credits with interest rates someone will help you sort things out. best of luck

Merlot

Hi Mrs1978, welcome to the DFW board, you have come to the right place for some help.

I know you mention that you are on maternity leave, but if you post an SOA (incomings and outgoings) and list all your debts including balances, APR's etc, whether they are secured or not, we'll take a look.

If you have to roughly work out your income just now, that's fine cause you can always tweak your post.

Try and not worry, we will help if you give us some further info.

Have a look at this website, its the CCCS, a debt charity, it has loads of useful information on there, you don't have to phone them yet, but it will let you see you are not alone, their are people and organisations who can help.

http://www.cccs.co.uk/

Merlot.x.

the_cat

Hi and welcome

Take a deep breath and post up all the details. It is a bit scary but you will get loads of really good advice. If all the debt is yours, we may be able to come up with a plan involving your OH taking out a 0% card etc to reduce your costs as he should still have a good credit rating. If not, there will almost certainly be lots of ways of cutting back that you may not have thought of yet

mrs1978

Thanks all, i will list tomorrow morning and see what comes up. I'll need more than a deep breath!

Merlot

Grab a cup of tea, and take baby steps sorting out your SOA. It can be one of the most daunting things you can do, seeing everything in black and white, but its only then, things like SKY sports etc jump out as a luxury rather than a necessity.

Merlot.x.

penguin83

Hi and welcome!

Your level of debt and income sounds similar to ours (see sig)

As others have said put your SOA and contact CCCS and everyone will try to help you.

Sleep well x x

stapeley

Have any of the debts been passed to DCA ?

THE_LONE_RANGER_4

do not think bankrupt think positive focus on dealing with it decide what TO DO AND DO IT as stated post your soa there is plenty on here to help , are all debts unsecured if they are then calm down and let the creditors worry about it while you sort it out .

mrs1978

Is it best to fill in the CCCS online thingy and then call?

No debts are secured, majority have been passed to DCA's an 2 have gone thru county court and have come thru ridiculously high payments.

Whats included in a SOA....

The word bankruptcy alone makes me want to puke.