65 and counting

poppy43

happy birthday today to my husband who is 65 today unfortunately we owe £50,000 on credit cards, he has heart problems had a by pass in 99 but his company say he can work another year, problems started in 93 when he became ill started using the cards for food petrol etc., i work and we manage to pay the minimum payments each month, they amount to £1400pm but I wonder how much longer we can keep going. I contacted a debt help agency and they said stop paying everyone and pay them and they would sort it out for a fee of course, what i am afriad of is if we cannot keep going, these c/c people would start telephoning at home and at work. We will probably have to sell and buy a smaller place.

dancingfairy

Hi and welcome. Don't do anything drastic yet. The best thing is to seek advice from a free debt service. Try CAB or Payplan or CCCS. Also post an SOA so people can advise on the best course of actions for you. This is a list of incomings and outgoings which the debt charitites will want anyway. Have you considered bankruptcy - as you owe a relatively large amount and your husband is ill it may lesson the stress on you both? Have a look at the bankruptcy board and get some advice as to whether this would be a good option for you.

Seaxwyn

Welcome and happy birthday to Mr Poppy. Please don't worry, there is no debt problem that hasn't got a solution. Phone CCCS or Payplan for good advice - or go along to your Citizen's Advice Bureau. Meanwhile, if you post up details if your incomings, outgoings and debts (only if you want to), people here are brilliant at spotting ways you could save a little here and there.

You mention the possibility of selling and moving to a smaller place - how do you feel about that? That could be a good solution if you are happy to move.

sashacat

Hi and welcome.....post a SOA and go to the oldstyle board to see how you can cut back without changing what you do too much

poppy43

Thank you for your advice I will sit down and put a budget together speak soon

Karmacat

Hi Poppy
Just posting quickly to say hi, and I'm glad you're going to put a budget together - and that you were right not to go with the people that wanted you to pay them, there are the free debt organisations that people have mentioned above - CCCS, Citizens Advice Bureau, or Payplan.

Good luck, and keep posting.

CCCS_Alan

Hi Poppy43

If you are looking to sell your property and downsize you could offer Full and Final settlement to your creditors to clear your debts.
A Full and Final Settlement Offeris where you offer your creditor(s) a one-off lump sum payment, of less than the full amount owed, in return for them agreeing to write off the rest of the debt.
Your creditors might accept a settlement offer based on a one-off payment when financial circumstances are such that you are unable to maintain full payments from your income.

Looking at what you have posted about your situation I would advise looking into getting some impartial advice on this. Try our online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation.

Good luck and keep us updated on your situation

CCCS_Alan

poppy43

Essentials: T.V.Licence, Sky, Water, Gas, Elelctric, Accident Ins, mortgage 160pm outstanding £8,000, endownment which has a life cover, council tax, car ins, telephone, bank charges: total £794

Debts. Hoot c/c £5861 13%
Hoot loan £2212 13%
Alliance £4000 15%
A/Express £5100 4.9%
Barclay £5787 standard rate plus 6.9%
The above are Mr.Poppy's

co-op £4169 11.9%
Barclay £8512 6.9%
A/Express £5385 4.9%
M.B.N.A £2071 1.9% till may
Mint £1876 14%
N/Wide £1805 14%
M&S £2873 6.9%
These are mine.
Time is against us, thank you for your adviceI will certainly look into everything you have suggested.

Merlot

Poppy43, can you list individually your essential items i.e gas £30, it would help us to help you.

Take a look at the CCCS website, I think Alan from CCCS has posted above, they are a debt charity and they can help you for free, its a phone call, you have nothing to lose in phoning them but could have a whole lot to gain.

Happy belated birthday Mr Poppy43.

Merlot.x.

poppy43

merlot


thanks i will put a list of my essentials plus income tomorrow, I spoke to the CCCS recently they gave me an hr long telephone call, I told them everything and they suggested I stop paying everyone right away and open another bank account, which I did, then they wrote and said I need to send them £1400 pm, but I would prefer to carry on paying everyone while I can, as I have an excellent credit rating and really dont want to lose it, I cannot see what I would gain by this company paying everyone on my behalf.

poppy43

Hello Alan,

Our income is as follows: Mr.Poppy £1145 bring home plus £640 private pension- state pension due this month for £440.
Mrs.Poppy £350 bring home plus state pension £279 Total £2414 have not received the £440 yet.

essentials: t.v.licence £11.75 - water rates £46.13 - gas £47.00 -electric £63 - Accident ins £6 - mortgage £160 - Hse ins £30 - Council tax £156 - Car ins £29 - Endownment £52 - telephone £35 - Sky t.v £36 Bank charges £63 on average,

Any advice would be appreciated.

plus the credit card debts as above.