Where should I start???

shelly_22

This is just so hard. I feel sick with worry. We (me and my hubby) are drowning in debt. We have a mortgage and three children. We both work. I work part time. It started as our future. We bought a house...needed work doing to it etc.. We started borrowing a bit here and there. Then a bit more and more and more. Now we are in such a mess we are having to borrow from one to pay the other. Even our food shopping is going on credit. I dread the post arriving.. I know that it has to stop NOW!! I don't want to lose our house. I feel so guilty and feel that we have let our children down. There is no turning the clock back though, and we have got to get on with sorting it out. I don't know where to start or who I should be asking for help. I don't care if my credit rating is non existant and I can never get credit again. I just want to start being able to afford to live and pay my debts off without having some kind of breakdown. If anyone has advice on where to start I would be very gratefull. Thankyou.

CCCS_Matthew

Hi here Shelly,

First of all welcome, and well done for posting, it takes guts to admit you have to deal with the situation and it sounds like you’ve had your “light-bulb moment”. You will find that there is a lot of good advice from the regular posters from this site so you will be in good hands. If you are finding that you are having to resort to using credit to support your day to day living, you definitely need to look at your options in dealing with the debt.

Before looking at your options you need to draw up a financial statement as the foundation from which to begin. This includes all income and expenditure you have, as well as outlining the debts.

Whist we cannot advise you fully on your financial situation via this forum we do have an 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. If you also want to post a financial statement on here, the folk maybe able to give some advice on where your money is spent.

Hope this helps,
CCCS

sparky0107

shelly_22 wrote: »

This is just so hard. I feel sick with worry. We (me and my hubby) are drowning in debt. We have a mortgage and three children. We both work. I work part time. It started as our future. We bought a house...needed work doing to it etc.. We started borrowing a bit here and there. Then a bit more and more and more. Now we are in such a mess we are having to borrow from one to pay the other. Even our food shopping is going on credit. I dread the post arriving.. I know that it has to stop NOW!! I don't want to lose our house. I feel so guilty and feel that we have let our children down. There is no turning the clock back though, and we have got to get on with sorting it out. I don't know where to start or who I should be asking for help. I don't care if my credit rating is non existant and I can never get credit again. I just want to start being able to afford to live and pay my debts off without having some kind of breakdown. If anyone has advice on where to start I would be very gratefull. Thankyou.

Hi Shelly,
First of all you've done the right thing coming here for help, the people on this site are the best, if they can help you they certainly will. Right you need to do a full SOA include ALL your outgoings & income with APR's & minimum payments, people will come along and advise you where to cut back, in the meantime have a go at the snowball calculator & the spending diary, this will tell you when you can expect to be debt free & the spending diary will help you get a handle on where any spare cash is going. Hope these help you

http://www.whatsthecost.com/snowball.aspx?country=uk

http://www.spendingdiary.com/

Once again welcome & try not to panic, good luck

shelly_22

Thanyou matthew, your right, I have had 'my lightbulb moment'. I will definately do as you have suggested. Just having this kind of support has made my heart feel lighter. Thankyou.

StressedSteph

I am not really in a situation to give advice as two months ago I felt EXACTLY like you do now.

I posted an SOA on this fantastic board and everyone helped me to reduce my bills down. I cancelled tonnes of stuff, haggled with others to get things reduced, moved the mortgage & credit cards to better rates. TONNES OF STUFF.

When I first did the MSE budget planner we were over-spending by £600 per month. Now we are under-spending by at least £600 per month, just by sorting out my finances, Especially by doing my food shopping cheaper from £600 down to £200 per month.

Keep postive hun and if you take everyone advice on this forum, you will be sleeping easy in a month or too. BIG HUGS xxxx

Marru

Hi,

I found the http://www.nationaldebtline.co.uk/ very helpful. You can download budget sheets from there which really help to map the situation for you.

Marru

shelly_22

Thankyou sparky, I will do the calculator and a diary.

(Land_of)_Maz

Hi Shelly, just wanted to say hi, you will get loads of advice from loads of peeps on here. You'll also find it's a good place to unwind, vent and have a laugh if you need it!

I don't have any real advice to impart, i do the laugh-ey, vent-ey stuff!!!

You're in a good position though as you and your hubby are doing this together so you will have one another for support, some peeps are in this alone or haven't shared with partners yet, so already you are better off than some.

Well done hun!

Benthosboy

shelly_22 wrote: »

Just having this kind of support has made my heart feel lighter. Thankyou.

You and me both Shelly.

One of my favourite sayings is: "I'm always in the s**t, it's just the depth that varies!"

There are a lot of folk on here, me included, who are "in it" to differing depths. If you're "in it" on you're own, it's a hell of a job getting out of it. However, when there are a lot of folks working together to get out of it, it becomes a lot easier, a problem shared etc, etc.

And just remember this: being in debt is a problem, not a crime. Stick with it and keep your proverbial chin up.

Martyn.

Benthosboy

Maz3374 wrote: »

some peeps are in this alone so already you are better off than some.

Just call me "Billy-no-mates" :rotfl: :rotfl: :rotfl:

Martyn.

(Land_of)_Maz

Benthosboy wrote: »

Just call me "Billy-no-mates" :rotfl: :rotfl: :rotfl:

Martyn.

Awwww sorry [STRIKE]Billy,[/STRIKE] Martyn, i didn't mean to make anyone else feel bad, just to make Shelly feel better!!!