50,000 in Debt!!! Where to start!!!

puggy

I am 24 and my husband 30 and we are 50,000 in debt with a little boy 3!!

I have so many credit commitments that i can handle it

I began tackling my debt over 4 years ago with Eurodebt, then they forgot to pay one of my creditors for six months and I ended up with a CCJ to add to my problems since middle of last year we have been going it alone and it is hard work both working full time with my little boy and juggling our debts!

I have scrimpted and saved in every possibe area but am tied into several Hire Purchases which are essentials such as cars and phones which are needed for my job and a car for my husband. Nursery costs are a must as if we did not pay them I would not be able to work!!

I have wrote to my creditors several times for assistance but no luck.

In Jan I wrote asking to write off debts only 5 of my 15 creditors responded I continued with repayments, at the beginning of may we began struggling again so I wrote again and reduced repayments to 1.00. Again only 5 of the 15 creditors responded to my write off letter!!

I stated in my letter if no response was received no further payemtns would be made, - where do I stand to stop paying these debts??

PLEASE HELP US!!

poppyg_2

Hi and welcome to DFW

Can you post up a list of your debts and APRs please? Also might help if you post a full SOA (Statement of Affairs) which basically lists your incomings and outgoings

Have you tried speaking to one of the debt charities - Payplan, CCCS or national debt helpline?

You've come to the right place for support/advice

10past6

puggy wrote: »

I stated in my letter if no response was received no further payemtns would be made, - where do I stand to stop paying these debts??

Hi pugggy

First and foremost, I really wouldn't stop paying creditors / DCA's, even if it's only token payments you'r making debts are not going to go away, all that happens is they get sold on, then sold on, and so on, the debt never goes away, I recently been contacted about a debt from 1996, (I won't go into detail about not paying it, just to confirm debts never go away)

It will help of you can post your SOA (Statement of Affairs) here, that will assist in seeing if there are any savings to be made.

Click here to complete your SOA.

Tigert

Hi Puggy,

Welcome to the group.

Try not to worry. When I first realised the position I was in I tried contacting creditors myself and got no help at all from them. If one of them hadn't mentioned Payplan, then I don't know how I would have coped.

As poppyg suggests, try speaking to Payplan or CCCS. They will be able to advise you and if necessary deal with your creditors on your behalf.

Payplan have been brilliant for me and you'll get great support and advice from this group.

puggy

Thak you for replying

I have contacted both Payplan and CCCS and they both advised to go bankrupt as we have a negative surplus income!

I can not go bankrupt due to the nature of my job!
Would appreciate any help but dont feel I can reduce any outgoings any more!!

10past6

puggy wrote: »

Thak you for replying

I have contacted both Payplan and CCCS and they both advised to go bankrupt as we have a negative surplus income!

I can not go bankrupt due to the nature of my job!
Would appreciate any help but dont feel I can reduce any outgoings any more!!

Do you own your own home, if so, do you have any equity within it, also, how about any assets?

puggy

Debts as follows

Barclay card 1199.00
Barclays 56.00
Capital One 1289.00
GE Money 246.00
GE Money 3372.00
HSBC 8327.00
HSBC 3080.00
HSBC 2598.00
Littlewoods 713.00
Littlewoods 698.00
Mint 3785.00
Natwest 10145.00
Natwest 2510.00
Nawest 3157.00
Natwest 1859.00

puggy

I am renting @ 620.00 per month!!!

10past6

puggy wrote: »

Debts as follows

Barclay card 1199.00
Barclays 56.00
Capital One 1289.00
GE Money 246.00
GE Money 3372.00
HSBC 8327.00
HSBC 3080.00
HSBC 2598.00
Littlewoods 713.00
Littlewoods 698.00
Mint 3785.00
Natwest 10145.00
Natwest 2510.00
Nawest 3157.00
Natwest 1859.00

Are any of these debts "Secured"?

puggy

SOA as follows

Rent 620.00
Council Tax 122.00
Water 25.00
Electricity 35.00
Gas 35.00
Contents INS 15.00
Telephone 60.00
TV licence 11.00
Internet 20.00
Childcare 450.00
CCJ 11.00
Hire Purchase Car 1 180.00
Hire Purchase Car 2 220.00
Maintenance Car 30
Road Tax 25.00
Motor Ins for both cars 60.00
Fuel for both cars 220.00 min
Food nappies etc 340.00
Activities 5.00
Hire Purchase Tools 89.00
Clothing and Footwear 43.00
2X Contract Phones 80.00

Income around 2500.00
Benefits 100.00
Total 2600.00
Expenditure 2696.00
-96.00

puggy

No Secured Debts all unsecured Credit cards catalouges and or loans!!