Help & advice Please!!

mitch23_2

Hi all

I would really appreciate some help and advice on what to do. I am in debt with credit cards up to about £10.000, my husband has debts of about £20.000 but he has negotiated with his debtors and is paying regular payments to them. When I have tried to negotiate with them I get no where, and they say they can't put me on a payment plan as I have more going out than what is coming in. Virgin credit card has suggested that I try the C.C.S, and I just wanted to know if they can help me and if so in what way. I am getting very depressed about my situation, and do want to pay the debts off but I am struggling. My home phone is constantly ringing but I am ignoring it as I can't offer the credit card companies any money. I know this isn't the right thing to do, but I just can't see a way out of it.

So if anyone could advise me, or offer any help please let email me.

Thanks
Mitch

daisychain80

hi honey , unfortunatley im not very good at giving advice as i havn't got my head around my debts yet ......BUT someone will be here shortly to give fantastic advice and you'll find you are not alone at all. its a great site and has been a huge help to me so im sure it will be to you too
xxx

MrsTinks

I'm glad to hear Virgin are giving you good advice! You need to speak to CCCS about your debts (link is in my signature) and most likely then you will end up with a DMP (Debt Management Plan) which by the sounds of it your husband already has?
Do call CCCS tomorrow but in the mean time why no post us up a SOA on here and we can have a look see and maybe find some savings to bring your income up above your outgoings so you can start tackling that debt?
Use this to enter everything and then post it on here

http://www.makesenseofcards.com/soacalc.html

MrsT

Deep_In_Debt

Hi
Welcome.
CCCS will help you - they did me and I owe loads more than you do and on my own so there is hope. They're advice is free and they act in your interests. do post up your SOA and the experts will help you save money where possible.

Good luck and keep posting.

lunar

Mitch,

One thing you can to do ease the stress is to write to all your creditors and inform them that they are to contact you in wirting not by phone. Im not sure if there is a template letter for it but i know they cant keep ringing you if you request it in writing.

I dont know how much you have looked around the site but i started off by reading others situations and seeing how they got started. it made me feel loads better to see others with similar debt making progerss.

When you feel a bit calmer get your bank statements our and write out a statement of affairs, listing your incomings, outgoings, and total debt. you will get loads of advice on how to make savings.

Im sure loads of people will be along with advice shortly, well done for posting. facing up to it was the hardest bit for me.

mitch23_2

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 350
Partners monthly income after tax....... 840
Benefits................................ 450
Other income............................ 0
Total monthly income.................... 1640

Monthly Expense Details
Mortgage................................ 550
Secured loan repayments................. 520
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 114
Electricity............................. 58
Gas..................................... 53
Oil..................................... 0
Water rates............................. 36
Telephone (land line)................... 15
Mobile phone............................ 15
TV Licence.............................. 13
Satellite/Cable TV...................... 18
Internet Services....................... 18
Groceries etc. ......................... 350
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 8
Car Insurance........................... 20
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 15
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1933

Assets
Cash.................................... 0
House value (Gross)..................... 170000
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 172500

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 82000....(550)......0
Secured Debt.................. 50000....(520)......0
Total secured debts........... 132000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Bank of Scotland...............3064.35...5.........0
Virgin.........................1055.71...5.........0
Barclaycard....................1997.45...5.........0
Husband credit cards ..........25000.....250.......0
Citibank.......................2636.63...5.........0
Total unsecured debts..........33754.14..270.......-

Monthly Budget Summary
Total monthly income.................... 1,640
Expenses (including secured debts)....... 1,933
Available for debt repayments........... -293
Monthly UNsecured debt repayments....... 270
Surplus(deficit if negative)............ -563

Personal Balance Sheet Summary
Total assets (things you own)........... 172,500
Total Secured debt...................... -132,000
Total Unsecured debt.................... -33,754.14
Net Assets.............................. 6,745.86

As I said my husband has arranged personally with his individual credit cards repayment amounts, which amount to £250 a month.

I phoned CCCS today and have an appointment with them on Thursday afternoon, so hopefully they will tell me if they can help me.

mitch23_2

HI all I had a chat with the CCCS and basically he said we have a deficit of about £350 a month, which I already knew and has told us to perhaps look for other work to add to our income. I was a little bit disappointed really as I thought they would talk to the credit card companies on my behalf, but he said all I can do is offer them a token payment of £1 until our income changes. I can't see them accepting that or freezing the interest for me. All weekend I have ignored the phone as I really don't know what to say to them, or listen to them being funny with me. Can anyone offer me any advice on how and what to say to them or perhaps what to put into a letter to them, as it's just getting me down. Many thanks Mitch.

kpwll

I'm sorry to hear of your problems and worries, why don't you try Payplan as well and see what they have to say.