Boy do i need help now

[Vyppa]

my business has gone bust but i have managed to find myself a job that pays £1250 per month ..... my debts (loans, cards car) come to £1330.

 

i have not defaulted yet as i have been using my savings to cope but this is the last month.

 

there is no equity in the house ... can they take the house of me ? i live alone with my son (11)

 

i'm at my wits end... i can't afford any sort of payment ... nothing is secured on the house .... can bailiffs enter my house when i'm not here?

 

please help

 

thanks

[MandM]

Hy Vyppa, welcome to Cag.

 

What you do next has to be your choice. But you do have options.

 

Firstly, you need to get your priorities sorted, to do this I would suggest you complete an I & E form.

 

There is one in the forum libraries which you can access at the bottom of the page (where it says Archive in the bottom bar). Alternatively, go on the National Debtline site and find theirs (I prefer that one myself).

 

You need to work out your priority debt first - what you and your dependants need to live - mortgage, food, utility bills, clothing, work, travel and everything else that's priority.

 

Then you can see what you have left. Don't panic when you see how much it is (or isn't) as this bit isn't as important. Of that figure that remains this is shared pro rata amongst your non-priority debts - credit cards, loans, catalogues etc.

 

If you bank with any of these then get out of that bank, open a parachute account if necessary.

 

Give us a few more clues about these debts in case any of them are awkward e.g. are any loans secured, is there HP on the car etc.

 

Post back up, you'll get plenty of help from many others that started from a similar position (me included).

 

M

[noomill060]

Hi vyppa,

 

First of all welldone for finding CAG.

 

As has been said, work out what you need to keep a roof over your head, food and electric and gas bills and what you have to play with after that is taken care of.

 

Then you need to find out how much of your debt is actually repayable to reduce it as much as possible.

 

By this I mean late/overlimit credit card charges and interest levied thereon and mis-sold PPI (and interest levied thereon) added to loans.

 

All this can reduce the overall figure of debt enormously and thus reduce the amount payable each month.

[noomill060]

As for bailiffs- they only come into the equation in the event that you lose a court action against you - and even then ONLY if you fail to comply with the court's judgement.

 

No court claim against you- then no bailiffs.

[maryka]

my business has gone bust but i have managed to find myself a job that pays £1250 per month ..... my debts (loans, cards car) come to £1330.

 

i have not defaulted yet as i have been using my savings to cope but this is the last month.

 

there is no equity in the house ... can they take the house of me ? i live alone with my son (11)

 

i'm at my wits end... i can't afford any sort of payment ... nothing is secured on the house .... can bailiffs enter my house when i'm not here?

 

please help

 

thanks

 

Also try and cut down on your bills where you can... you can check out price comparison sites to cut your present bills down. I did a search: for cheaper utilities bills (betterbills.net) or moneysupermarket.com who can help you save cash. Best wishes, Mary

X

[Vyppa]

Thanks for the replies, i have contacted cccs who are phoning me back on the 25th....it seems to me that rather than try to pay my creditors cccs are advising token £1 payments?

 

i know the game is up regarding my debts because i cant afford them but i have never been in debt before and its not a nice feeling basically being told to just stop paying

 

take care

 

v

[MARTIN3030]

Will move your thread from here.