New to forum, mega mega debt - not sure which way to turn

[DebtfreeDesires]

Hi folks, have only just discovered this forum but it looks like somewhere I can get support. Our debt has accumulated over the past maybe 10 years, all on credit cards. Were coping ok to begin with but then monthly % payments were increased as were the interest rates as we were only paying the minimum and things just started to spiral - horrendously. Without my husband's knowledge I went through Payplan in March and arranged a DMP for the debts in my name only - most offers were accepted and most have frozen charges - will still take ten years to clear. MBNA have sold to Optima Legal Services who now wish to take legal action which scares the wits out of me. Still not coping and am robbing Peter to pay Paul to pay the payments on my husbands debts. The strain and worry is making me physically ill, and I have eventually revealed most of the extent of the debt to my husband [i had been telling him everthing was fine!] We do have a mortage and could raise some finance through remortgaging [if we can find a lender] - but I don't want to sell the home completely. Dont't know which way to go - try to set up a new DMP for all the debt, keep my DMP and remortgage to clear husbands debts, remortgage and see whether companies will take a lower full settlement figure. I feel so guilty at getting in to such an awful situation which is mostly self inflicted, my husband has a good income it shouldn't have turned out this way - especially when I read on hear situations that others are in through no fault of their own. Can anyone make any suggestions?

[wilchil64]

I too am fairly new to this forum but just wanted to say that I too have lots of debt (approx. £30K) on ccs and loans, I found this forum in June and am in the process of writing to my creditors offering lower payments. 2 have accepted so far but I will persevere with the others.

 

I hope someone with more knowledge will post some advice here but in the meantime maybe you could read through the advice people have given me in my thread, it might help.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?263744

 

Good luck.

[Sea Gull]

First off do not take anymore loans whatever you do!

If you are struggling now this will just get worse - once you are on a DMP and are making payments - that is it end of as for the company passing the debt over I suspect it is more than 6 years old which could make it statute barred

[Sea Gull]

check who the loans are with and how old they are - plus what is the amount of your debt once we have that info then the advice will roll in

Keep Smiling

[zingy]

Best to post up the details of the debts.

 

The amount outstanding and when you believe the accounts were opened. If you truly don't have a clue then it may be best to get a hold of your credit report (from any of the three agencies - BUT, only get the standard £2 one), and see what has been recorded. As you are now (or are going to be on) a DMP, your credit report will not look good for some time.

 

I would advise sitting down with your husband and sorting through ALL your debts, his debts and joint debts - as your DMP will negatively affect his ability to get credit if you are financially linked (which I guess you are if the mortgage is in both your names). Sit down and be honest with him, afterall he is your husband and will be angry for all of 10 minutes - but, will then be a source of much needed support over the coming months.

 

You will get through it - although it will take some time to see.