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We don't know how we are going to cope

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Hi Everyone,

I'm new here but hoping to gain some peace of mind from others in the same situation.

My wife and I have recently taken our heads out of the sand after years of struggling to balance our finances. The picture we have facing us isn't a pretty one.

I have been out of work for some time and tried to build an online business while my wife juggled the bills unfortunately things haven't worked out and we find ourselves £20,000 in debt. I am 50 now and looking for work but it hasn't happened yet and the bills aren't going away.

Trouble is there is £600 a month more going out than there is coming in now with the ever growing payments to the creditors. We are really worried as we know once this comes to light all our credit cards will be stopped and even without the card payments there isn't enough for food each week.

Our son is at university and we pay his car insurance and mobile contract as he has no money. Without access to any cards that can't be done. Any emergency work on the car or MOT or road tax has only been paid up until now on the card, what do we do about all these things? the cars are essential for my wife to get to work and my son to get to uni. Will the phone companies refuse a contract after this?

Living day to day hoping it would go away obviously hasn't worked and was in hindsight pretty stupid but we are where we are. We are both so worried about just about everything that is to come.

We haven't contacted anyone yet but intend to make a call to Stepchange today or tomorrow.

 

It's nice in a way knowing that we are not the only ones in this boat but it doesn't help with the constant stress of it all. I really worry about my wife as she is already on medication for depression. I have high blood pressure. We have never had any problems like this before and feel guilty for getting into this mess. We know once the creditors are told we will bombarded with threatening letters and phone calls and really don't know how we will deal with it.

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Hi Everyone,

I'm new here but hoping to gain some peace of mind from others in the same situation.

My wife and I have recently taken our heads out of the sand after years of struggling to balance our finances. The picture we have facing us isn't a pretty one.

I have been out of work for some time and tried to build an online business while my wife juggled the bills unfortunately things haven't worked out and we find ourselves £20,000 in debt. I am 50 now and looking for work but it hasn't happened yet and the bills aren't going away.

Trouble is there is £600 a month more going out than there is coming in now with the ever growing payments to the creditors. We are really worried as we know once this comes to light all our credit cards will be stopped and even without the card payments there isn't enough for food each week.

Our son is at university and we pay his car insurance and mobile contract as he has no money. Without access to any cards that can't be done. Any emergency work on the car or MOT or road tax has only been paid up until now on the card, what do we do about all these things? the cars are essential for my wife to get to work and my son to get to uni. Will the phone companies refuse a contract after this?

Living day to day hoping it would go away obviously hasn't worked and was in hindsight pretty stupid but we are where we are. We are both so worried about just about everything that is to come.

We haven't contacted anyone yet but intend to make a call to Stepchange today or tomorrow.

 

It's nice in a way knowing that we are not the only ones in this boat but it doesn't help with the constant stress of it all. I really worry about my wife as she is already on medication for depression. I have high blood pressure. We have never had any problems like this before and feel guilty for getting into this mess. We know once the creditors are told we will bombarded with threatening letters and phone calls and really don't know how we will deal with it.

 

Hi

 

Welcome to the forum

 

Sorry to hear of your situation

 

You are right, difficult times for many

 

See what stepchange have to say, best to have all the relevant info ready when you call

 

Might also be worth having a look at the charity debt remedy & information resource tools below to give you some pointers (these include the stepchange site - formerly CCCS)

 

https://www.mymoneysteps.org/

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

http://www.stepchange.org/

 

Let us know how you go on if possible and ask away on here as there may be people who can help and support you

 

Best Wishes

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Thank you Wintry for your reply. I have been to the debt remedy page at Stepchange and am even more concerned now. It seems even if we had no payments to make to the creditors and cut everything else we can back to the bone we would still be £280 a month short of being able to pay the essentials.

Where do you go from there?

 

Will still be calling Stepchange to see if they have any answers. I'm so worried.

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OK well my wife has been on the phone to Stepchange and we are more depressed now than ever. I am repeating secondhand but the basis of what they said is that you could well be issued a CCJ. If that were so my wife works for a bank and has been told any kind of CCJ is a disciplinary and possible sacking. So she is now really panicking. She also has a colleague at work who had a £5000 credit card debt and was issued a CCJ, she went to the hearing and the judge said she had an asset in her house and put a charge against it, that £5000 debt turned into a £17,000 over night. This isn't an option. Nothing that stepchange had to say was very positive to be honest.

 

Seems the fact is if we go for DMP we will have a bad credit rating for the next ten years +, we won't be able to get any kind of mortgage product or card or mobile contract etc. We are both thinking at the moment that the best plan is to either get a bank loan to give us some breathing space until I can find employment or if worse comes to worst sell our house which neither of us want to do.

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A £600 deficit (even £280) is impossible to sustain. You have to make some very difficult decisions and I think your only choice is to sell your house.

 

A CCJ will be the least of your worries in 12 months if you do not get this sorted out right now.

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