32k debt built up in 10 months

[PTSD]

Hello

 

I have PTSD and have spent a mind blowing £32k in 10 months and have nothing to show for it at all.

 

All debts taken out recently on a fair credit rating.

Most 0 percent but some not.

I have a lot of equity in my house but thats all that keeps me safe.

 

I work and take home about 1600 a month plus 80 disability.

I feel in over my head and today the specialist has change my meds.

 

Do i do an IVA a debt management.

The whole thing freaks me out.

I pay out £800 plus a month to these debts.

My own doing but I have been mentally unwell

 

Any advise

[renegadeimp]

First thing. Forget about IVA. You need to work out an I&E to find out how much disposable income you actually have AFTER all priority debts are paid. This means rent, ctax etc etc. Catalogue , loans, credit cards are not priority debts.

 

Once that is done, you can then work out and negotiate a pro-rata proposal for repaying your debts to each company.

 

If the company has sold your debt on to a DCA

 

That 800 youre paying, get the I&E done and you may find you can drop it right the way down for a period of time until you get back on your feet.

 

 

Can you list each debt you have, the amount you owe, and who you are paying it to.

[dx100uk]

look at the letters in our library debt collection section.

 

 

send them the offer letter

please as advised don't go down the IVA or BK route

 

 

you might even have irresponsible lending claims here resulting in debt write off too

 

 

was you credit file shot when any of these credit cards were taken out?

[PTSD]

Thanks for replying.

I feel out of my depth.

My credit rating was poor but went to fair around November and most people would not touch me but I managed to get

 

Tesco loan and 2 cards total in the space of 5 months £14K

 

Hsbc 9K CC

 

Marks 2k CC

 

Hitachi capital loan 6K

 

Likely loan 3.5K

 

I had been through an horrific case and have been so ill for some time mentally with PTSD but I do at least manage to work.

 

Will I lose my house ?

I had missed payments on my file and it was shot but started to go up when then defaults started to come off around october last year

 

I have not missed any payments yet but the wall is about to crumble and so will my mind.

[unclebulgaria67]

Are the loans all unsecured ?

 

If they are all unsecured, then losing your house against your wishes is unlikely. If you defaulted the process might take years and there would be plenty of chance to enter into affordable payments.

 

Do you know roughly when you took out these accounts originally, approx month/year ?

 

Have you always made the minimum repayments required ?

 

If you don't mind being asked, has the £32k been spent using UK gambling websites ? I only ask, as there have been similar situations, where the gambling website has failed to protect people against debt and there has been some comeback. You don't have to answer this if you don't want to, but i ask as i have seen cases reported of people using gambling or excessive shopping to deal with their illness.

[PTSD]

All taken out Feb till July of this year aside from likely loans

 

Yes it was gambling as escape from mental health

 

All unsecured loans and credit cards. Had to take 12 month break from paying mortgage.

 

Should I remortgage ? What do I do

[renegadeimp]

donteven think about remortgaging. Sit tight and be patient. Theres no rush to sort this out.

 

get that I&E done so you can see where you stand.

[fkofilee]

Remortgaging will put your house at risk! so dont do it...

 

We can help, just be patient - You are in control - also make sure you're getting help for your mental health...

Try speaking to Samaritans etc if you really are feeling under pressure etc.

 

While we cant help with the mental element - I can reassure you that youll be fine if you clear your mind and take it step by step...

[PTSD]

Thank you for the replies. I have called the Samaritans a few times just lately. I do get mental health suppport. I am in a panic and must get control of this

 

I've been reading about DMP but it seems the interest will get added. How will I cope with letters and phone calls

 

Functioning only on some levels but other levels dis function

[mariner51]

Cut up your Credit Cards and block your gambling sites - to reduce temptation.

Join a local GA/Mental Health group for support and socialise more.

 

 

What do you mean by 'likely loans'?

[unclebulgaria67]

All taken out Feb till July of this year aside from likely loans

 

Yes it was gambling as escape from mental health

 

All unsecured loans and credit cards. Had to take 12 month break from paying mortgage.

 

Should I remortgage ? What do I do

 

Were you in the Armed Forces or Police or a Government employee when the PTSD trigerring event happened ?

 

Have you spoken to your GP or mental health practioner about the gambling issue ? I only ask as these gambling websites are supposed to have inbuilt protections to avoid vulnerable people being further affected by debt. If these are UK websites, you might want to get further help to see whether these gambling sites will refund any amounts, if they have breached any rules.

 

It will help you, if you think of this task of dealing with these debt issues as part of your recovery.

 

Keep discussing it here and answer any questions. You will end up with a number of tasks to deal with, which will hopefully allow you to manage the debts, rather than decide on an action in a hurry which was not necessary.

[dx100uk]

forget about the stupid consumer credit debts

 

 

get your head and your mortgage paid !!

as well as gas/elec/CTAX

 

 

they are the ONLY ones that CAN effect you and the roof over your head

rather a stupid idea to have a mortgage holiday!!

that gave you the money to fund all this new debt!!

 

 

get yourself straight with the above

then tackle the consumer credit

[PTSD]

I work for the council I am vulnerable but I get good mental health support and have done for a long time. I told my mental health worker what I have done and I have excluded all accounts. What triggered the PTSD was an horrific sustained violence , and being chained up I won't say anymore.

 

I find the need to find a quick remedy as I can not cope in my mind and smells, noises, anything . I have mitrazipine Valium and sleeping meds. What have I done ? !

[PTSD]

I work for the local council. What caused my ptsd was not in the job. I am vulnerable but I get good mental health support and have done for a long time. I told my mental health worker what I have done and I have excluded all accounts. What triggered the PTSD was an horrific sustained violence , and being chained up I won't say anymore.

 

I find the need to find a quick remedy as I can not cope in my mind and smells, noises, anything . I have mitrazipine Valium and sleeping meds. What have I done ? !

[PTSD]

I could keep up payments and live on beans and rice etc. I don't know what to do. Of course I accept responsibility but

I don't seem to be able to see the light

[unclebulgaria67]

Suggest you book a urgent appointment with the person who is supporting you health wise. They often have access to qualified debt advisors who might be able to see you locally. They might even deal with it all on your behalf.

[renegadeimp]

You dont need to live on beans and rice. You have low priority debts. Even if they tried court action ( thats a very far off possibility). they dont get to decide what happens. A judge does after listenting to everything you say.

 

Speak to your mental health professional. As above. they can help you better understand what is going on.