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 I am so lost. Urgent help
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Just Joined

1 Posts

Posted - 10 February 2020 :  23:17:52  Show Profile  Reply with Quote
Hi All,

I am looking for some major advice. My debt is so out of control andI struggle to sleep at night.

I am currently in around £35-40,000 unsecured debt. I own a car on finance (taken out in June 2019 over 5 years, purchased for £9,250, still 4.5 years to pay). I donít own a house and rent. I have no savings.

The debt has accumulated over years really and been manageable up until 18 months ago. When I say manageable, i was paying it and also moving it around really on balance transfer cards. I broke up with my partner and moved out, I had to buy everything for my new flat then I kind of fell into a sort of depression where buying things and going on nights out with friends was the only thing that cheered me up. Spending drinks money on credit cards, Iím so ashamed.

I earn £30,000 so could afford to pay a decent chunk in a truatdeed but the situation is even worse because Iím 24 weeks pregnant and when I go on maternity my salary will fall by sooo much I will be lucky to pay my rent never mind payments to my debts. I will be a single parent so I will only be able to return to work part time meaning my salary will be so much lower with all the same outgoings.

Iíve basically stopped all payments just now cause when I was paying everything I didnít have anything left over and had to use the cards again just to get food or petrol plus all the 0% ran out and the minimum payments were just too much to pay, the interest was killing me. . Iíve had to start buying things in for the baby aswell which hasnít helped and because of my salary I donít get any help towards things for the baby. I am having to rely on family and friends.

My phone goes all day everyday and the stress is taking it out of me. I try and tell myself itís only debt and it will get better.

What are my options. Enter a trust deed even thought when I start maternity I will basically be unable to make payments of any amount? I donít want to rush into something then I end up breaching something cause I canít pay. But the situation is getting worse. I have one of my credit unions calling me on my office line. Itís making me feel physically sick. I know I got myself into this mess but I just donít see what Iím meant to do to get out.

I am beyond terrified to even add up what I owe. I donít know how I managed to allow myself to get in this state. It seemed my debt went from £15,000 to £30,000 so quickly and I was living as if I still had 2 salaries coming into a house and I didnít and now I feel so lost and lonely.

TDA (Debt Adviser)
Trust Deed Expert

13293 Posts

Posted - 11 February 2020 :  06:56:16  Show Profile  Reply with Quote
Welcome to the forum wheredoigo.

I'm really sorry to hear that you've been having such a tough time. Perhaps the most important thing that I can say immediately is that there will be a way to get all of this sorted out. There always is.

Many types of debt solutions rely upon you being able to make a regular payment towards your debts. This includes trust deeds, the debt arrangement scheme, and debt management plans. As you have identified in your post, it might be really difficult to maintain a contribution while your income is reduced (on maternity leave) and you have new extra costs to deal with.

I'm not saying this is the right option (a full fact find would have to be completed before I could) but there are hints here that bankruptcy might be a good option to look at. From what you've written you don't appear to have any assets that would be lost. A contribution is only payable if it's genuinely affordable. That could mean, for example, that you make a contribution in the early stages, that it reduces or stops when you go on maternity leave, and that it gets reassessed when you return to work (albeit you'll probably have lots of extra reasonable expenses to cover then and a part-time income).

Another benefit of bankruptcy is that it doesn't rely on winning the support of your creditors. Other debts solutions do require a degree (at least) of creditor support.

You may wish to read more about bankruptcy at the following link:

Most importantly, I'd suggest that you obtain expert debt advice ASAP. It sounds like you'd really benefit from some support and some hope at the moment. Lots of people write here that they felt much better once they'd taken advice and could see a way forwards.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Paul McDougall
Trust Deed Expert

48 Posts

Posted - 11 February 2020 :  10:20:41  Show Profile  Reply with Quote
Well done in taking the first step in reaching out for help and advice.

Your experience will resonate with many forum members.

As TDA suggests , sounds like you need urgent advice to outline the various options available in dealing with your debt.

I am confident that once you have spoken to someone , you will be better placed in dealing with the debt.


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Edited by - Paul McDougall on 11 February 2020 10:21:45
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Kevin Mapstone
Trust Deed Expert

3825 Posts

Posted - 11 February 2020 :  11:41:52  Show Profile  Reply with Quote
Hi wheredoIgo. I know things must seem pretty bleak for you financially just now, but there really will be a way forward for you to get things under control and you can concentrate on enjoying your new baby rather than stressing about debts.

As the others have said, it may be that sequestration could be the right option for you, but you will need to get direct advice from a debt adviser first.

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David Tannock
Trust Deed Expert

2347 Posts

Posted - 11 February 2020 :  13:50:15  Show Profile  Reply with Quote
Hi wheredoigo and welcome to the forum.

Well done on taking the brave step to reach out for advice and help. You will find plenty of support and advice on the forum from everyone.

Try not to beat yourself up too much about the debt that you have. Iíve done this for so long now and dealt with that many clients that Iíve realised that it can just be living and life that results in the debts. Very rarely does someone take out the debt with no intention of paying it back. Life is complicated and things change that can put pressure of budgets and ability to pay the debts back.

From what you have said Sequestration will probably be the best option for you but until Iíve completed a full review of your circumstances itís hard to confirm this 100%.

Under a Sequestration you only ever pay what you can afford to and if it turns out that you canít afford to make any payments per month then you donít need to but importantly will still be debt free from the debts.

Your focus should be on your health and the baby. Itís exciting times and you want to try and enjoy it as much as you can rather than worry about debts. Iíve got 2 kids myself and in a flash the pregnancy is over, they are getting a little bit bigger and I think where has the time went. Thatís the important thing for you.

The best thing to do is reach out to someone for advice on your situation and options. Iím positive after you have done that you will feel a lot better. Hopefully after posting on here you are starting to feel that little bit more positive.

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