Hi

My troubles began when my old job put everyone on a 4 day week, I did this for a few months and it screwed me up, I was down £367 per month. I was already struggling before this with no disposable income whatsoever, although keeping up with all payments by juggling.

I got a new job, however the salary was less than my old one before they put us on the 4 day week. So now, although I'm only down £177 a month, because of problems before, this is not helping.

It is all credit card debt, Lloyds, Barclaycard, Mint and an Asda card. I have just now seen that I'm actually over my limit on the Lloyds card by £105, this has upset me further, I think it is because my low interest offer has now ended.

I am going to rent my flat out and live with my boyfriend, but so far the agency has not found a tenant. The payment will not cover the mortgage, but it will be £500 extra a month for me which will certainly help.

I just don't know what to do as I'm running out of time, I thought they would have found a tenant by now, it's been 3 weeks and it's a beautiful sea view flat.

Keep crying about it, which I know won't solve anything. Plus one of my cats needs blood tests on Tuesday and this will cost £80. I do have insurance, but it doesn't cover the whole amount and you have to pay first anyway.

Hi

You really need to get some advice from a debt specialist who will look at all the information and suggest the best way forward. If you are paying considerable interest on the credit card repayments, it may be advisable to obtain a consolidation loan to settle these. You would then have a loan which may be more affordable. But this would be on the basis that you cut up all your cards, apart from one just to keep in case of emergency.

I would suggest that you spend some time writing down all the various details. The balance on each credit card and the %apr that you are paying, any loan balances and the apr% you are paying, overdraft details and charges, and then a full list of you Income and expenditure. Then once you have a complete picture, contact one of the following and they will suggest the steps you need to take.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.payplan.com/

http://www.citizensadvice.org.uk/

The sooner you have a plan to resolve this the better and these organisations can help with this.

Huckster

huckster:

Hi

You really need to get some advice from a debt specialist who will look at all the information and suggest the best way forward. If you are paying considerable interest on the credit card repayments, it may be advisable to obtain a consolidation loan to settle these. You would then have a loan which may be more affordable. But this would be on the basis that you cut up all your cards, apart from one just to keep in case of emergency.

I would suggest that you spend some time writing down all the various details. The balance on each credit card and the %apr that you are paying, any loan balances and the apr% you are paying, overdraft details and charges, and then a full list of you Income and expenditure. Then once you have a complete picture, contact one of the following and they will suggest the steps you need to take.

http://www.cccs.co.uk/

http://www.nationaldebtline.co.uk/

http://www.payplan.com/

http://www.citizensadvice.org.uk/

The sooner you have a plan to resolve this the better and these organisations can help with this.

Huckster

Hi

No, a consolidation loan isn't the answer, I've already tried that and had a mortgage advance, so borrowing more money won't help. I did contact Payplan, but they have stupid hours and I do not wish to discuss this whilst at work.

Thanks for your reply though.

Bubbleicious:

huckster:

Hi No, a consolidation loan isn't the answer, I've already tried that and had a mortgage advance, so borrowing more money won't help. I did contact Payplan, but they have stupid hours and I do not wish to discuss this whilst at work. Thanks for your reply though.

No I wasn't suggesting borrowing more money. If you are paying interest on the various cards you have, having a replacement consolidation loan at a lower %apr may be an alternative.

As for getting debt advice, I would suggest that you take time off work to sort matters out. I have seen people with debt problems suffer from stress/anxiety and mental health problems, because they did not sort out the problem early enough. As you are realising, debts can quickly spiral out of control, if action is not taken at the right time.

I think your workplace would rather you take some time off, than have you absent from work due to sickness. Also in some jobs, having debts can be misconduct issue and under your terms of employment, you may have a duty to deal to with it.

I give this advice without knowing the extent of your debt. Only you will know whether this is relevant.

Huckster

Huckster,

"No I wasn't suggesting borrowing more money. If you are paying interest on the various cards you have, having a replacement consolidation loan at a lower %apr may be an alternative."

How on earth do you get a consolidating loan without borrowing more money? Frankly though, you are correct that getting this borrowing into a more reasonable APR situation does make perfect sense, even though it will extend the repayment period.

I owe way too much to get a consolidation loan I'm afraid.

In which case you need to go and see CAB as a matter of urgency.

Hi

I'm gonna try and talk to Payplan about things. I already contacted them and they said I could email the information they need.

I'm not actually behind with any payments yet.

Sam

Hi

Another question I have, when I finally get a tenant and move in with my boyfriend can I be forced to sell my property? It's in negative equity anyway. Obviously I will use some of the rental income to pay the creditors.

Sam

Hi Sam,

I think Huckster and Skywalker are absolutely right in urging you to go and talk to CAB. It sounds like you'd benefit from having a second pair of eyes go over your incomings and outgoings to help you start getting on top of your debt.

You must feel under such pressure - but having a planned route out of debt really will help.

In the meantime, you may find it useful to work out your personal budget. You can access the National Debtline's budget planner here. This will give you a clearer idea of where your money is going.

Good luck,

Felicity

---

Cast your vote in the Community Stars awards


Felicity King-Evans, Deputy Site Editor

felicity.king-evans @ moneysupermarket.com

Bubbleicious:

Hi

Another question I have, when I finally get a tenant and move in with my boyfriend can I be forced to sell my property? It's in negative equity anyway. Obviously I will use some of the rental income to pay the creditors.

Sam

You should also be aware that if you rent out your property then your bank/building society will put your mortgage on a buy-to-let rate of interest which will undoubtably higher than your current rate They may even refuse to allow it.

In short... Don't tell them if you move... and because you can't tell them new address get your mail diverted at post office

Also, above, you may be misunderstanding loan consolidation... you are not borrowing more money, you are simply taking all of your different debts and paying them all off with a loan from one loan provider. Go for a reputable one tho.

You may consider personal bankruptcy if you have negative equity and a lot of debt. Their is no real stigma attached to this nowadays, and you would be automatically discharges from bankruptcy after 12 months, but seek CAB advice on this also

Good luck with it all, and try not to worry too much, its just money and it's not worth risking your health with the stress of it all.

Hi

I've emailed Payplan my total unsecured debt and monthly income/expenses.

But surely bankruptcy would mean I would have to sell my flat and my car? Losing my home would be the worst possible thing that could happen to me. It's not just bricks and morter, it means a lot to me.

Bubbleicious:

Hi

I've emailed Payplan my total unsecured debt and monthly income/expenses.

But surely bankruptcy would mean I would have to sell my flat and my car? Losing my home would be the worst possible thing that could happen to me. It's not just bricks and morter, it means a lot to me.

Then don't do it. If despite negative equity etc it means a lot to you and you have other options to explore, then don't do it. I was just pointing out the option. Wait to see what Payplan say, then depending on that I would at least ask CAB about it, but at the end of the day you have to feel comfortable with any decision. Good luck

hi just stop worring it makes things worse, first i would contact the card comp, and tell them the prob and see if you can came to an agreement with them, payplan can be contacted at PAYPLAN, ADMINSTRATION CENTRE,KEMPTON HOUSE, KEMPTON WAY, DYSART ROAD, GRANTHAM, NG31 7LE. SEND LETTER, YOU WILL HAVE TO DO AN INCOME AND EXPENDITURE. OR TRY AND PHONE IN DINNER BRAKE AND ASK THEM TO SEND DETAILS,PHONE

0844 8552163. what the above means is if you get £500 a month and your out going is £300 then you have £200 to pay your creditors and this is splite pro ra between them, if you need and more help let me know, i can help with cat debt.

tiller

Hi

I've already been in contact with Payplan and have the form to fill in. My problem is that my outgoings are far greater than my incoming due to taking salary cut in new job after having to leave old job coz they put everyone on 4 day week.

I'm just concerned that when Payplan go to them with a debt management plan they will refuse.

I assume you meant you can help with 'card' debt as opposed to cat debt, although as mentioned in previous post, I've just had to spend £82 at the vets for full blood tests.