debts taking over my life

[nellypledge]

I have been trying to pay off 19000 of unsecured debt along side a mortgage and secured loan. Its all getting to much I have asked for help the first time today.
my debts are as follows;
400-HFC
7500- Hitachi finance
5000 - Halifax
4198 - MBNA card
3000 - overdraft
MY secured debts are
Halifax- 22000
Birmingham Midshire- 142000 (mortgage)
House valued at 165000

My earnings are only now 1000 per month my family have helped all they can. Can anyone advise me please, I really am at my lowest

[Viki.W]

Hey nellypledge, welcome to the forum. Please wait for an expert to advise you on your options. You'll get lots of support and good advice here. [:)] X

[kallis3]

Welcome from me too nellypledge.[:)]

[Skippy]

Hi nellypledge and welcome to the forum. Please can you let us know how much disposable income you have left after all of your outgoings each month. Don't include your payments to unsecured creditors. This will help the experts advise what your options are.

[nellypledge]

Thank you all for your response its nice to know someone is out there.
I only get 1000 per month my outgoings are bigger than whats coming in. My family have helped but they cant no longer
mortgage- 920.00
secured loan- 225.00
gas-45
electric - 30
council tax -86
water rates - 53
food- 150
petrol 40
insurance 25
tv license- 10
this is my out goings hope it helps.

[moretolife]

keep posting...this forum is a great support and encouragement

[MelanieGiles]

Those housing costs are extremely high if you are living on your own, and if you want to avoid bankruptcy you might have to face giving up your home and moving into cheaper rented accomodation as your budget is extremely tight.

Bankruptcy is an option, as you have very little equity in your property, but with a negative disposable income it can only be a matter of time before you struggle to service the secured credtiors.

Have you thought about taking in a lodger to help with the bills?

[kallis3]

Is the £1000 your only income nellypledge? It seems to me that you don't have any disposable income left after your bills have been paid.

[nellypledge]

I am looking into selling my home and going into private renting, For a quick sale I will only get around 16500 with the current house prices.It is a lot of pain and worry at present.

[MelanieGiles]

I think that things will look a lot certain for you when the house is sold. Have you costed out what rented accomodation is likely to cost?

[plasticdaft]

Thats a large mortgage for a monthly take home of £1k. Has your income dropped recently for any reason??

I know its all questions but this forum is a great place to get help.

Oh,and well done for realising that you have a problem.

[nellypledge]

MY INCOME CHANGED DUE TO A RELATIONSHIP BREAK UP, AND I ONLY HAVE A PART TIME POSITION AT THE MOMENT. I REALIZE MY FAMILY COULD ONLY HELP OUT FOR A SHORT TIME IN HOPE MY RELATIONSHIP WOULD BEGIN AGAIN OBVIOUSLY THIS AS NOT HAPPENED

[nellypledge]

I HAVE BEEN LOOKING IN THE AREA FOR RENTING AND IT IS AROUND 400- 500 POUNDS PER MONTH. I WILL KEEP LOOKING ALL THE TIME. MY FAMILY SAID I COULD STAY WITH THEM FOR A MONTH ONCE THE HOUSE IS SOLD THEN I AM IN A BETTER POSITION TO PRIVATE RENT

[MelanieGiles]

My advice would be to write to your creditors to explain your current situation, and that you cannot afford to pay them anything. I would then deal with the house and rented accomodation, and then when you are settled look to see what you can do with regard to the debts - which might well end up being bankruptcy proceedings given your lack of income.

[chardonnay]

Hi Nellypledge,
Welcome to the forum. The experts on here will help to advise you and others, like me, will do all we can to support you emotionally and share our experiences of living with and sorting a debt problem. We've all been there so don't worry about being honest about your worries and fears,
Well done on recognising and trying to resolve your debt position,
Hugs,
Chardonnay