Can we have a support thread for people who are massively in debt?

[Nerfmother]

Because you can't talk about it in real life? We owe 44k, reduced from 60k in a year. Not including mortgage.
It's so depressing.
Dh is determined to pay it off and so bankruptcy or plans isn't an option. I do think its doable, just hard hard hard.

Oh no Mum I am so sorry to read that. Was just checking in to see how you were getting on and that is truly shit news will you get a decent redundancy package at least ?

Oh shit. I am really sorry. Take a day to be upset and panicky and then look at the figures. Maybe a package as pp said might help? And you can think about new jobs.

Nerfmother RE your mortgage .... pop the numbers including the monthly overpayments into my mortgage spreadsheet and then you can see how much shortfall you need to pay off over what time.

Mum2Fergus Oh bugger. Will you get any lump sum to clear debts with? What are your chances of picking up equivalent work ( sorry, have no idea what people on this thread do )

Fantastic talkin, I'll do that tonight, what a good idea. I've done so well today - cancelled magazine, paid to card, not spent anything, that I really would like to do something positive.

Oh fergus no! Take a day for yourself, it'll be okay.

Aw Mum that's really bad news, so sorry to hear that. Hope you can get a good redundancy package.

Really sorry to hear that fergus :(

Thanks folks...I've 17yrs service so package not too bad, would cover all debts except mortgage. Would be unlikely to get similar salary/benefits package starting somewhere new. Will start looking at numbers side of it tomorrow...head too sore tonight

So a real double edged sword : pay off all debts but need to find work ? Give it a cple days to sink in.
Today I spent £4 which is a massive achievement as usually payday is my f**k it I deserve posh popcorn, and a lipstick day. Deliberately didn't but had to pay parking and breakfast club.

Indeed Nerf...more immediately though do I keep overpaying as much as I can-or take payments down to minimum and start stock piling what savings I can?!

Mum find out what you will get then reduce?

Redundancy will be about £37k. That will cover CCs and loan-rest I can live off short term but still have mortgage...or if I can land a job soon it can be a lump payment to mortgage...

All that aside, I've had 2 NSDs, took lunches with us to work..dinner last night was slow cooker lasagne from freezer/cupboard supplies and BLT toasties with potato wedges tonight

Mum , if really think about clearing debts. I don't know what the professional advice would be though .

Managed to sell some more stuff on FB selling page, now made £90

That's great news Kazza,well done you!

Kazza that's brilliant! It all started with a build a bear!

NSD today, packed lunches and dinner will be chilli (freezer) and rice (cupboard)

Have been pouring over spreadsheets and I'm going to continue throwing all I can towards debt...will eat up less of redundancy and will not incur the extra 3 months of extra interest by only paying minimum.

Onwards and upwards!

Mum2Fergus I was in a similar position to you - I was made redundant in September last year with a mortgage to pay and about £30k of debt.
I didn't know how long I would need to live on my payout for so I started by putting it all in a savings account and "paying" myself the equivalent of my old salary each month. I carried on paying the mortgage and loan as normal. I also did some short term contract work just to add a bit more money to the pot.
I was lucky and got a new job quite quickly - started at the beginning of January. As soon as that was confirmed I used my payout to clear all the debt.
I have now bought a smaller house and will be moving in March. My new salary and benefits are lower than what I had before but having a smaller mortgagr and no other debts makes up for that.
By the time I move and pay fees etc I won't really have any money left but will still be in a much better position.
So I know it's a shock to the system but it can actually work out for the best.

I have £45 left, £20 of which will go out on 3rd for debts. Very little is left in the house account so I guess that £25 I'll have left will be spent on food.

I paid the council tax though..

Great note INeedSomeHelp...thank you! I'm feeling reasonably confident at the moment but will no doubt have ups and downs ...

Chubby, a huge bag of pasta, passata, garlic etc and a block of cheddar? Jkt potatoes?
It's awful: I remember before tax credits as a single parent I would have literally 1.50 for food at the weekend. Don't know how we survived!

Chubby,get a list together of everything you have in fridge/freezer/cupboard and see what you have...post here even. We'll come up with some meals I'm sure