Debt - help!

[Spondoolie]

My finances have spiralled out of control and I can’t see a solution. I feel helpless.

2 years ago I had over £200,000 in savings and now I have £40,000 cc debt and feel so ashamed and can’t talk to anyone about it

Business debts, credit cards, unpaid bills it is so complicated and overwhelming and I can’t seem to find anyone to help

There are a few charities that will help you navigate this debt.
Christians against Poverty
Step Change.org
If you find one in your locality they will really help .
No judgement just great advice.

There are some good debt charities (Step Change) around that will at the very least give you someone to discuss it with. I think once you start doing that it you can start to get a handle on it.

Have you got issues with spending/gambling or is it just a combination of things that have got you in this situation?

In the great scheme of things you will be able to deal with it!

As others have said there are some great charities/organisations who can help, or if you’d like to get it all out on here someone may have some advice for you. It’s never too late to get things back on track! :)

You need to identify where all that money has gone. Then contact Step Change or Christians Against Poverty. They can help you.

As above Step Change, National Debtline and Christians Against Poverty are all worth a shout. If business debt is in the mix then Money Advice Trust has some signposts.

Be very, very careful using search engines to find debt advice there are a lot of charlatans out there....

Thank you.

It’s a combination of factors including burying my head in the sand, interest rate rises, shame. Thanks so much. I will contact the support agencies

@Bromptotoo
I agree.
Proceed with caution if doing on line searches.
Lots of companies will offer you advice and assistance ...but at a cost .
Good luck.
Just to add .......StepChange really helped me and my partner during financial crash of 2008 .

If a lot of your losses were on a personal business you need to question whether it’s working out or you need to take drastic action and change direction. If it’s making a loss then you need to make some big decisions and put a plan together to pay off the debit without adding to it

What do you mean 'you can't find anyone to help'? There's several debt charities available, assuming you're in the UK and quite a few online resources. Have these been unable to help you?

Are you still running a business? Is the debt attached to a business or is it all personal debt? Do you own your home or any other assets? If the money has gone into the business, would it be better to close the business and work for an employer instead? Have you put together a budget for household income and expenses?

As well as contacting a debt charity, also have a look at:

www.moneysavingexpert.com/loans/debt-help-plan/

Thanks to all who replied. I plucked up the courage to ask my parents for a loan until I sell a property and I think they will say yes. I am so ashamed and so grateful to them.

I really appreciate the replies. I was in a dark place.

FWIW I think you would still benefit from some sort of counselling to understand how you ended up where you are / were and put effective steps in place to avoid a repeat.

Consider where those savings came from as that's important. If it was earned income and you can still expect to earn a similar amount moving forwards then that's a reasonable situation.
If the savings came from a one off source - i.e inheritance then you need to handle your finances with extreme caution given the rapid change in fortunes.

I mean this in a kind way, OP.

https://www.businessdebtline.org/

This is the business equivalent of personal debt advice.

Chin up OP, there is nothing you can say to stepchange that will shock them. You have made some mistakes and are now going to face them and sort them out. Good for you and well done. Plenty of people get themselves out of dark holes financially and make good recoveries. You will too. You haven't murdered anyone, you are not a bad person.

Best of luck.