somebody offer advice please?

[indebt]

I don't know if i'm on the correct forum here but if i'm not somebody please point me in the right direction. I've been a real idiot and now have my wife and young children in big difficulties and need help or advice. I had a good job and was reasonably well paid but i hated it and went self employed a year ago. Things were going well but the credit crunch has hit business quite hard. It is a limited company i set up and it is safe enough long term and i can take home a wage of £1200 per month. My wife and I though have built up huge debts with getting it up and running but we have a mega short fall in money to make up with payments. Whilst all our posessions are shared etc, I have unsecured debts of approx £14,500 on cards and my wife has aprrox £11,500 in a loan and credit card we also have £1,800 overdraft and £850 overdraft in two accounts which are in joint names. We have a killer 10 year loan secured on the house for 35k costing £456 a month but are trying to see if our mortgage can be upped to include it and lighten the load. I fear though that with our figures they will chase us. Our moatgage has 18 years left and outstanding £182k and we will try and put it up to 25 years again. What help or advice if any is out there for us or where the hell do i go? I rang payplan today but they never asked about mortgage terms etc etc and are sending me info to do a informal arrangement but will this even work? I'm not complaining but they were very vague and i'm not much wiser to it all, I know nothing about this idea. Why should creditors listen to me?
I want to pay my debts because it was me who spent the money but we are about 1K per month short of money and i have ruined everything.
If i could just do something with the unsecured debt to make payments lighter it could save the day. Although we've managed to pay everything so far and know the importance of paying the secured debt, I've built our home on my fathers land in the family property so can't just can't loose the house over my childrens heads. I stood in my childrens bedroom last night and it just hit me what i've done to their lives and i cried sore. I'll never forgive myself for giving up my job. To add to the pressure we've just found out we are expecting another child and whilst children are a gift, I can help feel fear and guilt. The only thing i can tell myself in my own defence is that none of the money lost was to be flash or gambled etc. We live very humble lives.
I feel so pathetic and ashamed but i really need someones help or advice. Is there any company out there which can help me or is payplans option all i have? Also any pitfalls or crooks known i would appreciate knowing.

[fbdo]

Hi there im sure if you just hang on a bit one of the experts will be able to give you some sound advice.I know things may seem desperate right now but there is always a solution no matter how bad you think your situation is.I am 81000 in debt and thought there was no way out I have taken advice from this site and picked up the phone and now the future seems a little brighter.
Please do get some advice you are not alone !!

[indebt]

Thank you for the encouragement. Very thoughtfull of you whenever you have your own problems. Good to know you are sorting yours.

[plasticdaft]

Dont feel pathetic or ashamed. Its possible that your have just made the most courageous decision in your life by deciding to sort yourself out.

Get advice from an insolvency practitioner,a list and reviews is at iva.com. Several posters on the forum use some of the insolvency folk who post on here to and will give good references as to their credentials.

[kallis3]

Welcome from me as well.

As plasticdaft says, you have taken that first big step, and you have come to the right place for advice and support.

You don't have to accept what Payplan have said to you, you can speak to as many companies as you want.

You could try the site PD has mentioned, or click on the experts link on the left hand side of the page. The one's on there come very highly recommended and will tell you of all your options.

[mickyboy]

I went to Payplan first of all and i felt i did not agree with what they said to me. After a few days i tried Cleardebt and they gave me different advice and now i am 3 months into my IVA. i am not critising Payplan but it always to have a 2nd or 3rd opinion.
You have made the hard decision in contacting someone about your debt.
Contact a few other IP's on here and see what they say. Once you have had a chat with them, then you can make a decision on who you use.
Most of us have been in a similar situation. Good Luck for the future and i hope you start to get sorted out soon.

[indebt]

Thanks everyone for the encouragement. I just fear there is no solution, that the the outgoings are always gonna be too high but i'll see what the experts say. Thanks again and fingers crossed for me.

[mike.s]

Hi mate,
Firstly change your name you are not an idiot.
Getting into debt is the easiest thing to do, getting out of it is somewhat harder. But listen, you have already taken the biggest, and hardest step of all, admitting you have a problem, everything now will get better, may not seem it right now, but it will. You have found a wonderful forum here, full of lovely people all in the same boat who can offer a wealth of help and advice and a shoulder to cry on when you need someone to listen. There are also some excellent experts here who will offer sound help and advice. You really now need to talk to someone and I cannot praise Melanie Giles and her wonderful team enough, they really picked me up and put me back on my feet. I really know where you are coming from, your post brought tears to my eyes as I really have been there and know what you are going through and how you feel. But you should not feel ashamed, you have not let anyone down, you love your family and they love you, this is the most important thing to hold onto. Please give Melanie a call and I promise things will very quickly start to get better, there will be a solution for you and you will get through this. Keep posting, this is an amazing forum, which will help you through this every step of the way, everyone is here for you.
Very best wishes
Mike

[kallis3]

There will be a solution out there for you. Pick up the phone and make a call to one of our professionals - you will get excellent advice from them.

[Adam Davies]

Hi
How much do you think your house is worth ?
Regards

[mikepapa]

Hi & welcome to the forum,, I know just how you feel,,so easy to fall into the debt spiral,, I have & am lucky to have the support of my wife. We are now tackling our large debts with the help of one of the I.P's on here.
its hard to pick up the phone,, it took me 12 months,,but believe me you have to do it. We are hoping to be debt free in 6 years with an IVA & I wont be touching credit cards again. I really should have known better at my age,[:I], I also felt shame,,guilt like you do, but there really is a way out,, do some research look at the reveiws,, but pick up the phone,, advice is free, & try not to worry you are not on your own.

[plasticdaft]

Have changed that name yet??? No one on this site is an idiot. I could have called myself "buried his head in the sand for 5 years"!!!

Well done for making moves to a better future for you and your family.

Paul

[MelanieGiles]

You really need to take advice from an insolvency practitioner who has experience of dealing with both personal and corporate matters. I note that your limited company is trading well in its own right, but your personal position may effect this moving forward and getting the right advice is essential - and will not cost you a penny.

[indebt]

mike.s Thank you for the kind post. I haven't as such done anything practical yet but feel much better already that i've made a move.
Andydavie my house was valued at £330,000 before the slump so prob alot less now. I've £182,000 mortgage with 18 yrs left on it, ( years left of a 35k loan secured on it and 4 years of a 30k business loan for the limited company secured on it.
Thanks everyone again you are all very welcoming. Melanie I may call you tomorrow if it suits you.

[MelanieGiles]

I will be delighted to try and help you if I can. It appears that you may have sufficient equity in your property to clear your unsecured debts, but of course that would be subject to obtaining a current valuation.