In serious debt?

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Hi.

Myself and my husband are in serious debt and I cannot see a way of getting through it.

We have a large unsecured loan with Northern Rock which means we can't go down the IVA route.

We have been getting advice about it and in the process of starting a debt management plan but if we pay what they suggest it could take 20 years to clear our debts.

I feel so depressed and exposed talking to complete strangers about our financial troubles and I feel like I have let my children down.

We have sold our house and live in a really grotty hole and I feel like I can't go on any longer.

I don't know how we got into debt. We don't go on holidays, have expensive cars or even have a social life. The last time we went out was 18 months ago.

I cannot bear it any longer.

In serious debt?

Don't take any more loans or credit out. You have nothing to lose from declaring yourselves bankrupt if you do not have your own home. This will then relieve you of many excessive payments on credit.

Sit down and work out EXACTLY where your money goes each week/month. I work to a really strict budget which was a struggle at first but soon becomes second nature. I had to do this so I can be a stay at home Mum. We don't claim and would not qualify for any benefits and my husband only earns 拢25K pa we have a 拢1000 a month mortgage and that is without any bills etc! I work out what food I need to buy each week and use it all. We save for treats such as lunches out, evenings out and holidays. Other than that we rely on each other and friends popping over for company/social life.

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In serious debt?

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