How to get out of debt?

[ktrin]

Hello to everybody!Need your help.

I got myself in alot of unsecured debt from bank,credit cards and loans.in total £23000 im still managing quite good after 8 years in debt i never miss out a payment ,but last 5/6 mons we been living on overdraft/credit card and recently is not been easy at all because as a result from 6/7 mons ago im taking unti depression tablets,and from 8 weeks ago been referred(by GP) for therapy because my depression getting so bad .pls let me say my story but in brif:6years ago i met a lady when i was on holiday in philippine.just after 3/4 mons we fall in love soon i invited her here,got married,she started go college to learn english and ect.and i had to pay .that's where the problems bigan,my incom wasn't enough so i had to top up my priviouse loan,she soon was pregnant with our first child(3years now) and the secound one was again unpland(3 mons now)so she's been busy either study or caring for children,and i've been working hard with 7/9 hrs overtime every week,i did ask if she entitels to any benefit but according to low because she's not been working for 2 years in the uk so she wont get any thing. anyway since then im the only family breadwinner and i love my family,but like i said as result of pressure im suffering depression even backacke now and contineully off sick and the office going to held a meeting i know for sure this time they will sack me,allready im confused,paniking ,my wife not feeling secured like to take children to his family, pls say what are my options.

[rebel11]

Hi ktrin

 

Welcome to CAG

 

The guys will advise as soon as they are available.

[Tingy]

Hi,

The amount of debt, though big, is not insurmountable. As you suffer from a mental illness you need to read and be aware of the MALG guidelines http://www.moneyadvicetrust.org/content.asp?cid=54 Your creditors need to be told you are suffering and reminded to act on this guidance as you are vulnerable.

 

As regards your job, your empoyers need very strong grounds to dismiss you for medical reasons. What do you do for a living? Do you have a contract?

 

You've done brilliantly well to manage this for eight years without missing any payments - well done. It sounds to me like you need to start trying to negotiate with the creditors now asking them to freeze all interest and charges. Before you do this complete an Income / Expenditure sheet being very honest (sometimes it helps to post it up here with NO personal details) so we can comment. This, though not a legal requirement as only a court can demand you do one, can be a strong negotiating tool when asking for charges to be stopped etc....

 

That's probably enough to get you started. Get those bits done, then post back re which letters to send.

 

Keep remembering, and I know it's hard when you suffer from depression, but on the positive side you have managed for 8 years - that is a MASSIVE achievement. If you can do that, you can certainly work through the next bit with the aid of those on here to help get you back into a better position.