A lot of Money

GlasgowSwan_2

I am in a huge amount debt (£35000)

My outgoings are a mixture of credit cards and loans which total £1300 a month. My income is only £750 a month. I do however have a house which is worth £45000 and a mortgage of only £26000.

I am now at the point where I cannot afford to make my minimum payments.

Any adivce on the best way forward would be a great help.

Thanks

rprinter

Hi and welcome to the forum. Looks like you've joined us at just the right time and this is a site full of inspiration and help.

Whilst your waiting for some specific advice from the experienced MSErs here, have a look at this current thread:-

http://forums.moneysavingexpert.com/showthread.html?t=95468

and good luck to you!

ChrilleK

Hi GlasgowSwan, may I ask you what you do for a living?


CK

tattooed_lady

Hi GlasgowSwan

It would be helpful for the MSE's on this board if you could post all your debts with the apr's and also your incomings and outgoings! Good luck, I'm sure you will get some good advice.

searchingforlight

Hi,
You've come to the right place. I am in a similar position (although £80k in debt with some equity in my house) and people here have been really helpful guiding me through. Best to start by posting up your outgoings and income so the experts can have a look and give you some tips. I am also due to have my session with the CCCS this week who I hope will help with a DMP for my creditors as I can not make the monthly payments any more.

Have a look at the budget planner on this site too, it's well worth downloading and makes you really look at where the money is going, and what if anything you might have left over to make pro-rata payments to your creditors.

It's a bit of a long and bumpy road ahead I think, but you have taken the first step by facing up to the situation and trying to deal with things. Good luck.

homersimpson_3

first of all this forum can save you money and help you get out of debt but to get the best advice you need to post a list of all incomings and outgoings.

Quasar

Above all, don't despair nor get despondent. You can get out of it but you must keep a positive attitude and be determined to put all your expenditure through the microscope and cut out all unnecessary outgoings. But all this will become clearer as this thread develops, and better qualified members than I come in with their advice.

Meanwhile you have taken the most vital step by facing up to the problem and coming to the experts. Things are looking up, Glasgowswan!

:T

GlasgowSwan_2

I will post all out goings and incomings tonight when I get home from work.