What shall i do ?

haggisAThome

hi all ..

my finances are in a bit of a 2 & 8 ..

i am approx 27,000 in debt , i am paying min payments on my CC (owe 8 grand) etc etc . my outgoings every month are 1600 , and that is before we eat or clothe the kids . we struggle every month , and so far we have kept our heads above water . but my works are cutting back on the overtime that was very bountiful , and my last couple of wage slips have been a bit to close . my wife is a driving instructor and has her own business , but work is very hit and miss so her income can not really be relied on .

should i carry on just struggling with just making min payments ? my credit rating got hit pretty hard when i sold my house ( long story but i ended up with late payments on my record :mad: ) i would rather try and keep what is left of my credit rating but the kids are growing up ! my oldest is in dire need of new clothes ETC ETC .

what would you do if you were in my shoes ? i would love some advice


thanks all

Scott

falady

hi Scott,

Welcome to the forum. you wil find lots of help and advice here.

My first suggeston is to post a 'Statement of affairs' (SOA). See the sticky note at the top of this forum for what to do. We can then make suggestions on which debts to tackle first, how to get your costs down etc. Also, have a look on the moneysaving old style board - this will really help with getting your food shopping bill down.

As a quick note - how about charity shops / outlet stores / beg / borrow from friends for the kids clothes?

Good luck!

Ali

PS don't forgrt to include all the interests rates etc on your debts when you post your SOA.

bank_of_slate

Hi Scott, welcome to the DFW forum (love the avatar)

Have you contacted CCCS for some professional advice?
...Linda xx

NUFCnutter

Hi Scott, the support you will get on here (in the main) is second to none. People can direct you to the right places for all sorts of advice. I know how hard it can be trying to keep kids in clothes, the problem is that they keep growing the little blighters,:rotfl: . The best thing to do, as you have already been advised, is to do an SOA (statement of affairs) so you know exactly how you are doing, and then you can see where you can really cut down on your spending. Best of British!

haggisAThome

thank you Ali will start filling it in tonight :beer:

and thanks to you Linda ( lol wife's name :T ) i have not phoned the cccs yet , but it looks like i will be giving them a try . i hope the avitar will not offend all ( i just love the ironry of it )

thanks as well to you NUF ... yeh kids need there legs takeing off

thanks for takeing the time to look and reply :beer:

NUFCnutter

Oy, pass a beer down here :rotfl:

Deep_In_Debt

Hi Scott
Welcome to the forum.
As others have said, post up an SOA. I've seriously save dosh since I've been on DFW. The good peeps on here have helped my cut my bills enormously, so that I can afford to chuck extra money at my debts every month and not go without either.

As BOS says, contact CCCS, CAB, National Debtline or Payplan for free, impartial advice. They are not out to make money out of you but will give advice in your interests.

MrsTinks

To be honest if your rating took a hit when you missed payments on the mortgage then it depends on whether they placed a default or not whether going on a DMP will affect your any more adversely...
Definitely get up a SOA so we can see if there are places to cut back and prevent the need for a DMP etc

haggisAThome

i do what i can to save cash , i brew my own beer :j , i have given up smoking (one month and counting ):j , and been starting to make bigger meals and making them last instead of binning the leftovers . yes mrstine i was thinking the same , i have no chance of a mortgage now so perhaps a dmp would be the way forward . but how would i stand under scottish law ? (live in the highlands)


the wife is going to do the SOA wed night so i will post it up when she does it

sam89

Hi Scott, DMPs are valid in Scotland. I'm on one and it's the best thing I ever did.

IVAs and Bankruptcy are not although there are Scottish equivalents with slightly different rules.

Sam,
x.

Mupeteer

Have you checked your credit file to see what is marked against you? The information could be useful in figuring out where to go from here.