in debt due to buying shares

john25596

I currently live at home with my parents, have debts of £60,000 and own shares worth, as of today, £20,000. no other assets. My wages are £20,000 a year. I pay no bills at home, great parent but i confess they do not know the full amount and they have no spare cash to help m,e but i do not want them to help me, my mess. I basically use all my wages to cover my credit card bills and am left with nothing spare at the end of each month. this has been going on quite a while now.

i do not want to sell shares now to pay off some of the debt just incase they go up so i can then sell and reduce my debt but as always possible the value could go down or companies go bust then I will be in the same position as of now.

I will need to move out soon and pay rent and am wondering what the best options for me are.

All advise welcome.

hypno06

OK, so markets are poor at the moment - shares, for the main part, are at lows and of course they could go up......and indeed I hope that they do.....but the consensus of opinion in the market is that they may well, at very best, drift for a while longer before significant recovery.

So.....over the next 12 months.....how much IN REALITY, given all the facts that you know about your particular shares, and the market etc, do you expect those holdings to increase by? 10%, 20%?

And how much interest are you paying on your debt.........?

If you are paying 0%, then fine, keep the shares........hope for a recovery.....

If you are paying 15.9%, 24.9% or whatever, then look at that and then look at what you are HOPING to achieve from the shares.........no brainer really - sell the shares, pay off £20k of debt, and "save" yourself that 15% or whatever rather than hope for the markets to do it for you.

Also, how are you going to manage to pay rent, on top of your debt repayments, if you currently don't pay any "keep" at home......the only way to do this is to cut your monthly repayments - and that means cutting the debt.

PS......need to add in that this does not constitute "advice" over individual's share holdings blah blah blah (just covering myself!)

rayday2

I would recommend seeking advice from a debt charity, there is a lot of help seeing as you have not or cannot secure any of the lending. Do this before you start selling shares etc.

If you can't face ringing people you can do it online with the CCCS or National Debtline.