New Here - And Want to be Debt Free

Kernowrob_3

Hi,

This is my first post here, feeling a little overwhelmed by the wealth of information on here and the feeling of mutual support everyone seems to give.

Anyway bit about me - I'm still right side of 40 (just) and live with my wife and 3 kids (all primary school age) in the midlands.

My mortgage is fine (well I say fine - i am upto date with all payments- have never missed a payment in 10 years - but it is bigger than i would like and we are on interest only at the moment).

The immediate problem for me is credit cards - I owe across (5 cards) £29k, I do have some assets (c.£10k) and compensation from an accident due (c. £10k) which will help reduce that and I am chasing a promotion at work (c. £1k more per month after tax) which make the position more manageable but none of those are immediate.

I have negotiated affordable repayments with all of the card companies and have stuck to these - and all of them with the exception of Halifax have been great and frozen interest and charges until things improve.

I take it I am not unique in my experience with the Halifax - generally very hostile and unwilling to be helpful no matter how much you bend over for them and - then never ever reply to any correspondence you send to them?

I can see an eventual way out of this but I know it wont be easy certainly not for some time.

I guess I am hoping to get a bit of support and guidance as I go along.

Thanks...

POSSETTE

i think the first thing Martin would say is..dont have cash savings when you have debt in your range!
i know its nice to have the safety net of cash there,but i would use 9k of it to pay a card off, and keep 1k in reserve for rainy day.
the interest on your savings is prob a lot less than the interest your paying on cc.

good place to come though for info..well done..and hope you get the job...

Kernowrob_3

Thanks - the £10k assets are shares which I cannot realise at the moment because they are through a company scheme and if I take some I lose others, so to have the full value I have to wait - though I take your advice and the moment I can they are clearing a portion of the debt.

Horace

Hi and welcome

Please list your SOA so we can see where you are spending and where you can cut back. https://www.makesenseofcards.com/soacalc.html