Help!!

paulg0170

New to the Forum, and we are So worried, i have a huge amont of debt because i supported my wife when she was a student nurse, also got 2 kids. i get 2,400 a month this goes on bills. she gets 1750 a month this goes on bills. we struggle to have a decent living even for the girls. what should we do? can i keep my house if we keep our house if we go bankrupt?

help please?

Mupeteer

Hi Paul, could you do an SOA so we can see where your money goes and spot any possible savings?

paulg0170

mortgage 905
secured loan 313
loan 563
loan 250
loan 180
credit card 177
credit card 152
credit card 101
car 260
loan 250
bills 400

paulg0170

also nirsery fees 210 monthly

inamess200

Hi Paul

I think there is a standard format for the SOA that shows a more detailed break down of payments and also where you owe money and interest rates etc - i don't have the link - some one will come along soon.

But don't worry you have found the right place and taken the first step to getting a better life for your whole family - BR is not the only option and there are charities you can contact ( Payplan or CCCs ) that help you arrange things .

So good luck and big hugs to you and your family you are not alone

inamess200

Also look at the thread - top ten tips for newbies - alot of help there

paulg0170

what do i have to do with my bank account!!! i owe a lot of money with them and they have been so unhelpfull!! ( you have made me feel a lot better).

inamess200

If you are considering a DMP then you need to open a new parachute account - just a basic one with no overdraft - I have a coop cashminder which gives online banking and an electron card that is accepted at most places. If you go down the DMP route and have an overdraft with your wages being paid into it they can freeze the money leaving nothing to pay bills. Also transfer over important DD's mortgage, rates electic gas etc. All this will be explained by either payplan or CCCS - if you look at their websites you can book a telephone appointment to go through all the options. I remember sobbing on the phone alot when I first contacted them!!

these boards are great - alot of tips for saving money and earning a little extra - you are in the right place.

GeorgeUK

Hi Paul

As suggested can you post up a full statement of affairs? Hopefully we'll be able to see some areas where we can save you some money.
http://www.makesenseofcards.com/soacalc.html

I would advise you to contact one of the free debt charities who may be able to set you up on a debt management plan (DMP) and assist with making arrangements to repay your debts.
(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

From what you have said, i take it you have already missed payments etc?

The most important thing to do is to pay the priority bills first. Mortgage, food, utilities and any debts secured against the house. Everything else can take a £1 token payment until you work out exactly how much you have coming in and going out.

RichOneday_2

Paul,
The SOA would be the first task, but it clear from what you have already given that £1600 per month is going on unsecured debt from a £4,100 income, the rest of your outgoings come to £1878pm, so there is enough, in theory, to cover everything.

Realistically, that £1600 needs to come down, but you also need to get a spending diary going to work out exactly where everything goes each month.

But relax a bit of reorganizing should see you straight.

magneto

Hello Paul

I agree with RichOneday you must bring down your £1600 unsecured debt. The best way to do this is to reduced your other Outgoings such as food bills and use the money saved to pay off your unsecured debt. This website contain many useful money saving tips.