Another tale of woe

moneywolf

Hi

From what i can see this situation isnot the best , but far from hopeless.

Consolidation is not the answer as you have obviously got into this by living on borrowed time & money.

Just looking at your car situation, how much equity have you gotin your 2 cars ?

I see honda finance is a regular payment at present, butif you have paid overhalfof the finance you can get rid of the car back to them ending that debt. Or if the car is worth more thanyou owe , then sell it & downgrade for a while to release the pressure for a bit.

You can pick up good carsfor next to nothing at present so it may be worth selling your cars & getting cheaper ones to release a bit cash & clear the finance.

Cars can often be an unneaded millstone around peoples necks.

The only other option is to get another job & work harder.

scooterwife

Hello and welcome.
I have to agree with the advice above. you really have two options: earn more or make lower payments to debtors.

I've been where you are, no money, so use credit cards, take out loan to pay off credit cards (but forget to cancel credit card) run up credit card again etc etc. Sound familiar? You're not on you're own.:o

We eventually set up a DMP with cccs who have been fantastic.It hasn't always been easy, but there is light at the end of the tunnel, and the budget you set with their help does have a bit of leeway for emergencies or the odd takeaway. It's just more of a treat now.:D

Bear in mind that circumstances change, and while you have a small child at home now and your wife can't work full time, that won't always be the case.(I should also say that she shouldn't feel that she has to work full time now and put your little one in a nursery - that works for some, but if she is happy with the choice she makes then your little one is happier)

I agree that the car could be sold and replaced with something cheaper, we run an old skoda and its fine.

Good luck