25K in red and need some HELP

Duke_of_Northumberland

I really need some advice as we are slowly sinking on how to get out of this mess. My current Salary is 23K which might seem alright to some but when you have to support a wife an two babies it doesn't tend to go that far!!

My debts which are pretty impressive

£11,000 loan with A&L

Credit cards
£4,500 with Virgin 15% int I think
£2400 with Barclays
£3000 with Lloyds and
£4000 with HSBC


£23/24s worth of debit I'm paying around £600 per month so with rent of £500 ( can't get a morgatage!! due to debt) so there is really little left hence the sinking feeling

Any one got some advice on what I can do ?


PS I have thought about the IVA or going to the wall but then buying a house would be rather difficult.

Bargain_Rzl

Firstly, post your statement of affairs on here. That's all your income (monthly salary, tax credits, child benefit) and all your outgoings in detail. Also post the balance of each of your debts, along with its interest rate and the credit limit on each account.

That's step 1, so people can see if there are any savings to be made straight away. You'll get lots of advice on practical solutions.

One thing I can think of is - is there anything your wife can do? For example, a couple of evenings a week in a bar or a Saturday shift in a supermarket, while you can be home looking after the kids? She could even consider doing something from home, like taking in people's ironing or becoming a registered childminder. Every little helps...

tattooed_lady

Hiya,

Are you getting all the benefits you're enititled to such as child benefit and Tax credits?

How old are your children? I've worked Sundays ever since my kids were 6 months and over as it is good money, is there any chance your wife could do something like that?

Please post your SOA and we will see what we can do to help. xx