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Newbie Debt Help
MeeBroke
Posts: 78 Forumite
My previous thread seems to have dropped into oblivion over the weekend so I'll start a new one, putting things in a nutshell.
My wife and I both have good-paying, stable jobs. We have not thus far ever defaulted (or even been late) on a single bill or payment-ever. I have just started a new job that pays another £5K more a year and consider it a quick stepping stone towards a position that will increase by about another £20K in the next 2 years.
We have a mortgage whose fixed rate ends in one year, to remortgage now would cost us £4K.
We have two unsecured loans totaling £17K which have 4 and 5 years left.
We have 3 CCs totalling £27K.
One of our CCs-with a £18000K balance, has just clicked off a 0% and onto a 29% (MBNA-Virgin). This has sent us over our income for the first time...starting next month. Up until this happened, we had breathing room. We have started a self-imposed budget plan, using the good advice from here and CCCS.
CCCS is recommending that we DMP. The plan will take 9.5 years. We don't want to get into defaulting though, we want to pay it ALL off.
Are we crazy to try this? We want none of our debt written off. We have done an SOA and come up £50 short.
My wife and I both have good-paying, stable jobs. We have not thus far ever defaulted (or even been late) on a single bill or payment-ever. I have just started a new job that pays another £5K more a year and consider it a quick stepping stone towards a position that will increase by about another £20K in the next 2 years.
We have a mortgage whose fixed rate ends in one year, to remortgage now would cost us £4K.
We have two unsecured loans totaling £17K which have 4 and 5 years left.
We have 3 CCs totalling £27K.
One of our CCs-with a £18000K balance, has just clicked off a 0% and onto a 29% (MBNA-Virgin). This has sent us over our income for the first time...starting next month. Up until this happened, we had breathing room. We have started a self-imposed budget plan, using the good advice from here and CCCS.
CCCS is recommending that we DMP. The plan will take 9.5 years. We don't want to get into defaulting though, we want to pay it ALL off.
Are we crazy to try this? We want none of our debt written off. We have done an SOA and come up £50 short.
0
Comments
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Hi
Post that SOA u0p here and lets see what the good folk here can do with it.If you've have not made a mistake, you've made nothing0
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