Advice needed please?

jessie179

Hi everyone

I have finally decided to look into alternate methods in dealing with our debt. Right now I dont have the full figure that we owe but its just under £30k. I am married and our daughter is 16 months old. I am currently unemployed. I am a registred childminder and desperately trying to earn but been terribly slow in my area. Hubby is working full-time as a Sales Exec for motor company therefore salary varies. Due to loads of things we are in big trouble. What I want to know would it be better to go just via Debt Management Route or because we want to be able to buy house at least after 5 years maybe opt of IVA. Both of us has a Managed Loan with our bank mine over £9k paying £125.25 per month and he over £12k paying £163. This has been almost 2 years and never defaulted on it once yet the difference in what the loan started with 2 years ago and what it is on now is only £240. On top of this we have credit card and catalogue debt as well. Please any advice needed. I am aware of the SOA and will do that during the day but just looking into what our options are?

Oh on top of this my 30th is this year and I know DH wanna take me somewhere sunny as never travelled yet. I am South African and havent been doing all the travel bits but due to him being without a job for months after we got married and then we had baby things just spiralled. So in whatever budget we might have to include this for July and also a visit to SOuth Africa for my parents to see baby.

Should I leave this, trip to SA wouldnt be a luxury more a necessity. I appreciate honest feedback

Thanks in advance!

DebtBgone_2

hey i am in a very simular situation to yourself, we got married last june and had to move back up north from london due to pregnancy so hubby had to change jobs now working as a sales exec and im not working at mo as baby is only just 6 months, we also have around 30k of debt and have been stayin at my dads while we get sorted.

however we have taken the choice to move out next week and tho we know this means our debt will be with us for longer we feel it necessary for our mental states and sometimes you have to make that choice, i feel your choice to go to south africa is a necessity, i mean surely once you go see your parents it will inspre you to carry on down the debt free route so you can take dd back to see her grand parents again and again.

many may say otherwise and say not to go, but i would say go! i lost my mother 3 years ago and it breaks my heart everyday when i look at her and think my mum will never get to see her, you just never know whats around the corner and while its important to plan for the future, like dealing with our debt ist also important to live now and not just exsist for the sake of a future you may never get to see.

good luck in whagtever you choose. x

jessie179

Any more advice please?

RAS

Hi

You need to do a full SOA on here and to talk to one ofthe debt charities.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

I recommend that you get out the terms and conditions on your managed loans and see whether they included PPOI and if so wasit front loaded.

Any late payment charges that you can reclaim?