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Please help if you have the know how

Omega7
Omega7 Posts: 14 Forumite
in Debt-free wannabe
My girl friends mom has got debts in the region of £20,000! one loan and two credit cards i believe. She is egar to be debt free and wanted some help setting up a plan to pay it off.

Whats the best way to move and pay off this big mess?

If you need more info i will get it off her and post it later.

Thanks everyone.

Comments

  • Horace
    Horace Posts: 14,426 Forumite
    Hi and welcome

    Firstly encourage her to come and post here. She will need to do a full SOA (Statement of Affairs) - https://www.makesenseofcards.com/soacalc.html (there is a button on there called MSE, if you use that it formats the Statement for here then you can copy and paste it.

    We would need to see her income and all outgoings including APRs on the loans and credit cards.

    We would also suggest that she contacts one of the debt charities such as CCCS or National Debtline - as they will give free advice too.
  • beanielou
    beanielou Posts: 96,852 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Great advice for your GF from Horace.
    Look forward to seeing the SOA.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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