Advice needed on complicated situation pls

lou777

Hi,

Thanks for your replies. I think I need to be on all the boards!
We are already remortgaged as much as we can on 1 wage, and my 29k debts make me a bad risk for getting any more finance. We recently extended the term of the mortgage (originally 10 years) to 19, and then last month decided to go interest only for this year, so I can pay more off credit cards and hopefully get one free to start swapping balances.
My partner can only just afford to stay in the house himself, and is struggling himself through his own debts. They self-inflicted debts, which I could have done without as it means I am without support. It was such a big deal we split up over it. Now he realises what a prat he was, and is now busy paying it all off. He barely affords to put petrol in his car and pay for his own food etc, but can technically stay in house as most of his debt is on mortgage and a single loan, so once he has paid loan off he can focus on mortgage. Basically, it would be tough but he can make it.
I have already sold my car, which has helped me pay off most of 1 credit card, but due to my virtually nil earnings, I have to be very careful that I manage to keep that amount off the credit cards, let alone pay more off to get it clear. The worst thing against me is that for every 650/mo I pay off, 400/mo goes back on interest, and I don't even earn enough to pay the minimum anyway. I have only survived so far due to being frugal with scant earnings, borrowing money from family and juggling finances very well.
I am doing all I can without making myself more ill, and work every waking minute of each week. I am still not well enough to work for anyone else though - only me would employ me :-)
It's not the ideal time to start up a business at all, but I had no choice as it means some money rather than none. I need to sort out something though, as my business will fail if I keep taking money out of it that I am not earning, and then I will be in a mess. Basically, I could get by if my outgoings were lower, and it's the interest on my credit cards that is crippling me, as I pay 650/mo minimum payment but 400/mo of that is interest.
I can't get working tax credit or anything as my partner earns over £14500.
A friend suggested calling Ocean Finance to get a consolidated loan from them instead of the credit cards, but I don't know if that would be a good idea. I favour paying one credit card off and getting the entire debt interest-free by shuffling, but I just don't know if I can do it.
I think the debt-free board may be the best for me now, if we are in agreement that selling the home is not a given in my situation.

Thanks

Lou

lynzpower

Lou, deffo come over to the debt free board, post a SOA, and lets see what we can do to get you in a more stable position. xx