Debt of over £110,000

Trollfever

slummymummyof3 wrote: »

Quite clearly you can't afford a holiday now or in the near future! If you could you wouldn't have these debts.

Or ask about borrowing more.

http://forums.moneysavingexpert.com/showthread.html?t=1928085&highlight=

advent1122

Trollfever wrote: »

Or ask about borrowing more.

http://forums.moneysavingexpert.com/showthread.html?t=1928085&highlight=

What a tool.
Some people are asking to be sat in a tube station in London with a scabby dog and a plastic container shouting "spare some change guv".

Toto

This post is even scarier. Please do not go near yes loans or any other lender who promises to get you a loan 'even with past credit problems'.

Lets forget going on holiday for a minute. I think the problem is that you haven't had your lightbulb moment yet. 110k is an awful lot of money to owe outside of a mortgage, even then it's a significant amount.

Have you sat down and looked at how much interest you are paying every month? That interest is money down the drain. I would bet that you are paying a similar sum to what most of us would consider to be a decent holiday, every month. How long will it take you to clear the debt? Have you actually thought that this money does need to be repaid? It was only when I asked myself those same questions that I really started to see things how they actually were.

If you are serious and genuine about wanting to sort out your debt problem then do come back and maybe post an SOA, as the others have said, do contact one of the debt charities too for help.

No one here is going to advise you to go on another holiday though, sorry.

impetus

Agree with some of the comments already posted. I was managing my payments too for some time but then it got out of control, I had to borrow more to service the payments and the spiral begins. You need to have a lightbulb moment soon or you will find yourselves in trouble further down the line. That £112k and probably rising will need to be paid back one day!

Hope you have a think again about that holiday.

Nargleblast

Mfp - as others have said, you are in a precarious position. I assume you are making minimum repayments on the cards, so they will take forever to pay off. I suspect you will be at or near the limit that you can borrow from anywhere, and the next time you ask for a loan/credit card limit increase or apply for a new card you will be refused. Then you will find yourself in the position of having to use your cards to fund normal household bills. When payday comes you will be paying out more in loan and card repayments and have less and less for the household bills, so you hit the cards again until you are right up to your limits.....then you are stuck, well and truly in the brown stuff.

Of course you want a decent holiday, we all do, but you have to live within your means first. I suggest you cancel any plans for a holiday in 2010, plan to have a stay at home holiday with short trips out instead. Then do a statement of affairs using the SOA calculator at the top of the forum and post it on here. It will make scary reading but we have seen worse, I am sure. You will then receive lots of suggestions for cutting costs and tackling that debt mountain before it all comes tumbling down on you.

Welcome to the board, by the way, most of us are quite nice on here.

slummymummyof3

How have you amassed this size of debt? Is it from exotic holidays etc?

RecoveringAlcoholic

slummymummyof3 wrote: »

How have you amassed this size of debt? Is it from exotic holidays etc?

I think that the OP has done a runner to an exotic holiday location, never to return to the UK.




.

.

slummymummyof3

Lets hope they have used an airmiles credit card to get there!

sallymander

OMG!!!! Are you for real? I don't wish to sound harsh but you holiday problem can be broken down into one simple equation.........

a fortnight in the sun = 2 more years eating aldi beans (and it sounds like you already have a few years of those ahead)

You need to work out what you have coming in and going out each month and you may find that on your current spending you are way over! When it comes to paying your mortgage and keeping a roof over your head, a nice holiday is no longer a priority.

There are a fair few people on here who have had their Lightbulb moments and Im sure we are all praying that you have yours soon (to minimise the damage!)

Sally x

But please please get back in touch, the point of these forums is that we are all here to help and support each other

cakey

mfp wrote: »

OK - this is going to sound very snobby and spoilt!! We currently have around £112k in debts spread over loans and credit cards etc. The issue is that we are comfortably paying the loan payments and credit cards and still have a couple of hundred pounds left each month after all our bills etc. are paid. Problem is (and this is the snobby part), with only a few hundred pounds left each much we can't really save for a decent holiday (please don't strike me down!!). Is there a good way to get this debt down quickly?

mfp... i just read one of your previous posts and it states youa re struggling to pay the minimum payments and want to free up more cash... im confused, are you comfortably paying them or not.

we can help you sort your pickle out, but you have to be honest

xx