Newbie - please help 80k debt

Kandipandi

I can only reiterate what Jakks said above it is all sound advice, you need to take control of this now and you will be supriesd at how much better you will feel about it once you have a strategy in place and start to build yourselves a better future.
Good luck x

theoretica

There is a lot of good advice there- if you can hold on until July 6k off your debts could make quite a lot of difference. Then you have the option between a long hard slog out of debt while keeping the house, or selling the house and wiping all or most of your debt- then saving determinedly to get back onto the housing ladder. Before making a decision about which option you will take I would urge you to get a current valuation or two of your house- if there are identical properties around you can find sale prices online, or speak to an estate agent about possibly selling.

LHJD

Phone the Consumer Credit Counselling Service who can give you some great advice. They're a charity and honest and so helpful. I'm now on a debt management plan with them, it was the best phone call I ever made.

check out their website cccs. co. uk

Ames

You really need to get some life insurance, there's been a heartbreaking thread on here about someone who's husband died without it.

July isn't really that long, when you think we're nearly at xmas anyway and there wont be many buyers till after then, and I'm sure there are a few little jobs that need doing before you sell, if that turns out to be the best option. As for getting back on the housing ladder, then that 1k you're not paying to debts will soon add up!

Other people have already pointed out everything else I saw, so all I really need to say is good luck!

Spirit_2

Well done for posting - the hardest part is getting started. When I had my LBM our debts were huge - still considerable by most peoples standards but we have paid off two thirds.

Do not rush in to selling up the family home, take baby steps to live well within your means to pay more off the debts. Do trim your spend as suggested by others, visit the 'old style board' to cut your food costs and shopping bills.

Your pride does not have to take a knock - there is honour in admitting you need help, and being open with friends that money is bit tight and you need to cut down.

You have said your wife has taken on night work. I know it is tough but is there anything you can do to earn an extra income for a little while?

Keep posting. Good luck.