In a mess need help!

michelle74

Hi
Before Christmas we knew we were in a mess and decided to try and enjoy the festive season and worry about it in January. Well here it is!
I need advice. What ever the decision we make we always seem to choose the wrong one. There are several ones here I go

1. Husband is Self Employed and does not have a lot of work on, well in fact he has a week booked in.

2. We have over £10,000 worth of debt that we want to pay off most on credit cards, that we have had to use when my husbands customers have not paid ontime and bills have needed paying etc

3. Took out a 10 year mortgage 3 years ago and have ben stung big time by the interest rates. The mortgage is part repayment and part intrest only when we get the annual report in from the Building Society, its does not show anything just how much money is not shifting off the amount we owe and that is so depressing.

We have been daft in the past years gone on holidays when we should'nt of done, now we have to sort ourselves out.

But the hard thing is I am not sure where to start?

The Debt on credit cards is going to be the hardest the to do, unless I start been a credit card tart. We even looked in to selling the house and down sizing but that was going to cost a fortune and would not of had any profit at the end of it to pay off the debts.

I want to get someone round to the house and sit down with someone maybe and for them to advise us on our best options as we are scared of making the wrong decision again.

Any advice would be fantastic as its better that nothing.

M

Tixy

Hi

Well done for making a start and asking for advice.

The 2 things to do first are 1) to prepare a household financial statement of affairs to fully set out your financial situation - using this link http://www.makesenseofcards.com/soacalc.html

and 2) to contact one of the free professional advisors here - http://forums.moneysavingexpert.com/showthread.html?t=2077631

Of these I know Christians Against Poverty will visit you at home, not sure if any others do. Do not go to any commercial company who will charge you for their services.

If you post the result of your statement of affairs (SOA) on here people will give you advice on ways forward.

DVardysShadow

michelle74 wrote: »

Hi
Before Christmas we knew we were in a mess and decided to try and enjoy the festive season and worry about it in January. Well here it is!
I need advice. What ever the decision we make we always seem to choose the wrong one. There are several ones here I go

1. Husband is Self Employed and does not have a lot of work on, well in fact he has a week booked in.

2. We have over £10,000 worth of debt that we want to pay off most on credit cards, that we have had to use when my husbands customers have not paid ontime and bills have needed paying etc

3. Took out a 10 year mortgage 3 years ago and have ben stung big time by the interest rates. The mortgage is part repayment and part intrest only when we get the annual report in from the Building Society, its does not show anything just how much money is not shifting off the amount we owe and that is so depressing.

We have been daft in the past years gone on holidays when we should'nt of done, now we have to sort ourselves out.

But the hard thing is I am not sure where to start?

The Debt on credit cards is going to be the hardest the to do, unless I start been a credit card tart. We even looked in to selling the house and down sizing but that was going to cost a fortune and would not of had any profit at the end of it to pay off the debts.

I want to get someone round to the house and sit down with someone maybe and for them to advise us on our best options as we are scared of making the wrong decision again.

Any advice would be fantastic as its better that nothing.

M

Exercise for you. I am going to suggest you put it off till after Easter. After all, it is the hardest time of year financially. Now you tell me why you should get started now.

MargB

Hiya

I'm sure that there will be others along who can give far better advice than I can.

However, you've admitted that there are problems and that is such a big step to take....so well done for that. And for wanting to sort them to.

One of the things that I have seen asked of many who post on here is to do a Statement of Afairs (SOA) where you list your income and all of your outgoings. It can seem scarey when you first do it, but it means that people on here can help you identify areas for targeting cuts. Not sure of the link, but I'm sure someone can help

You can also get help from the debt charities such as CCCS who do not charge so all your available money can go to paying creditors. I've not had to use them, but I've heard good things from other posters on here.

You're in the right place for help, so welcome to the start of a new brighter beginning for you :-)

Numpty_Monkey

I think the other peeps have got it right:A

We can help as much as we can:A

Aand we are all only on the other end of a keyboard if you want to ask anyting:D

Welcome aboard:T

michelle74

DVardysShadow wrote: »

Exercise for you. I am going to suggest you put it off till after Easter. After all, it is the hardest time of year financially. Now you tell me why you should get started now.

Yeah, tell me why

michelle74

MargB wrote: »

Hiya

I'm sure that there will be others along who can give far better advice than I can.

However, you've admitted that there are problems and that is such a big step to take....so well done for that. And for wanting to sort them to.

One of the things that I have seen asked of many who post on here is to do a Statement of Afairs (SOA) where you list your income and all of your outgoings. It can seem scarey when you first do it, but it means that people on here can help you identify areas for targeting cuts. Not sure of the link, but I'm sure someone can help

You can also get help from the debt charities such as CCCS who do not charge so all your available money can go to paying creditors. I've not had to use them, but I've heard good things from other posters on here.

You're in the right place for help, so welcome to the start of a new brighter beginning for you :-)

This is what I get confused with, cos my husband is self employed it is hard knowing what work he has week on week, its not as easy as having a normal job knowing what income you have each month.

RAS

So take your 4 weekly income and divide by 12 then multiply by 13 to get a "monthly" income.

Tixy

Do the SOA anyway. It will still tell you and us lots of useful information - in OH's income either put in an average months income or an estimate.

michelle74

I know my monthly income, I was looking at the Statement of affairs it was my husbands income as he is self employed it changes week on week

DVardysShadow

michelle74 wrote: »

Yeah, tell me why

You don't have to do it now. Leave it till after Easter. I'll think up another excuse for you after Easter.