Advice and help needed to easy my stress....

mcthegooner

Hi all
Basically i have a debt of around 26k which includes a bank loan and 3/4 credit cards. My gross annual pay is a little over 20k. At present my monthly outgoings are slightly more than my monthly pay, the majority of it being the minimum payments made to my creditors, my rent and other bills. I live in rented accommodation with my partner and 2 children. My partner works part time (about 12-14 hrs a week) she has debts of her own which she is just about managing, As my wage is used up paying my own debt this has left her having to pay most of the household bills and the needs for our children( one who is disabled). I'm really not sure what my best options are. I understand its me who has run up this debt and i will do my upmost to pay it back but i don't want my partner and children to suffer as a result of it. Am i able to enter into an arrangement which only affects myself? sorry if i'm not making sense but i'm really worried and unsure what to do.
Any help is much appreciated
Matt

andy40

You will probably want to talk to a debt charity (like CCCS) for advice and help in sorting out your finances. Check this link http://www.moneysavingexpert.com/loans/debt-help-plan#help

You will probably want to do a Statement of Affairs (SOA) for everyone to review and suggests ways of making ends meet - http://www.makesenseofcards.com/soacalc.html

Things wont be easy but the sooner your start the sooner it will be over.

niccatw

The Make Sense of Cards sight also has a snowball calculator so you can gauge how long it will take or which cards/loans to concentrate on depending on interest rate/loan term etc.

Have a look at some of the DFW diaries for inspiration - there are lots of us trying to owrk through it.

If your OH also has debts, it may be useful to work out a SOA for you, for her and for you both jointly to ensure you have really scrutinised your finances and any decision you make to pay of your debts will work for you and your family situation.

If you go to any of the debt charities, they will need an SOA to help you owrk it out. I know CCCS will give you a print out of options before you call them ,so that might be an idea if you are currently wanting to figure out what your different options are.

You will also get loads of advice on here if you post your SOA. Having done it, I'd advise keeping coming back to it as, as you move forward in your DFW journey, things that weren't an option or realistic for your situation may become so at a future point.

Good luck