My SOA - not looking good, advice please

gonzo127

morning Saz have you spoken to one of the debt charities yet?

as i really would suggest you do so as currently your MINIMUM payments on your debt come to 73% of your income!

if you can make some of the cuts suggest above i personally cant see a reason why a DMP would not be suitable, this is going on the fact i believe you can make savings of £250 a month or more on your basic expenses above which would give you roughly £350 a month (1/3 of your current repayments) which seems a 'reasonable' amount to start with on a DMP

and the sooner your start the ball rolling the sooner things can get better for you

saz1970

We contacted the national debtline a while ago but hadn't really worked out everything figure by figure. We are both home from work at the beginning of next week and the children are back at school so we are going to call again with an accurate picture and set things in motion. I spoke to my OH last night and told him I had been through the figures again. Last time we wrote it all down our repayments were £900 per month and he was horrified that they have spiralled to £1200 and I think that has spurred us both on to sorting it out.

Thanks again to everyone for their advice so far. Just knowing that something can be done, no matter how scary is a huge help.

saz1970

Oh and Katsu you didn't make me feel bad. Prob just made me realise how much things will have to change which is a good thing.