£50k debt please help me - I need to get my life back in order.

Murph2010

I have contacted the CCCS tonight and have a phone appointment for next friday so hopefully things will begin to progress. I am now in the process of seeing how to bring my grocery bill down. But surely no-one can live on £60 per month!!! If it makes a difference the money I spend includes food for packed lunches which I take every day! It also includes dog food.

Thanks for your help it means alot.

RAS

Hi

Go over to the old style forum for advice on reducing your food bill. Aim to halve it first and then see how you go. Sorry but the satellite, ents and mobile have to be reduced and then go PAYG on the phone and cut the satellite. You would be allowed about £40-45 for all comms on a BR budget, which is more generous than a DMP one.

That would give you another £200 per month to throw at the debt, if you want to play it that way. The difficulty may be that CCCS may argue that you need to sort out the secured debt before they helped you tackle the unsecured debt and usually that would be our advice. But you are not in the situation of wanting to protect any secured debts.

You need to add the value of the house and the mortgage into your SOA, even if your contribution is £0. If you go BR or do an IVA, the OR will go for the equity in the house. With the secured loan however, there may not be any equity?