Here's my debts

emmy_2

Hi

I've posted a couple of times on the credit card forum and I've been advised to post on this forum, letting you know exactly what debts I've got, in the hope that someone out there will be able to give me the advice and support I so desperately need!

I'll set out below all the debts that I have in as much detail as I know:

Mortgage
£146,649
monthly payments of £658.70 (interest only)
5.39%

Credit/Store Cards
Virgin: current borrowing:£929 - monthly payments £50.00 - don't know APR but I know it's high - paying £11.45 interest
Natwest (husband's) current borrowing: £2580 - monthly payments £58 - again don't know APR but interest/fees per month are £48.79!!
Next: current borrowing: £211.67 - APR 26.49%

Overdrafts
Have three accounts with Natwest all overdrawn, totalling £6500.

My husband and I run our own business - at the moment we are moving into new premises and although business is good, cash flow is bad (£25,000 overdrawn) - we haven't paid ourselves any salaries this year. We have been getting over £800 from Tax Credits, however this has just reduced to £400 (including child benefit) as my daughter has started school and no longer goes to nursery. Obviously we need to start paying ourselves a wage but i'm afraid of jeopardising our tax credits.

I need help!!

Thank for for taking the time to read this.

Emmy

oakdale_minx

Hi there emmy - welcome!

Best thing will be to pop an SOA up on the board. It is a sticky on the DFW board, here is a link.

http://forums.moneysavingexpert.com/showthread.html?t=107280

You'll have loads of help and support.