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New Debt Free Wannabe
DotandDot
Posts: 14 Forumite
Hi Everyone.
My wife and i have just joined after sitting down and going through our finances.
We both knew we were in a mess and have now declared war on our debt problem, so a bit about us.
Joint income is £3000
Joint outgoings are £2500
Debt total is £39000 all unsecured in the form of credit cards and personal loans.
We probably have about £15000 equity in the house
As you can see, after paying all the bills and putting some fuel in the car for work we are left with about £50.00 a week to live on
We also have a small child.
I am now thinking about going to the citizens advice to see if there is anything we can do about freezing interest etc
Dont know the implications of iva's or bankruptcy as i am self employed
Also thought about selling the house, paying off what we can and renting.
A bit of feed back would be great
Thanks in advance.
Where do i start? :mad:
My wife and i have just joined after sitting down and going through our finances.
We both knew we were in a mess and have now declared war on our debt problem, so a bit about us.
Joint income is £3000
Joint outgoings are £2500
Debt total is £39000 all unsecured in the form of credit cards and personal loans.
We probably have about £15000 equity in the house
As you can see, after paying all the bills and putting some fuel in the car for work we are left with about £50.00 a week to live on
We also have a small child.
I am now thinking about going to the citizens advice to see if there is anything we can do about freezing interest etc
Dont know the implications of iva's or bankruptcy as i am self employed
Also thought about selling the house, paying off what we can and renting.
A bit of feed back would be great
Thanks in advance.
Where do i start? :mad:
0
Comments
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Good morning. Well done for posting. Can you fill in a SOA (see thread for SOA and newcomers). Then those in the know can have a look and see where we can help.
We sound similar in terms of our debt level. I did a SOA then set ourselves a weekly budget and we stick to that in order to pay of debt.Egg April 10 £6600 Jan £4678 now £0
Santander Jan £3414 April £3338
Virgin April£2643 Aug £3155 April £7109
Barclaycard Oct £1476 April £1287
So far paid off 17% of c.c. debt:T0 -
Welcome! A DMP is always an option too rather than IVA or Bankruptcy, speak to Payplan. Good luck x0
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Thanks for the reply. I will fill out the SOA and get it posted0
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