Finally confronted my debts

Mark_Sen

Hi

I have finally confrounted my debts and been open with my wife. A great relief but now I need to get on and get myself and family out of the debt situation I have got us in. I have re-mortgaged in the past to pay off credit card debt (vowed never to do it again) but I could not tell anyone and it has built up again to £65,000!:mad:

This is our situation

My income net £3000 pm
My wifes income net £1600pm

My Outgoings pm £3668.35 (of which £1500 is credit cards)
My wifes outgoings pm £1025.16

These are my outgoings
Council Tax£193.00Post Office CC£181.00TV Licience£12.54Mortgage£169.94British Gas Serv£37.70Sky£49.75Pet Ins£23.53Virgin CC£240.00Mint CC£122.54Barclay Card CC£218.62RBS CC£228.00Halifax CC£40.18Water£90.30Talk Talk£56.18Lloyds TSB CC£253.00Aviva Insurance£22.64Opus CC£207.82Morgtgage£486.73British Gas Electric£76.00Gritish Gas£90.00Tesco House Ins£46.59

I have 8 credit cards as listed below

Barclaycard £9,603.29 19.9%
Virgin £10,726.45 26.4%
Halifax £1,780.56 23.0%
Mint £5,442.14 26.4%
RBS £10,379.55 21.7%
Lloyds TSB £11,258.04 19.9%
Opus £9,069.85 6.0%
Post Office £7,221.00 0.0%

I have done some transfers to 0% in the past but then spent more on the card that was just cleared.

I have been really iresponsible but am determined to get out of debt and stay out of debt. What ever it takes I have to get there.

Any help really appreciated

M

[Deleted User]

Hi Mark,

If you can copy and paste those figures into an SOA calculator it would help: http://www.makesenseofcards.com/soacalc.html

Also, at the end of the SOA is a snowball calculator which will help you prioritise your debt repayments so you pay the minimum interest

D9

secretshopper75

Mark, been there done that and bought the t-shirt...wish i could make more people aware just how easy it is to run up debts...

Have you spoken to any of the free DMP companies to see if they can help?