whats the best thing to do

aussiescot

hi all, we are £30,000 in debt mostly thro c.c,we are managing to pay them off each month,we dont know what to do for the best to try and get it all paid off,we did look into re-mortgaging the house but we are looking to move over to australia within the next 2yrs (if we can get debt sorted out to where we can see light at the end of tunnel)but didnt want to go down that road as we are hoping to use the money we get from the house to start a new life,was thinking about DMP but not sure how that works,would it affect credit rating in a new country or in this country??.....what would C.A.B be able to do to help us...any help/advice would be great,we just dont kno what to do.

HOLIDAYMAD_2

I think to be accepted in Oz you have to be debt free in the uk, a friend of mine did it and it was a massive stumbling block for him , therefore took several years before he could apply, he did get in but paid off all the stuff etc first.
There is a lot of numbers you can call on the net for actual clarification etc

DMP could be a problem because you are effectively defaulting on your commitments to be in one , under normal cirs and same with a iva can be great as can be cleared in a timeframe to suit.
But you give up the credit facilities all told.

Cab are good def seek advice regardless, or ring one of the national debt lines ie cccs. They could work with your creditors but it may mean putting the dream on hold.

i would never advocate remortaging it will end you up in further debt, im from the most severe forums for people who have been in debt , so know the hard way .

Hannah_10

A good place to start is to make and post a SOA (statement of affairs) so we can see what your circumstances look like when they're broken down into this amount and that amount. If you go to http://www.makesenseofcards.com/soacalc.html you'll find a tidy SOA calculator thing that does the hard work for you and even converts it so you can post it straight on here (MSE).

Another thing that's probably worth asking you for at the outset is to include if you've got any savings in the bank and how much bother each creditor is giving you, because it gives us an idea if settlement offers are a possibility for you. Settlements are the fastest way I can think of to get shot of debt and reduced settlements are even better (where you give them say, 75%, and they settle the account).