in trouble and sinking fast HELP

katsu

I'd sell the Krugerrands and use the money towards debt repayments - they were given to you for your benefit and your peace of mind is a definite benefit.

I'd also redo the SOA with your lowest monthly income rather than the average (unless you know definitely you will hit the average over the next few months).

You do need to budget for things you pay in one go, to be paid monthly, but as you have the zopa loan ending soon it might be worth listing when you next need road tax, car insurance etc.

What else can you sell on ebay etc? Can you pick up any temp work - shops, offices, anything part time that might help boost your income?

Hope these ideas are some help.

izools

Surely the best option is to remortgage, release enough capital to cover all the debt, which will have the knock on effect of being able to take advantage of a lower fixed rate, and job done?

That way the debt is cleared at the lowest APR possible, without adding unaffordable amounts to monthly expenditure, and freeing up enough money in the budget to put in a savings account for a rainy day.

A Fixed Rate (2 Year) mortgage with HSBC for #140,000 on a #230,000 house value over 25 years, capital & interest (repayment) comes to #730.00 a month.

Simples, no?