We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
£100k

vanmanmate
Posts: 10 Forumite
now over £100k in unsecured loans and credit cards, costing us £2112 a month at minimum payment . intrest seems to be going up monthly as well as debt. just got our heads out of sand to face the music.we were earning over £1K a week but now about 500 to 600. god only knows how we got into this or if we can get out of this. less than £20k calateral in house with mortgage of £900 mth. going to CCCS next week unless any better ideas?:(:(:(
0
Comments
-
Sorry got no ideas just want to wish you good luck£10 a day challange Feb 27/435 Jan 530/465
2012 to pay off CC
After snowballing should be debt free by Mar 2016
2011 Target to be overdraft free this year and get debt down!0 -
Your minimum unsecured payments on debts of £100,000 are the same as your income, and you have a £900 a month mortgage.
Bankruptcy is surely your only solution.0 -
is it possible to get them to freeze the interest and repay them over 5years. i believe thats doable with a hell of a struggle0
-
Look at the CCCS website.Try to be a rainbow in someone's cloud.0
-
You might be ok if you REALLY tighten your belts and up your incomes - but like others have said you will need help by freezing your interest and repay them that way - you need to get advice from CCCS and they will be able to give you personal advice - afterall we don't know your full story - otherwise it looks like bankrupsy I'm afraidLife is too short not to love what you do.0
-
It will very much depend on your personal circumstance - you could do a a dmp if income is likely to increase significantly in the near future/expenditure reduce massively, you could do an IVA, you could go bankrupt - there are several solutions and it will depend on your situation.
I'm sure if you post more info people can advise further but try the CCCS online thingy to get a rough idea of what it suggests although the adviser will go into more details when you speak to them.
best of Luck
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Ring the CCCS they really helped us set up a proper budget. Once you can see where your money goes, and I mean everything like fuel, newspapers, etc. You may find you have more money to throw at your debt.xLBM 2008 [STRIKE]£45,091.23[/STRIKE] eek: now £7889:T Debt free date 18/07/20180
-
...I mean everything like fuel, newspapers...
Changing to a cheaper newspaper is unlikely to make much of a dent in debts which I'm guessing will total around £250,000.0 -
This time last year we were in the same situation as you with the same amount of debt. We contacted CCCS and set up a DMP and have now paid over £10,000 of it. Like you it was the crippling interest with certain credit cards that pushed us over the edge, and luckily most of them have stopped interest (although unfortunatley they might start it again as we have had to considerably drop our monthly payment this month due to reduced income - OH self employed)
Personally I wouldnt consider bankruptcy if like us you can normlly afford reasonable monthly repayments, but if your income has dramatically reduced then it might have to be an option (or an IVA ?)
Please do the online debt remedy with CCCS and see what it comes up with.0 -
NeverAgain wrote: »...I mean everything like fuel, newspapers...
Changing to a cheaper newspaper is unlikely to make much of a dent in debts which I'm guessing will total around £250,000.
I just meant looking at everything, some people wouldn't include little luxuries like a daily newspaper, or a sandwich at lunch. Cutting those out could save a few pennies a week, and surely it's about tightening belts and not spending unnecessarily?LBM 2008 [STRIKE]£45,091.23[/STRIKE] eek: now £7889:T Debt free date 18/07/20180
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards