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Help getting out of debt
AME2011
Posts: 2 Newbie
My partner is in debt of appox 6k, with a large variety of pay day loans. He is in full time employment so can pay off a reasonable amount per month, but every month there is so much to pay off he ends up taking out another loan to cover himself for the month - vicious circle!
He needs to find a way to pay off the loans bit by bit without having to take out more.
Does anyone have any tips on how to manage this?
He needs to find a way to pay off the loans bit by bit without having to take out more.
Does anyone have any tips on how to manage this?
0
Comments
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he needs to put up an SOA on here, look to reduce his spends to the absolute minimum one month and hit one loan.
What does he have around that he no longer uses? Sell it.If you've have not made a mistake, you've made nothing0 -
he's sold what he can and thats taken off about a grand but he dosnt really have anything else
whats a SOA?0 -
He needs to do a SOA & detail every penny he spends.
He needs to have a couple of months with absolute minimum spending so he can throw everything at the debts.
He also needs to identify why he has ended up in this mess & take steps to stop it happening again.Try to be a rainbow in someone's cloud.0 -
SOA Statement of Affairs, it's in one of the sticky threads on Debt free Wannabe.
xx0 -
An SOA is a statement of affairs, you can find our favourite one on www.makesenseofcards.co.uk if he formats it for MSE then we can look at what needs to be done to clear the debts.
GxMortgage at 08/10/10: 110k:eek:
Current Mortgage:... £109,200 :eek:
OPs 2011: 100.50/4000
Current MFD: 02/10/45 :shocked: (will be 63!!!)
Make a payment a week challenge TW 100/123.790
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