If I set out my situation, can you help?

bobbingalong123

No joint anything whatsoever!

We're already on the BR section!

getmore4less

bobbingalong123 wrote: »

Me:

High earning professional - last tax year £55k gross (going up by about £10k per annum). Excellent credit rating (986 on Experian).
Never missed a payment on anything, ever.

Debt:

CC1 - £4350/£4500 (23%) CLOSED
CC2 - £3800/£4500 (20%) CLOSED (both closed recently by me)
Approx. £100 min payment on both

Loan1 - £500/£8000 (£250 per month so only 2m left on this one)
Loan2 - £5k/£10k (£250 per month)

Other significant outgoings:

Rent: £1300 (moving soon so hope to reduce to about £700pm)
CT: £253 (again, hopefully will reduce to about half)

Husband about to go bankrupt so his contribution to household expenses has reduced to nil. I NEED to get a grip on the credit card debt, I'm only paying the min which I know is a recipe for disaster. What's the best way forward? Turned down for a Tesco loan today to try and consolidate...

Thanks in advance for your help!

bobbingalong123 wrote: »

Well firstly I have to pay 24% of my income to my place of work so that £3200 is actually about £2,400. Loan repayments of £700 takes it down to £1,700, rent and council tax of £1550 = £150 left over. I travel a lot for work so this is EASILY consumed by that and other bills. Easily.

bobbingalong123 wrote: »

They are not my employer. I am self-employed. I pay "rent" to them. It is totally standard practice in this profession.

So have you have been deluding yourself you are a high earner

Seperate your business from your personal

After this rent and travel costs and other business related expenses

What do YOU (not the business) really earn gross/net?

bobbingalong123

Taxable income 09-10 was 32k; 10-11 will be about 42k or just over I think (not got accounts back yet).

getmore4less

OK next is a SOA based on the real income

http://www.makesenseofcards.co.uk/soacalc.html


Increased income of £10k gross is around £6800 net, more if doing dividends

adding the current payments makes £15500 for a year

So one year should see the <£14000 debt gone.

Any of those debts business related? cheaper to pay them from pretaxed money.

Has hubby lost job if not then there will still be contibutions to household