Sticky situation advice please

DVardysShadow

Aviator_Man wrote: »

Unsecured Debts
Description....................Debt......Monthly...APR
Lloyds loan....................3658......165.......6
Lloyds loan2...................5142......138.......6
Barclaycard....................12507.....250.......20
Lloyds card....................7847......131.......20
Total unsecured debts..........29154.....684.......-


Monthly Budget Summary
Total monthly income.................... 2,431
Expenses (including HP & secured debts). 2,226
Available for debt repayments........... 205
Monthly UNsecured debt repayments....... 684
Amount short for making debt repayments. -479

The amount short for debt repayment is very worrying. If you economise, I think you will go a long way towards it, but I am not convinced you will quite cover it.

So that leaves you needing to increase your income, selling something or marking time until the loans are paid and putting the monthly payments to paying down your debt.

cottonhead

I would cut the grocery bill in half and the contact the credit card people and see if you can make reduced payments for a while until you get back on track. In this climate I have found most to be quite helpful.
Longer term - I dont know your housing situation but you seem to have quite a bit of equity so could find a new home for a price that woud allow you use some equity to pay off the debts and make a fesh start ?