help i dont know where to start

I am in debt 12000
overdraft 0% interest
sainsbury loan
store cards
credit cards
My question is do i call those people that advertise on the tv or put the 12000 on to my mortgage


  • debtbuster2K5
    debtbuster2K5 Posts: 1,515 Forumite
    Hi, Firstly try not to panic and rush into a decision you might regret later. Generally I personally would not advise either of those things. If you call those people off the telly all you are doing is consolidating and most people who consolidate generally get themselves back into debt very quickly again.(Even though you would still be in debt from the consolidation loan albeit at a lower monthly payment as they will give you a longer period to repay and charge high interest rates). If you put the debts onto your mortgage you are turning unsecured debt into debt secured against your house, and again you will increase the amount of interest you pay as you are increasing the terms of your loan.
    The best thing to do is start looking at cutting back expenditure to the minimum and seeing what extra cash you could throw at your debts. Also could you provide some more detail about your situation, eg What APR are you paying on the debts?, what is your income and expenditure?
    Hope this helps
    24 hours in a day. 24 beers in a case ... coincidence? :beer:
  • Thank You i am so worried about my situation,
    our joint income is 50,000
    I am not sure about the sainsbury loan interest but the rest are all on aprox 15% i think M&s have offered me 3.9% for life of balance but i need to pay off the 1700 on it first and then transfer the balance .
  • debtbuster2K5
    debtbuster2K5 Posts: 1,515 Forumite
    Do you have any space on any of your other cards, that you are able to balance transfer the £1700 from M+S to, so that you could then transfer it back(Plus whatever extra you can put on it) at 3.9%. That way you dont have to pay off the £1700 before taking advantage of the rate. Incidently are you aware if this 3.9% rate is available to new customers?.

    Please try not to worry about your situation too much. Yes it is not great but your income is good and £12k is not bucketloads. (Its less than mine) Are you struggling to meet minimum payments etc?
    24 hours in a day. 24 beers in a case ... coincidence? :beer:
  • Magentasue
    Magentasue Posts: 4,229 Forumite
    £12,000 debt on a £50,000 income doesn't seem that bad. Have you read the guide at the top of this board and Martin's article on the main site ( - not the forum)?

    If you're prepared to make cutbacks, you should be able to lower your interest rates, increase your repayments and be debt free quite quickly.

    Or is there something that is stopping you from doing that? For example,other financial commitments?
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    I don't see why, whilst on an joint income of £50k, you could not go without some luxuries for a while to pay of the debt at say £1k per month ?

    In % terms (24%) the debt is very low..., as most people face serious debt problems when it starts approaching 100% of income.
  • Swattie
    Swattie Posts: 729
    First Anniversary Combo Breaker
    I think Martin is looking for some candidates to help out for a TV programme.
    Try PMing him
  • Katgoddess
    Katgoddess Posts: 1,821
    First Anniversary First Post
    Post a list of all your outgoings and let us see if there is anything you can cut back on or get cheaper. Different eyes can spot things you can't.
  • mattp_3
    mattp_3 Posts: 270 Forumite
    Sounds like you could really benefit from having a chat with one of the free debt management companies - they will be able to advise you on all of your options, even if you just need some help budgeting:

    Payplan - <; (0800 085 4298)
    National Debt Line - <; (0808 808 4000)
    CCCS - <; (0800 138 1111)

    There have been lots of people on this forum who have found them very friendly and helpful.
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