Completed SOA.....advice please!

chevalier

Hope you managed to sleep ok. And I hope it doesn't seem so bleak today.
chev

AFK_Matrix

I can't offer a huge amount of advice as I haven't been in a position like yourself. But what I would do is sit down and make a plan of what things your going to do today to sort the debt out.

So say you want to sort 5 things out each day for instance. So today you could sort out your mobile contract or at least find out when your contract ends. You can phone up your tv provider and get it cancelled and switched to freeview. You can look at your insurance to see if you can get it cheaper somewhere else. Then you can go to the Old Style Board to get some ideas on how to cut down you food shopping and then make a shopping list and see if you have reduced it etc.

So only a few ideas and if you cut it up into doing a few things a day then it might not seem so overwhelming. As I say I am no expert but I think you need to stop looking at all the debt you owe and instead concentrate on what you can save, sell on ebay etc.

Hope that helps a bit, and good luck

Time_to_face_the_music

thistle9 wrote: »

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 144706...(481)......0
Secured Debt.................. 9300.....(175)......4.7
Hire Purchase (HP) debt ...... 1410.....(105)......0<
Mortgage Flat..................67375....(235)......4
Total secured & HP debts...... 222791....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
career develop loan............6697......169.......9.9
Tesco Loan.....................15000.....169.......6.9
Student Loan...................4311......90........1.5
Barcley CC.....................6500......165.......15
Bank Scotland CC...............3383......34........0
Total unsecured debts..........35891.....627

Hi thistle9

Hope you managed to sleep last night and are feeling ok today? You need to remember that you have done something really good by recognising the debt problem and starting to deal with it. The first steps to becoming debt free are the most difficult :T

I just wanted to check that you are sure you have included all your debt in your SOA. In your original thread you stated:

"career development loan £8000
student loan husband £4000 (1 year)
Student loan me £18000 (4 years study)
credit card £10,000
credit card £6,000
credit card £5,000
car loan 10,000"

Then
"a £5000 overdraft and another one at £700"

and I can't see all of these in your SOA. It's easy to forget overdrafts if you are not making payments on them each month, I thought of our overdrafts as part of our money before we started our debt free journey

thehappybutterfly

[ You might want to ask now you are in zone, what happens if you experience financial difficulties and have to move somewhere cheaper? Would they throw your daughter out? ]

We moved 15 miles away and our daughter was allowed to attend the same school despite us now living in a totally different county so I don;t think there will be a problem with that. And that included the transition from primary to secondary school.

Tabatha_Kitten

Hi Thistle.
I know you have lots to think about here, and lots that needs working through, but can I throw in a few more questions please.

Are both the mortgages interest only ?
Is there any equity in ether of the house's ?
Do you have a repayment vehicle in place ?

I fear that your biggest problem may be getting overlooked.