Struggling with debt? Ask a debt advisor a question

mandy90125

Hi
Not sure how I do this so hope I'm in the right place
My DH and I are looking to consolidate a combined debt of 45000! We currently have a mortgage of 225000 on a property worth approx 270000. He is self employed with an income of approx 37000, I am part time employed at a salary of approx 13000. Our combined repayments on credit card debt paying minimum only is approx 1400 per month. He has fair and I have good credit rating. We were thinking our only option is for a secured loan but money supermarket come up with nothing on their quick checks. W have nothing to sell and no other way of raising this amount. We have two beautiful children and really want a plan to get out of the situation we have stupidly got ourselves into in order to provide them with the future they both so much deserve. Please could someone advise the best way forward
Thank you in advance

mum2one

mandy90125 wrote: »

Hi
Not sure how I do this so hope I'm in the right place
My DH and I are looking to consolidate a combined debt of 45000! We currently have a mortgage of 225000 on a property worth approx 270000. He is self employed with an income of approx 37000, I am part time employed at a salary of approx 13000. Our combined repayments on credit card debt paying minimum only is approx 1400 per month. He has fair and I have good credit rating. We were thinking our only option is for a secured loan but money supermarket come up with nothing on their quick checks. W have nothing to sell and no other way of raising this amount. We have two beautiful children and really want a plan to get out of the situation we have stupidly got ourselves into in order to provide them with the future they both so much deserve. Please could someone advise the best way forward
Thank you in advance

I would suggest your first step would be to do the debt remedy tool (links in stepchanges posts), its not made public, doesn't tie you into anything, - it just gives you an idea of your incomings v outgoings

As for debts - look at the rates of apr you are paying, v the miminum payment, -
I would keep the payments at mimimum but any extra chuck it all at the one with the highest apr - even if its only £5 a month extra it all helps, then this can be followed with the next highest apr - it may take a few months for the effects to be seen but it is worth while

Keep a spending diary - write everything in it - even if it is 50p for a pack of chewing gum - then after couple weeks look back through and your see where the money is going

Supermarkets - have a list, brand drop, try aldi, lidl for some items, ur find what you like and what you don't

meal plan - that way you can save the money by preplanning what your having

Good luck xxx

mandy90125

That's for the advice and I try to do all this I just wondered if there was a way we can consolidate everything?

mum2one

mandy90125 wrote: »

That's for the advice and I try to do all this I just wondered if there was a way we can consolidate everything?

If you have done a soft search and its showing up as none available, then I think that consolidation doesn't seem an option.

I know it may sound daft but a few changes and you could soon find some extra money for the debts.
xx

raspberry22

They have now responded to my messages with the following -

'Thank you for your message, in order for us to discuss re-payments on your account you will need to contact us on 0844 822 4696 and speak to an experienced advisor. Thank you.'


So I have said that I find talking on the phone stressful and that Stepchange have told me that I can state that all correspondence be written, and that I will answer any questions that have etc via their messaging system or post.

I'm shaking at the thought of talking on the phone. I'm embarrassed. Normally I'm a strong person, but this has been the latest in a line of stressful situations and I cannot handle it as well, hence the phone problem and it's also the first time I've been in this kind of situation.

raspberry22

Got an almost instant response back with a slightly higher counter offer, which I can manage!

They are going to set up an arrangement, will be paying just under £90 for 20 installments. Fingers crossed for this all to be set up smoothly.

I'm delighted with this and it's such a relief. Thank you so much to the StepChange advisors and the helpful posters on this thread, you've helped me beyond words.

mum2one

raspberry22 wrote: »

Got an almost instant response back with a slightly higher counter offer, which I can manage!

They are going to set up an arrangement, will be paying just under £90 for 20 installments. Fingers crossed for this all to be set up smoothly.

I'm delighted with this and it's such a relief. Thank you so much to the StepChange advisors and the helpful posters on this thread, you've helped me beyond words.

so pleased you got sorted, x

Frank9254

I'm trying to fill out an income and expenditure form. I'm not earning. OH is paying for everything. Given that it is my debt, do I have to disclose OH's details?

mill1980

StepChange_Rachel wrote: »

Hi there and thank you for posting.

It certainly sounds like you would benefit from some free and confidential debt advice.

We can look at your whole budget and advise if you’re best incorporating that mortgage shortfall and NRAM loan into your DMP or if a Scottish Trust Deed is a more suitable option. If something else arises as a good option, we can of course advise you on this as well.

If you are already a StepChange client, please give us a call and we’ll review your budget for you. If not, you can use our anonymous advice tool Debt Remedy which can give you a solution in just 20 minutes

Hope this helps

Best regards

Rachel

Sorry Rachel I should of said I am already with Stepchange for my DMP I was just looking for some advice over the weekend while I was thinking about different options or if anyone thought it would be good idea, my adivsor is phoning me later in the week to discuss all options I was being a bit impatient :rotfl:

System

vikwikx wrote: »

hi,

i'm new so please be kind!!
my son privately rented a property with his girlfriend in beginning december last year. unfortunately she kicked him out xmas day. he has lived with us since and i think the tenancy has ended. a debt letter for electricity has landed on our mat addressed to the rented property, but in his name for £178. please advise wot to do.thank you

Hi and welcome to the forum:)

I’d recommend that your son speaks to the utility provider to see when this bill came from. He’d also need to make it clear that he’s no longer at the property.

If he’s still on speaking terms with his ex-girlfriend they may be able to come to an agreement to pay the bill between them.

If he’s struggling to pay this amount now, the utility company may accept lower payments over a longer period. It’s important he only agrees to pay what he can afford.
If he’s disputing he owes the debt he might want to speak to his local CAB.

I hope this helps.

Kind regards,

Mat