Desperate need for advice!!

louis2108

I am in need for desperate advice.
I currently owe £52000. I am in this situation because I was an idiot basically. My wife is bi-polar and got us into a lot of debt and before this debt happened I got a loan of £15,000 for our wedding.
Basically with all interest etc it has mounted up to £52,000.
I have looked into an IVA but am desperate to avoid doing doing this.
After tax and paying a mortgage I earn £2200 a month and my wife £1100 a month.
Please advise me if you can, I am desperate.
Thanks

ShootForTheMoon

Firstly... Well done on facing up to your debt! We've all got to start somewhere!!

I didn't want to read and run, but I'm sure there will be people with some fantastic advice along shortly.
First suggestion, as always, would be to post a Statement of Affairs (SOA) which you'll find on many of the threads here.
Be as honest and detailed as you can - and let people make suggestions on where you might cut some costs. Not all will be applicanle/work for you, but you'd be suprised how much a fresh pair of eyes can help!!

Also, keep a spending diary. Start NOW. List every spend, no matter how small, so you can see where your money is going.

I'd consider contacting one of the debt charities - I can't give you much advice on this, but I know others will very soon.

Hang in there, you're I the best place for support and advice! And we'll done again on starting your journey to debt-free!!!

x

originalmiscellany

There are charities out there, https://capuk.org/ is just one link although there are many out there. Ensure that you don't pay for your advice though as there are sharks who will charge for what is a free service.

*Foolish*

Don't panic. Have you considered a DMP? I started with £50k, all in my name, my take home is little over £1800 and I get £500/month from my OH for the bills etc (he earns less than half I do!)
My DMP is tough, but its manageable. Have a look into it? Good luck.