Need Advice Need To Clear £4500

curlyboy

Hi all

need some help please read te following

halifax - £800 overdrawn - pay £12 interest a month
barclays £700 overdrawn - pay approx same as above interest
egg card £1100 - £20 a month i pay
Abbey c/card = £1000 pay around the same as above a month

My mortgage and secured loan on home - £580.00 p/m -
House valued at £129,000....i owe approx £90,000 on my house

I earn only £1000 after tax a month = job

total outgoings including bus pass and mobile phone = £730.


What is the best thing to do ?? get another loan for £5k pay off my cards and overdrafts please help

many thanks

southernscouser

A loan is all well and good mate but unless you have your spending under control consolidation very rarely works.

Basically you need to make sure income exceeds expenditure. I know it sounds simple but it's where we all start.

Is your debt increasing each month or are you coping?

curlyboy

No the debt is stable im really down and dont know what to do for the best its not increasing every month my missus really doesnt know about the 2 c/card debts ???? i need help fast

thanks

southernscouser

OK. I kept my debt from my ex. Yep you read that right. My ex. Tell her. That is the first stage to tackling it.

Then you need to increase your income or reduce your outgoings. If not both.

What are the APR's on all your debts? Have you missed any payments or got any defaults or CCJ's etc?

Sea78

Hi

How about doing a SOA - statement of affairs - see SouthernScousers sticky - first time posters- for more details. Then we could see if there were any areas you could cut back on in order to clear this debt faster. Also, if there is anything you could sell on Ebay/Amazon to release some funds.

Sea xx

curlyboy

i pay around £50 a month with interest being overdrawn and c/cards...i could get a loan for 5k clear all the debt and pay around £50 on a loan...i have a mortgage at £69,000 and a secured loan at £21,000.

mortgage = £380. a month
secured loan £193. a month * im tied into the loan until DEc 2007 - so i could increase this ????? whats best - re apply for another additional borrowing

and im tied into my mortgage with the halifax until Oct 2008

i appreciate all the help im really get concerned and down

curlyboy

any further advice please peeps many thanks

misspoppy

Hi

for extra help you need to do the statement of affairs as suggested. People won't recomend taking out a loan and espcially one thats secured on your house. As you are so close to clearing that one its best to just battle on tighten your belt and then you will have that money to throw at your credit cards.

By posting an SOA people will give you advice on where to save money which can be really helpful.

ltm07

Hi,i discovered this site,thanks to one of the posters on here(www.whatsthecost.com) Once on there. I typed in all i owe(30.5k)! It will give you a breakdown of everything you should pay monthly to get rid of your debts. If i stick to paying the £660 a month i'm paying now,i shall be debt free in 55 months. I also get a buzz from watching my debts go down & seeing that there is light at the end of the tunnel. Hope this helps.

climbgirl

We need to see a full list of your income and expenses before we can offer more advice - you must have things like home/contents insurance if you own a house, food, transport costs, everything you spend money on basically! we'll be able to suggest ways you might cut back and how you can free up more money to clear the debt.

RAS

Welcome curly.

As SS says, you do need to get your income above your expenditure, or your expenditure below you income, long term and increasing your secure debt is not the way to do it. How long before you retire and how long before the mortgage is paid?

You do not indicate whether this is your family income, or just your income? If it is just your family income are you getting WTC or Council Tax benefit? Go to www.entitledto.com and check it out.

Then post up the SOA, see here http://forums.moneysavingexpert.com/showthread.html?t=107280