Wanting to make a start of being in control

Gulliver2014

Hi

Historically I have always been very poor with money management which was highlighted by being declared bankrupt a few years back. We have however managed to rack up almost £29,000 in unsectured debts since we were made bankrupt - not something that I am at all proud of.

I have itemised everything we owe and just want some advice on the next step to take - we both work full time I am on 30k and my wife on 20k.

What would people suggest as a good next step to try and bring some structure to our lives.

Thanks you in advance


G

Pixie5740

Is it only you that was declared bankrupt and these new debts are in your partner's name, or are the new debts in both your names?

Do you know how you came to be £29k in debt or is it from general living beyond your means?

I think a good starting point would be to get all your bank statements and put together an honest statement of affairs.

http://www.stoozing.com/calculator/soa.php

Once you've worked out your income, expenditure and exactly how your debts (and the APRs) are you can then look at how to increase your income and/or decrease your expenditure so that you have more spare money to pay towards the debts.

If you post your SOA on this thread some other MSE users might have suggestions on how to improve it.

National_Debtline

Hi Gulliver

Putting up your SOA is definitely the best way to get started. All being well your options should then become much clearer and we can advise you on the pros and cons of each possible route.

Dennis
@natdebtline