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Debt has reached £20,000!

tony1976
tony1976 Posts: 35 Forumite
edited 9 July 2015 at 12:25PM in Debt-free wannabe
"post deleted, found what I needed"
«13456

Comments

  • amorge
    amorge Posts: 386 Forumite
    Hi, didn't want to read and not write anything :)
    Can you complete an SOA - there's a link on one of the first 'sticky' threads. That will help people gauge your needs?
    LBM 18/06/15 - [STRIKE]£20,276.64[/STRIKE] :eek:
    01/07/15 - £19,897.02
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,942 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Do you own your own home or other valuable property?

    If not, then you should probably look towards going for bankruptcy or a Debt Relief Order. A £20k debt may well be unmanagable for you.

    Complete an SOA to start with so we can see where you stand.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • sxcizme3010
    sxcizme3010 Posts: 265 Forumite
    Seventh Anniversary 100 Posts Combo Breaker
    As somebody with £23k debt - I know exactly how you feel. Well done for facing upto it. Have you explained to your wife? You need to cut back on non essentials... sky etc. Have you thought about cutting back on the food shopping etc. Can you pick up any extra work and just try your best to pay your creditors? Im steering away from IVA DMP etc as it should be a last resort. Hope you get sorted out!
  • tony1976
    tony1976 Posts: 35 Forumite
    edited 9 July 2015 at 12:31PM
    "post deleted, found what I needed"
  • tony1976
    tony1976 Posts: 35 Forumite
    edited 9 July 2015 at 12:27PM
    "post deleted, found what I needed"
  • esbm
    esbm Posts: 118 Forumite
    I think first step is to contact one of the debt charities: the two main ones/ones people on here have used are Christians against poverty (CAP) and stepchange
    LBM Sept 2012 ~£44 Sept 15: £~5233
    £10/day May-Sept: £609.04 Oct: £19.255/£300
    Sell £1000 challenge £330.64/£500
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 2 July 2015 at 12:47PM
    Mobile @ £40 is alot, is it contract and is it ending soon ?

    Where do you do the shopping ? You tried buying the basics range in the supermarkets or dropping the brands or given the discounters (Aldi, Lidl etc) a try ?
  • esbm
    esbm Posts: 118 Forumite
    tony1976 wrote: »
    Additionally my wife gets all the tax credits and child benefit. Though she has her own depts she does give me £200 in addition to the above income. I just realised I missed that on the above soa.

    Ok now I have done it again adding the £200 and edited the above post with the new soa calculation.

    I appreciate it's not for everyone, but having totally combined finances in a marriage is a really good step and something to think about. Tackling it as a team is the way forward.
    LBM Sept 2012 ~£44 Sept 15: £~5233
    £10/day May-Sept: £609.04 Oct: £19.255/£300
    Sell £1000 challenge £330.64/£500
  • tony1976
    tony1976 Posts: 35 Forumite
    edited 9 July 2015 at 12:28PM
    "post deleted, found what I needed"
  • tony1976
    tony1976 Posts: 35 Forumite
    edited 9 July 2015 at 12:31PM
    "post deleted, found what I needed".
This discussion has been closed.
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