Help me please

loubell

First of all we have been very stupid and ran up a large sum of debt totalling £33000 and i am really beggining to wonder if i can ever pay it all back.
Our income per four weeks partner wage=£1340 after tax me about £850 so i figured out that we both pull in £28450(which seems a lot)cash our mortgage over the year is £4320.We never have any spare cash and feel we are living on the breadline we also have about £28000-£30000 equity in our house.It all feels hopeless and i cant figure out what to do citizens advice turned me away.Can any one on here tell me is it possible to clear this has anyone done and is it as bad as it all feels.I feel there must be an anwer but dont know which way to turn sell the house remortgage??
The debt is mostly made up credit cards which we cut up six months ago and have no plans to ever use credit again.
Thanks for reading .... loubell.

satchmo1

The debt you have is substantial and no doubt it was built up over time, which isn't going to disappear overnight. You need to get set for a long haul, but Martin says there's no debt he has come across that can't be overcome with determination and perseverance. It's good that you're both working together.

Start by posting an SOA (statement of accounts) on here and we will have a look at your finances and suggest help, use this link.http://www.stoozing.com/calculator/soa.php

loubell

Thanks for that it was built up over twelve years,but we have changed completely now and just want rid of this burden as quickly as possible or most of it thats why we thought of selling or remortgaging.

sourcrates

loubell wrote: »

Thanks for that it was built up over twelve years,but we have changed completely now and just want rid of this burden as quickly as possible or most of it thats why we thought of selling or remortgaging.

First thing I would do is CCA all the credit card accounts, find out which ones hold credit agreements, and which ones don't.

No credit agreement would mean you could offer a small amount to settle once and for all, or potentially walk away from it.

Do this before making any rash decisions about selling your house.

loubell

Can you tell me if i did that would that have a negative impact on my chances of remortgage or getting another?

sourcrates

loubell wrote: »

Can you tell me if i did that would that have a negative impact on my chances of remortgage or getting another?

Anyone can request a copy of there credit agreement, it's part of the consumer credit act legislation, it has no impact on anything whatsoever.

Choosing not to pay an account with no credit agreement however, would impact negatively on your credit file.

If you are bothered about your credit file, then any debt solution is not for you, as any payment amount other than the contracted monthly payment, would impact negatively unfortunatly.

Your only other option would be remortgaging or consolidation, neither of which are recommended for everyone.

Pixie5740

Increasing your income by getting a second job is certainly one way of clearing your debt. Reducing your expenditure is another way. Is there anything you waste money on every month such as Sky TV, extortionate mobile phone contracts, playing the lottery, high grocery bills due to a lack of meal planning?

Completing the statement of affairs as satchmo1 suggested will give you a better idea of where you are financially.

Selling your home is quite an extreme measure which could be avoidable.

The mortgage deal from your lender might actually be ok but without more information I can't tell.

Pixie5740

You don't need to dial those 0845 and other non geographical numbers. When you need to phone a company with a 0845, 0870, etc number use this website to find an alternative number.

http://www.saynoto0870.com/

chesky

Are your credit cards still having interest added? If so, you need to come to an arrangement with them. Do as Satchmo suggests and post a SOA for more assistance.

MEM62

loubell wrote: »

Can you tell me if i did that would that have a negative impact on my chances of remortgage or getting another?

I think you need to address the debt first. Unfortunately, a remortgage may prove to be a challenge in your current circumstances because of your level of unsecured debt. Affordability will be the issue.

Put up an SOA and I am sure you will get a lot of good advice from forum members.

loubell

That's what surprised me about the RBOS offer they said affordability would not come into it as i was just switching??? weird i thought.
maybe its because i said they mis sold me it....no?