We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
In a mess!
gottaloverefunds
Posts: 8 Forumite
Hello, I was wondering if I could get some advice.
I have got into a bit of a mess financially.
I earn a good wage (36000ish) and so does my husband (20000ish) but we've got into a bit of a negative cycle.
Over the years we have struggled at times...lots of childcare to pay out, wages weren't always this high, no savings etc.
So anytime we needed to pay for anything out of the ordinary we got a loan. This wasn't for fun stuff like holidays, it was for house renovations, broken appliances, cars/car maintenance.
Right now we are paying about 1000 per month out on debt. This is obviously crippling us, which means we are occasionally missing payments....only ever 1 payment, we've not got behind on anything...but obviously my credit rating is now not great.
So basically, I don't know what to do. The total amount we owe (unsecured) is higher than the equity in the house, so remortgaging won't cut it.
We are paying this debt...I don't want to go for bankruptcy or anything that drastic...but we can't go on like this. So...what on earth are our options?
I have got into a bit of a mess financially.
I earn a good wage (36000ish) and so does my husband (20000ish) but we've got into a bit of a negative cycle.
Over the years we have struggled at times...lots of childcare to pay out, wages weren't always this high, no savings etc.
So anytime we needed to pay for anything out of the ordinary we got a loan. This wasn't for fun stuff like holidays, it was for house renovations, broken appliances, cars/car maintenance.
Right now we are paying about 1000 per month out on debt. This is obviously crippling us, which means we are occasionally missing payments....only ever 1 payment, we've not got behind on anything...but obviously my credit rating is now not great.
So basically, I don't know what to do. The total amount we owe (unsecured) is higher than the equity in the house, so remortgaging won't cut it.
We are paying this debt...I don't want to go for bankruptcy or anything that drastic...but we can't go on like this. So...what on earth are our options?
0
Comments
-
Firstly well done for posting, you've come to the right place.
Could you put up your SOA for us to have a look at?0 -
Yes, the devil's in the detail (as they say)
http://www.stoozing.com/calculator/soa.php
Please 'format for mse'0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards