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Debt Help
boucho11
Posts: 19 Forumite
Hoping someone can give me some advice.
Currently have the following debts
MBNA CC:10k -£300pm Min payment
Tesco CC:4k - £130pm min payment
Personal Loan: 6k - £185
Currently have a mortgage of 99k with halifax valuing my house at 131k though speaking with an estate agent this could be more like 135/7.
The issue is I don't really know where to go. I have recently split with my partner so am having to pay her £250pm. When I take all living expenses I'm struggling to get by month to month and relying on a aqua card to make up the shortfall each month though I pay this back in full each month.
I don't want to go down the route of an IVA or DMP because I work in the financial services sector and I'm worried about losing my job should they find out.
I also make all my payments on time and have a fair credit rating though no one will give me a consolidation loan due to the size of my debt yet I can't lower the debt because I can't afford it.
I've tried contacting Halifax to see about borrowing against my home but it seems like such an ordeal to make any headway.
I'm really not sure what to do, I just want a bit of advice as to how to get through this mess.
Hope I've given enough info here
Thanks
Currently have the following debts
MBNA CC:10k -£300pm Min payment
Tesco CC:4k - £130pm min payment
Personal Loan: 6k - £185
Currently have a mortgage of 99k with halifax valuing my house at 131k though speaking with an estate agent this could be more like 135/7.
The issue is I don't really know where to go. I have recently split with my partner so am having to pay her £250pm. When I take all living expenses I'm struggling to get by month to month and relying on a aqua card to make up the shortfall each month though I pay this back in full each month.
I don't want to go down the route of an IVA or DMP because I work in the financial services sector and I'm worried about losing my job should they find out.
I also make all my payments on time and have a fair credit rating though no one will give me a consolidation loan due to the size of my debt yet I can't lower the debt because I can't afford it.
I've tried contacting Halifax to see about borrowing against my home but it seems like such an ordeal to make any headway.
I'm really not sure what to do, I just want a bit of advice as to how to get through this mess.
Hope I've given enough info here
Thanks
0
Comments
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Hi boucho11,
First step will be to complete a SOA. This will allow the good people of the forum to tailor the suggestions.
A consolidation loan is not usually a good idea unless you are able to get a cheaper APR. It needs a complete change of lifestyle and budgeting, otherwise all too often a curve ball from life throws things off balance setting you back worse than you were before.
I would be cautious about turning unsecured debt into secured too. Although a DMP or other debt solution is not what your looking for, adding to you property can impact you for years to come.
I'm sure others will come along shortly with additional input.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
You don't have to be the best -
Just be better than you were yesterday.0 -
I would bother typing but Dobbibill has said exactly what I would have said.
Do an SOA.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
Hi,
Some kind of debt management plan may be appropriate.
An SOA will tell us more.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Could you boost your income by renting a room?It will all be ok in the end - if it's not ok, then it's not the end!
Saving for Christmas 2019 #27 total £62.00
Sealed pot challenge 12 #32 total £67.50
Mortgage paid off.0
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