Advice please if you would be so kind

ilbb

Hi, my husband and I have finally realised due to a change in income we're in a bit of a pickle. I say bit, but maybe I mean we're in the whole jar!

This morning I've calculated everything, incoming outgoing etc. We are 36k in debt, the outgoings we can afford ... just. Any further changes and we'd be up the creek. We do have a mortgage, we've missed no payments to date.

What is the best way to approach these debts. We have two loans due to finish in 24 months and that will release a whole chunk of income.

My initial thoughts are to soldier on chipping away and obviously get no further debt and then when the two loans finish, put the £600 onto the cards to pay them off sooner.

Or if there a better proven way. Please don't judge as we're already beating ourselves up for being silly!

January2015

No judgements on this forum - we've mostly all be there, done the same and joined in the hope of getting support and advice. This is a brilliant forum and everyone is so helpful. Welcome

First thing to do is post up a statement of affairs (SOA) and others will be along to give you advice on your options

Oakdene

Welcome to the forum.

The first step is the hardest so well done on posted.

Best thing to do will be to use the link here http://www.stoozing.com/calculator/soa.php & post a full statement of affairs. This will help users to see where you are spending money & advise where you could save money.

ilbb

Thank you so much for your reassurance re judging and I will indeed complete a SOA, it will be very scary reading! My spreadsheet this morning made me realise I need to act now. Again many thanks.

January2015

ilbb wrote: »

Thank you so much for your reassurance re judging and I will indeed complete a SOA, it will be very scary reading! My spreadsheet this morning made me realise I need to act now. Again many thanks.

Your SOA may be scary reading to you, but be assured it will be nothing that forum members haven't seen before (well seen very similar).

Take a deep breath, make a cup of tea or coffee and sit down and work through your finances. :beer:

Scilly

Call the National Debt Helpline, they'll give you good advice, as will StepChange. If you're too concerned to call them right now then, at a minimum, look at their websites. The reason I say that is because they'll show you that there are ways to get out of debt in the most appropriate and sensible way for you!

sourcrates

Scilly wrote: »

Call the National Debt Helpline, they'll give you good advice, as will StepChange. If you're too concerned to call them right now then, at a minimum, look at their websites. The reason I say that is because they'll show you that there are ways to get out of debt in the most appropriate and sensible way for you!

Can i just add its "National debtline" that are the free advice service.

They also have permission to post on this forum.

I only mention this as there are many companies out there which are not free, most have similar sounding names, and pay to be top of the list in search engines.