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Next steps advice please
willyloman
Posts: 3 Newbie
Hi everyone - would really appreciate some good advice please that doesn't include coming to an arrangement with creditors
I've listed my SOA below and as you'll see although my wife and I have a good income, our debts have grown and now we are struggling each month. We do however have an endowment we can use in January as we switched some years ago to a repayment mortgage. It should be around £30k-£35k.
Now that many of the credit cards have lost their introductory rates (those in red below) we need to find a way to reduce the monthly payments which are nearly £1k pm.
I had been considering trying to get a loan for all or most of the debt over 7 years to reduce payments and them pay it of early in January.
Or perhaps remortgage for the amount (the house security isn't as great an issue with my job thankfully).
Appreciate many people are in a lot worse situation than us - but really feeling stressed by all this and looking for some good advice please
Product
Amount
House Insurance
Washer Insurance
Dishwasher Insurance
Endowment
Road Tax
Union Subs
TV Licence
Car Loan
University Contribution
Council Tax
Car Insurance (2 cars)
Recreation subs
Mortgage
Pocket Money
Netflix subs
Gas & Electric
5 x Mobiles & Broadband
Car Service Plan
Water Rates
Overdraft charge
Milk
Food
TOTAL
Credit Debt
First Direct Mine 0%
MBNA Mine
Halifax Mine
Halifax Partner 0%
MBNA Partner
Next Partner
TOTAL
I've listed my SOA below and as you'll see although my wife and I have a good income, our debts have grown and now we are struggling each month. We do however have an endowment we can use in January as we switched some years ago to a repayment mortgage. It should be around £30k-£35k.
Now that many of the credit cards have lost their introductory rates (those in red below) we need to find a way to reduce the monthly payments which are nearly £1k pm.
I had been considering trying to get a loan for all or most of the debt over 7 years to reduce payments and them pay it of early in January.
Or perhaps remortgage for the amount (the house security isn't as great an issue with my job thankfully).
Appreciate many people are in a lot worse situation than us - but really feeling stressed by all this and looking for some good advice please
Product
Amount
House Insurance
17.33
8.02
9.99
76.7
Total Income
19.25
£4633pm
13.86
12.37
Endowment
230.52
Due
290
January 2019
230
£30,000 -
43
£35,000
8.34
1081.09
30
7.99
80
110
14.86
77.08
20
18.2
600
2946.84
Credit Debt
First Direct Mine 0%
7302
14923
4062
Halifax Partner 0%
5964
5571
1438
39260
0
Comments
-
Hi,
Sorry cannot make head nor tail of those figures.
Please use this SOA calculator and remember to format for MSE :
http://www.stoozing.com/calculator/soa.phpI’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
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