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46k debt help

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Comments

  • deux_x_m
    deux_x_m Posts: 37 Forumite
    Third Anniversary 10 Posts
    I can only echo what others have said - do not consolidate your debt.

    Sambaird's post could have been written about me. I took out a bank loan to consolidate my debts and ended up with basically double my initial debt. The issues were with how I was spending money, not with who I owed money to. That did take some time and several attempts to change, and if I hadn't stopped chasing new credit it probably wouldn't have changed.

    Consider a DMP, or at least create a spreadsheet and use something like YNAB and spend a few months working out where you money is actually getting spent. I owe a similar amount to you with similar income and mortgage.

    In 4 1/2 years I'll be debt free - then I'll ditch the camping trips and go on (a saved up for) holiday somewhere hot.
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    I would also forget about foreign holidays until you have sorted your debt problem. They may be cheap and cheerful but try The Sun holiday offers. Although the headline offers are £9.50 or £15 they do cost more than that but you can still get the family away and have spending money for a very reasonable amount.

    Also there are lots of places that fund, or part fund, holidays for families with disabled children. Google will help you find them. One of my grandchildren is autistic and Family Fund paid for a Monday-Friday holiday in a lovely caravan park for the family, but even nicer (in my opinion) when they visited to assess the needs of the family they funded a pamper session for my other grandaughter (the older teenage sister). She is fantastic and helps her mum and dad with the care of the younger, austistic daughter. Family Fund decided, without being asked, that she needed some 'me' time and funded the session and gave her a small grant to spend on herself. Lots of help out there if you look.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • 74mrjones
    74mrjones Posts: 16 Forumite
    Completely agree 100%. Truer words never spoken. I was exactly the same. Ended up going bankrupt. Please take everyone's advice and don't combine all your debts into 1 secured on your family home.
  • Another one here who entered the consolidation trap and begs you not to do it.

    Please, please don't consolidate. The only way out of debt is to change your spending behaviour.

    Watch some Dave Ramsey videos on Y0utube. He has helped millions of Americans get out of debt.

    He, and this forum, have changed my life and my spending habits. I've never felt richer. But I now spend less. Heed the advice you get here, you won't regret it.

    As others have said, you've made the magical first move of recognising your debt problems before consolidation. You're in a strong position to make a better and brighter future for yourself and your family. A few years of deferred gratification and a focus on debt slaying is all you need.

    I wish you the very best.
  • jimbo747
    jimbo747 Posts: 630 Forumite
    If you've no intention of getting further credit ( I see you have a mortgage already), just pay a token £1 to each creditor, ask to freeze interest and wait for them to sell the debts on. Save that £1k a month, and if in a couple of years the debt collectors chase you, offer them 30% and negotiate to clear the debt and take it from there.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you can post up an SOA others can give advice.
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