what to do?

hopeless_case_2

I have £2195 coming in each month and £3095 going out each month £775 mortgage £575 secured loan Have been offered remortgage for tyhe whole lot including all my debts which would leave me with cash to spare. would this be wise or should i do a DMP.?

RAS

Hi

Yi=our starting pouint should be to put together your Statement of Affairs and contact one of the debt charities.

See http://www.moneysavingexpert.com/loans/debt-help-plan#help

Please think very carefully before you "consolidate". One thing you could do is to have a look at the snowball on www.whatsthecost.com. How much will you have to pay back on £1000 on your CC and how much would you pay back on the same amount on a mortgage over the full length of the loan?

london_fox

Is there anything you can cut back on? if you post your SOA then we might be able to help. I am pretty new to this money saving game but the guys on here have given me no end of ideas just by reading through various threads.

hopeless_case_2

yes i understand the snowball thing and i have done all the cut back things

RAS

Have you talked to any of the debt charities? Alternatively, you can go on line and do it with CCCS to get an idea of the options.

UIf you have pared back and you still cannot get your budget to tally, you need to talk to them urgently rather then consolidate.

Determined

Hey there - as the others have said - post your SAO and I'm sure there will be lots of advice - I'm new and even I may have some too!

Chin up there :-) x

hopeless_case_2

if i do a DMP does this mean i cannot get credit in the future?

Determined

hopeless_case wrote: »

if i do a DMP does this mean i cannot get credit in the future?

I don't think you'd want credit for a while - if you post your SAO everyone will have a look see if we can help.

baxgttdi

hopeless_case wrote: »

yes i understand the snowball thing and i have done all the cut back things

I'm sorry and don't get me wrong everyone wants to help you out but the above statemnet is rediculous. I cannot comprehend the notion that you believe that you can say there's nothing at all you can cut back on when you have over £3k a month of outgoings and haven't even let us try by posting an SOA.

Kevicho

baxgttdi wrote: »

I'm sorry and don't get me wrong everyone wants to help you out but the above statemnet is rediculous. I cannot comprehend the notion that you believe that you can say there's nothing at all you can cut back on when you have over £3k a month of outgoings and haven't even let us try by posting an SOA.

Harsh but true.

Maybe you need to just downsize your entire lifestyle, ie smaller house, more economical car if you truly have done this.

raq

Determined wrote: »

I don't think you'd want credit for a while - if you post your SAO everyone will have a look see if we can help.

I also agree. Once you get into debt however bit or small :mad: you won't want credit again