Debts of over £60k, can’t see a way out

Deltachick

I’ve just finished reviewing my finances and am over £60k in debt (excluding my mortgage). I know how I ended up here, primarily a run of bad luck and bad decisions over the last decade, but cannot see a way out.
I have a good wage and can afford to pay monthly charges, approx £1.6k per month!!! However the balance is not going down and I cannot see a way to clear it because I don’t have the credit rating to consolidate. After paying essential bills and credit cards I have £200 p/month to spare which is needed for fuel and other household items.
I’ve reviewed IVAs but am nervous about losing my home and wondered if there’s anyone who has been in a similar position and how you managed this situation? Thank you for your support. DC

SusieT

There is always a way out, but it may be better if you move this, or post in the debt free wannabe area rather than here (diaries for support), where there will be more people who can help you

enthusiasticsaver

There are lots on this forum who are or who have been in that position and have sorted it. There is always a debt solution but consolidation is not the way. Start by posting an soa.

http://www.stoozing.com/calculator/soa.php

Willing2Learn

Hi Deltachick and welcome to the forum ,

Sorry to read about your financial troubles.

If you head over to the main Debt-Free Wannabe (DFW) board then you can post up your Statement Of Affairs (SOA). Then you will receive guidance, advice and support to find possible solutions. Just remember to click on the 'format for MSE' button near the bottom of the SOA form. Then you can copy & paste the whole lot over.

Buffythedebtslayer

Honestly there is always a way. I have been on these forums for over 10 years, seen people get out of incredible amounts of debt.

I would look for ANYTHING in the house you can sell.

And cut your food budget - try and do a week from store cupboards and pay what you would spend on to a debt.

And then read the diaries XXXX

beanielou

Always a way out

roomontheend

I know that this figure can feel very scary but you can bet this.
In Feb 2012 our figure was £54354.11 and it is currently £10477.97 This amount could have reduced faster but we moved to a forever home that needed renovation, we paid towards our daughters wedding and I became a supply teacher as opposed to a head of dept. All of which had an impact on the speed but not on the determination. We plan to be debt free by August 2020 if not before. What I am trying to say is you can do this. Start by selling anything you no longer need/want to kick start your over payments. Then snowball all the other debts. Every £1 you pay off you will never have to pay interest in ever again.