Need help with Debts

brian_bowler

Hi,

So i currently live with my girlfriend and 18 month old son, there is 1 wage coming in which is mine which is approx £29500 per year.

I have a mortgage of £525 per month and total bills of around 1200 a month
i have a loan of £11000 outstanding and pay £266 per month on it
I have a car payment of £206 per month
So total including debts etc is around £1600 per month, this leaves me with £400 a month to live on.

I have 3 overdrafts totalling £4500 which is about £100 in charges a month
also an Argos card with £1000 owing out.

I have tried to take out equity on my house to solve all the issues which when i do an online quote is equalling £505 per month (£20 less than current) with £20k took out to pay off my loan and overdrafts etc. when i have spoke to the bank they say my credit rating isnt good enough for this to happen, even though i have made all payments every month except one to the Argos which i was out of the country so was unable to do at the time.

My other half looks after our child so if she went to work we wouldnt have anyone to look after him so the chance of her getting a job would be cancelled out with the payment of child care.

How can i sort this and sort it quickly?

Thanks.

P.S. if this is the wrong group sorry

Moneyfordreams

You would get loads of help on the debt free wannabe board. Many of us skip across them all, but they would give the best advice to you
Best wishes

fresh_cotton

I would consider debt management. This can have an impact on your credit rating, but can give you breathing space. Its what I did many years ago.

Also have a close look at direct debits and see what can be cancelled, if anything. Double check whether you are entitled to any benefits.

Good luck