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Debt and credit file
Comments
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It's really difficult to advise without knowing what your true numbers are.Jack_Bauer87 said:Thank you thats really helpful.
If i continue on the plan i am on whats the worst case scenario what could happen,
i really done see a change in our circumstances, i no i could shave of some expenses with better budgeting but like we need so much esentials what we have gone without i don't see how we can really pay anyfing substantial to the debts.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
On the gas and electric, take meter readings fortnightly and track your use - submit to the energy supplier(s) monthly if you don't have a smart meter. Work out what your use is going to cost you then you can see if your current payments are about right or not.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
The question should be 'what's the likely scenario?'Jack_Bauer87 said:Thank you thats really helpful.
If i continue on the plan i am on whats the worst case scenario what could happen,
i really done see a change in our circumstances, i no i could shave of some expenses with better budgeting but like we need so much esentials what we have gone without i don't see how we can really pay anyfing substantial to the debts.
It's likely the debts will be sold at a discount to third party debt buyers and you will have to tell the new owners that you can only give them £1 per month.
When your situation improves (and I understand that's not in view ATM) you can settle the debts at a discount.0 -
Would not be the best solution as a home owner.FindMyWayBack said:have you considered bankruptcy? Did Stepchange suggest it?0 -
You say we..do you have a partner in the household?.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32000 -
Hi yes my wife.0
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Does she work if so why not include her income.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £56099
Cc around £32000 -
That makes more sense. I thought the council tax was a bit high for a single adult.Jack_Bauer87 said:Hi yes my wife.
Are you paying over 10 months or 12?0 -
No she had to give up work, we have no childcare its impossible
we pay over 10 months council tax .0 -
Thank you.Jack_Bauer87 said:Hi yes my wife.
The situation makes rather more sense now. A single parent with your income, young children and no childcare was a bit difficult to understand.
And 2 adults plus 4 children have a different financial need.If you've have not made a mistake, you've made nothing1
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