Feeling sick and worried about what to do!

RAS

Do not talk to a mortgage advisor about re-mortgaging in October. With your debt situation, go into your existing account and see what offer they currently provide. You can choose the best looking one without a credit check and fix 4-6 month ahead. Given the talk about rates dropping, wait a month or two?

You are close to solvent, at least until October, so use that time to revise your budget. 

Any chance of taking a lodger, even of it's not all year and maybe only weekday? £7300 tax-free could be worth it even if you lose the single person's discount

Meantime, a few queries.

Is Aqua really 140%?

Are there any penalties for purchasing on the cards under 26%. If not can you edit your SOA with the limits on the cards that you can purchase on? 

I don't think you'll be able to avoid defaulting after October unless you can find additional income, but meantime it might be worth reducing the amount of interest that's accruing. 

kimwp

Are you currently living to the budget in your SOA? (Not spending any more than is in those categories?)

I agree with not needing to spend £50 a month on clothes. I've just cut my clothes and shoes budget for the year down to £100, so it's basically a pot for if I need to replace anything as I already have enough shoes and clothes

bumblebee181

RAS said:

Do not talk to a mortgage advisor about re-mortgaging in October. With your debt situation, go into your existing account and see what offer they currently provide. You can choose the best looking one without a credit check and fix 4-6 month ahead. Given the talk about rates dropping, wait a month or two?

You are close to solvent, at least until October, so use that time to revise your budget. 

Any chance of taking a lodger, even of it's not all year and maybe only weekday? £7300 tax-free could be worth it even if you lose the single person's discount

Meantime, a few queries.

Is Aqua really 140%?

Are there any penalties for purchasing on the cards under 26%. If not can you edit your SOA with the limits on the cards that you can purchase on? 

I don't think you'll be able to avoid defaulting after October unless you can find additional income, but meantime it might be worth reducing the amount of interest that's accruing. 

I went through a broker originally so spoke to them as I thought I'd have to, looks like a 5 yr fixed is around 825 at the moment, but yes lots could change - hopefully it comes down a bit. 

maybe - I could look into this I've got pets so would need to be an animal lover! 

Sorry, no this was me muddling them up its 36.9, still not great. 

I agree, my plan is to just pay down as much as I can before autumn. 

thank you!

bumblebee181

kimwp said:

Are you currently living to the budget in your SOA? (Not spending any more than is in those categories?)

I agree with not needing to spend £50 a month on clothes. I've just cut my clothes and shoes budget for the year down to £100, so it's basically a pot for if I need to replace anything as I already have enough shoes and clothes

trying to, but don't always especially on food find myself doing top up shops a lot as I'm disorganised.

that's true - I can cut back there for sure. I use topcashback for insurance bonuses etc, and have some money pending in there from swapping broadband lately. I do think I have a lot of stuff I can sort through and sell - I've just been overwhelmed and had my head in the sand! I feel like I have an addictive personality too, so got stuck on buying clothing off vinted thinking it was a bargain when it all adds up of course.

enthusiasticsaver

First of all do not consolidate. It almost always leads to higher debt and risks your home. 

Remortgage with Halifax in October as they will not credit check if you are already with them. Hopefully rates will come down. 

Personally I would sell the jewellery and repay some of the more expensive debts. Your situation is urgent enough to warrant that so holding an asset worth that when you have high expensive debt doesn’t seem sensible to me.

Drop some of the budgets for clothes and presents. If you cannot make your budget balance after all that then default and look to do a DMP. On that amount of debt you are looking at around 3 years to clear and the interest will be frozen. Given the high interest rates I think I would take that option. Maybe contact stepchange but only after you have defaulted and save up for emergencies as you will have no access to credit. No bad thing really.