85k debt

Seaxwyn

Hi there. Great news that your dad is willing to give you £5k to help out. Are you sure the overdraft is the most pressing debt. I suggest you accept your dad's offer and pay it off the debt with the highest interest. This may then enable you to shuffle other debts round and reduce the interest you're paying.

Hope the conversation with CCCS is helpful. Personally I feel sure you can avoid an IVA if you want to. Good luck!

mcj

we have 1 car I have just down graded also i chopped my company car in for tax and have acompany van fueled and everything i have cancelled sky and so forth.

The 5k loan from my dad was to help avoid shutting down my hsbc account really

hypno06

Have you put your details into the snowball calculator on www.whatsthecost.com yet? If not, go and give it a go, and see what it says......you may be pleasantly surprised!

i don't know the answers to the HSBC/remortgage etc questions, I'm afraid, but always err on the side of caution.

MissKJ

Hello Michael I have similar debt to you, but will not be using and debt plans or IVA's. I am fortunate in that I am remortgaging and although against the advice of most, using some equity to pay off debts. However, I am now so into the MSE life style, that I am already thinking longer term and planning to be debt free in 2 years, and mortgage free in 10. Planning is the key. I am determined to earn an extra £500 per month every month this year, come hell or high water, and pay this directly off my debts.

I urge you to do a proper SOA, with your wife, and really both g thinking MSE every day and in every way. Took me a while to get my hubby into it, but is so much better now we in it together. Progress is important for motivation. If you work at it and see it as a challenge, you CAN do it yourself.

mcj

if i had the equit in my house I would definitely use it to pay off debt. I am just trying to look into other ways of earning income, I have priced up a load of jobs at work and win them so we have got a load of nght work , i think its best to go for that at double time I could earn nearly 300 a night. AND GOOD NEWS I have just done my tax return and it says I am due a 981 rebate paying to much. so 981 of the highest credit card!!!

MissKJ

Still think you should do a proper SOA. Why work more/harder, when you could be saving as much as those overtime payments by being cunning with your money. It's addictive!

firesidemaid

mcj wrote: »

if i had the equit in my house I would definitely use it to pay off debt.

but that wouldn't be paying off the debt, only transferring it - i know it would be a lower rate, but if you paid it off over the whole term it would cost you thousands in interest. you could also run the risk that you carry on spending.

you seem to be taking the bull by the horns so to speak, and that is great.

i would also reiterate the others about posting an SOA - there is so much expertise on these boards, you could find yourself saving 100s per month!

babs

I agree with the others, post a SOA on here and I am sure someone will be able to help you reduce your outgoings. I also agree with get into challenges and the general lifestyle of MSE and get your wife onboard with you. Money saving is definately addictive.

Whilst your wife is on maternity leave, see if she can get her head around match-betting or look at the other money making schemes that are on this board. There is no greater buzz then making money whilst sitting in bed on the laptop!

delboypass

Hi OP,
im generaly just interested to find out if you have any assets that you can use to pay of the debt?

You have £90k debt and bring in £60k? between you but have only paid off £15k off your morgage and you must have made money on the sale of you last house during the last 7 year boom?

must be something that you can sell to get yourself into a better position?

mcj

I was in my property before this 1 for a year and a half which I managed to by on my own when I divorced after living in a house share for a couple of years.

In the year and a half I owned I made about 15k.

My previous house with all the equity in it my ex wife has thats all done and dusted now cant do nothing about there and I made sure Ileft my first daughter nice abd secure if anything happens to me.

I have nothing to sell really sold my cars and paid off what I can and this is what I have left really.