Large Debts From Career Change

Flyer_2

Hi all,
Just discovered this site and thought I would tell my story or big problem as it is now.
I recently trained to become an airline pilot and have now successfully secured my first job and it is a lifetime dream come true. However it cost me an arm and a leg to get it and am now struggling to stay afloat!!
Basically, I have loans/credit card debts to roughly 50k. My wife and I are in it together and we roughly bring home £2500 a month as she only works part time now due to our 12 month old son!! The trouble is our monthly outgoings are £2900 and it is going to take 3 years to pay off the bank loans alone. The credit card can only be managed as the balance is £13500 and can't be reduced due to interest etc. If I can survive financially for 4 years then there will be light at the end of the tunnel, as by then I will be up for promotion when my salary will double and my loans excluding the credit card will be virtually paid off. Until then how can i manage the monthly outgoings without going into default etc etc????
Any good advice would be appreciated.

Dammam

First things first, contact the lenders and tell them what you have told us. With the prospect of extra money becoming available in the future they will very likely want to help you along until then. Nip any problems in the bud right now and you'll be able to fly without worrying if the debt collectors are calling at your house.
For any advice on how to cut your current outgoings further, you'll need to post your income/outgoings and assets for the number crunchers to get stuck into.

Thanks for flying MSE

Rafter

If you cannot increase your income, reduce your outgoings or sell some assets, you are unfortunately going to have to come to an arrangement with your creditors to repay what you can realistically afford.

I suggest you visit your local citizens advice bureau for their assistance.

If you debt is unsecured and your job will not be impacted by bankrupcy and you don't own your own home, that might be an option to wipe the slate but there are long term implcations on your ability to borrow in the future.

Would your or her parents be able to help with a zero repayment loan or advance on your 'inheritance' to tide you over for a few years.

Good luck to you. Would love to retrain as a pilot but afraid of the financial committment too. Well done getting a job though and hope things improve quickly for you.

R.

delboypass

ask all creditors to can the interest as your having problems repaying. Will kill your credit score but allow you to pay back more every month reducing your debts.

ffs

You should seriously consider a DMP. This will give you peace of mind, and significantly reduce the cost of servicing your debt. The 'downside' is that it will curtail your access to credit for the medium term, but ask yourself whether that is really such a bad thing... Do you really want to be able to borrow more?