60K is there any hope.??

poppyg_2

My personal view is that you'd be better off keeping the house and perhaps see selling and renting as a last resort, the house is providing stability for you and your family

I am in debt of around £40k, I have a house but I am keeping this because it's mine and I honestly would be heartbroken to lose it. I am finding other ways to pay my debt off and so far with a tight budget I am managing this as well as I can and with some success and I know I will succeed and eventually be debt free (god knows when!). I am sure that if I can do it than so can you x

epsilondraconis

Hi in2deep, I think you should keep the house if you know that you are able to stabilise your finances and begin paying off some each month. If you are unable to do this by reducing your monthly expenses or increasing your income (perhaps by selling superfluous items you have around your house), then I think you have to go down the selling route before you are forced into it.

The other thing I noticed was that you were uncertain about APR and the rates you have on your credit cards etc. Although the following link doesn't tell you the rates for your specific credit cards, it helps you to better understand the rates yourself and how much interest you are paying.

http://www.moneymadeclear.fsa.gov.uk/products/loans/what_is_apr.html

Good luck with everything.

flippy178

Hi again

Have you tried talking to one of your credit card companies about paying a reduced amount? I have £30k of cc debt and am on an "arrangement" with MBNA to pay a lot less than the standard minimum payment. Admittedly they offered me this after I missed several payments. I have now paid off the arrears.

Try not to let these companies take over your life. I remind myself that all I am doing is paying the debt off at a lower interest rate temporarily. Eventually (!!!) I will pay off the whole amount and they will get all their money, including all the interest from over the years.

in2deep_2

Did i miss a troll....oh no i really wanted to see it.. i hate missing out on something.What was it about..???? do tell.

Anyway i really don't want to leave the house,
I have thought about contacting the CC's to see if they can lower my payments but will i be paying off anything...i doubt it..???

Currently my out goings on debt are almost equal to my income before i even pay any bills.
I very frequently pay one with another just to avoid a missed payment.

I'm a little worried about contacting CCCS i don't want to get swept along down a road i don't want to go down.

Now i have done some sums and i can afford lending of last resort.:eek:
I know its evil but is it a serious option i should be considering as currently paying the minimum on CC's will take longer and cost more and a DMP could potentially take just as long.

As you can tell im a dimwit with no clue.

in2deep_2

Oh forgot to say do i have to do a DMP with everyone at the same time..??
Or can i do a lower payment agreement with one to allow a few quid extra to be payed as normal to some of the others thus making snowballing easier and more effective.

Deep_In_Debt

Hi in2deep, I think you have to include all your unsecured debts in a DMP and not favour one creditor over another. Creditors can get nasty if they see you are paying more on one than they should be getting. CCCS and Payplan can often freeze interest so you start seeing your debts go down more quickly - you could do a DMP for a while perhaps and then see how you feel in a few months?

in2deep_2

Deep_In_Debt wrote: »

you could do a DMP for a while perhaps and then see how you feel in a few months?

What would i do after....sorry im in thick mode tonight..???

Deep_In_Debt

Not that sure to be honest but you may find that a DMP is a good option for you and continue with it for as long as you can. You may even find that you could negotiate separately with your creditors if you come out of a DMP after a time as they may appreciate that you are trying to pay your debts off and therefore be more accommodating.

Sorry I'm not much help. Just starting my debt free journey!

in2deep_2

Thank you all comments appreciated.

scooterwife

Just to say CCCS won't make you take out a DMP. They will give you advice, what you do with it is up to you. There is no pressure. (or nagging either)