50,000 in Debt!!! Where to start!!!

puggy

One car has approx 18 months and the other around 50 months

puggy

mummytofour wrote: »

Get rid of the cars!!! That is such a huge amount of money to spend out each money something you can not afford. You can get a lot of fab cars for less than 1k, please look at this as your first optin it will give you £400 extra per month.

The cars are essential for both our jobs we both do a lot of travelling and our jobs require cars!

I am tied into contracts and to sell the cars would not cover the Hire Purchase outstanding balance this option would make life ven worse!!!

As for reducing the monthly outgoings such as Phones Internet and mobiles etc I am tied into contrcts which again would cause me more debt if I was to pull out!!

Council Tax does not include arrears!

Tools are essential for my usbands job!!

As quoted in my original post the outgoings has been reduced largely!

lifesuckssometimes

puggy wrote: »

The cars are essential for both our jobs we both do a lot of travelling and our jobs require cars!

I am tied into contracts and to sell the cars would not cover the Hire Purchase outstanding balance this option would make life ven worse!!!

As for reducing the monthly outgoings such as Phones Internet and mobiles etc I am tied into contrcts which again would cause me more debt if I was to pull out!!

Council Tax does not include arrears!

Tools are essential for my usbands job!!

As quoted in my original post the outgoings has been reduced largely!

If there is only 18 months on car #1 go VT if you have paid over half the amount of finance you can. Look carefully at the contract it should tell you the amount. This will release a minimum of £180 per month. You will have to sacrifice something to avoid bankruptcy.. All i can say is look at all your contracts cars, hire purchase, broadband, mobiles is there any VT in the contracts if there is a penalty will you be better off in the long run paying it to release capital per month to pay a DMP. GOOD LUCK

Hopeful1

puggy wrote: »

How do I reclaim charges I do not have bank statements etc any more??

Can I still do this?

You need to send off a subject access request to each bank for all your info. This costs £10.

Can anyone help with a link to a template letter, please?

Charges on loan and credit card accounts can be reclaimed now.

Bank claims won't be paid until the test case is concluded, but you should still get the ball rolling and get your claim in.

Another thought is to see if any of the accounts have mis-sold PPI - anything to reduce those balances!!!