|
|
| The independent answer to your debt problems | login join |
|
Greaser
| 03-05-2007 10:48 AM |
|
Joined: 03 May 2007 Posts: 2 | Hi there, I hope you can give me some advice, I feel like im drowning! I have just bought a house and I have a mortage on my own, when I worked out all my figues I thought I would be fine, but I didnt really take into account that things would go so wrong with the house! I had a massive flood and im stuggling to get it all paid off, I put all the cost for the repairs on my credit card, but now the payments are too big a month. I have another loan, plus my student loan, I feel like im drowning in debt, and any advise to get my finaces back in some sort of manageable order would be great, HELP!! There must be lots of people in my situation, what can I do? Thanks |
| DW George | 08-05-2007 03:50 PM |
|
Joined: 01 May 2007 Posts: 174 My Profile | Greaser Here are the steps you should take in the first instance. 1. Is the house a new hose or an old house. If new pursue the builders for the costs relating to the flood. If not chase up your insurance company. 2. Get control of your spending. Draw up an SOA ie work out what you income is and what your out-goings (expenditure) are. In your expenditure separate your debts from your household expenses . This means you can see where you can make savings and where you need extra income. 3. Have an action plan. An action plan can be as simple or as complex as you like. Simple - save £100 per month from household expenses and put that extra money towards your debts. Complex- ignore your debts, let them mount up, get stressed and end up bankrupt. If you post your SOA we will be able to help you save and distribute your money. In any case good luck |
|
Greaser
| 05-06-2007 04:01 PM |
|
Joined: 03 May 2007 Posts: 2 | DW George, Thanks for your advice, so far has been very helpful! I'm slowing working out where all my money is going now Im keeping a close eye on all my spending, I used your advice and am now keeping record on everything going in and out of my accounts, and wow, there is so much I can cut down on! Im putting money aside in case the worst happens to my house again, (still no carpet but its on the way!) so I feel a lot better that ill have a bit of money to dive into if I need it. My credit card is getting paid off bit by bit, but now I can see where all my moneys going, I feel a lot less stressed!!! Thanks so much, Ill be back again if I need any more advice! Regards |
| James H | 12-06-2007 10:28 PM |
|
Joined: 27 May 2007 Posts: 32 My Profile | Last thing to add to the advice is, cut up your credit cards and transfer the debt to a new, interest free card. Cut up this card and simply maintain regular, interest free payments. |
| DW George | 13-06-2007 02:35 PM |
|
Joined: 01 May 2007 Posts: 174 My Profile | Good advice James |
