any finding it very hard to manage

[sproot05]

Hi,

We have debts of around £35000 which include a secured loan of £17000, we are currently up to date with all paymets but are finding it very hard to manage with very little being left over at thenend of the month to buy things like clothes for the children. I understand that the secured loan can not be included in an IVA but wondered if anyone could offer any advise on how to get ourselves out of this situation?

Many Thanks

[Adam Davies]

Hi
With 18k of unsecured loans you could look at a DMP or even an IVA.
Please give further details,disposible income,house value,outstanding mortgage/secured loans
Regards

[fudge05]

HI,

Sorry using different name as couldnt get logged on as sprrot05.

we have a mortgage of 97000 with 95000 left to pay but also have redemption fees of around 5000, house value is around 115000. there is around 15000 left on the secured loan, we have £6 left at the end of the month but this is including us paying all of our bills including debt and loan payments which come to £454 and allowing for food. I am currently on maternity leave and husband is working loads of overtime to manage this.

Thanks

[Adam Davies]

Hi
How much do you pay each month for unsecured debt repayments ?
Regards

[fudge05]

£300 per month, and we are always in our overdraft which we get charged for.

[Adam Davies]

Hi
So you have approx £306 disposible income if you stop paying all unsecured debts ?
If so you should consider a debt management plan as you could repay your debts [18k] in full in five years if interest and charges were stopped
Regards

[fudge05]

how would that work and what would I need to do? how badly does it affect your credit rating as we currently have very good rating? would be able to get a mortgage once this was in place as we would idealy be looking to move in a few years which would enable us to pay off the secured loan?

[MelanieGiles]

I suggest you have a word with Andrew Graveson, who runs a debt management company called Brightoak and is a regular forum poster.