Who can give me professional advice how to get out of serious debt? I am a family man with a good job.?

I am an engineer, married, and have 3 children. The mortgage and credit cards devour my complete salary. House prices have dropped here in Germany - I still owe more that the house is worth. The strain is taking a serious toll on our mental health.Who can give me professional advice how to get out of serious debt? I am a family man with a good job.?
Take the Dave Ramsay approach. Pare down your life to the bare minimums, he calls it ';beans and rice, rice and beans';, no vacations, sell your expensive car for a beater, etc. Then start concentrating on each debt, one at a time, smallest one first, minimum payments on the rest, until the smallest one is done. Then proceed to the next. He is on the radio, internet and satellite (XM/Sirius).Who can give me professional advice how to get out of serious debt? I am a family man with a good job.?
I can't give much advice but cutting the phone -which you obviously need because you are on the internet.





You already know who you owe money to, so write to them telling them how much you can afford to pay them a week/month. If you find you can't pay anything then your wife needs to work (if she doesn't already). If she can't work she needs to find a way to make money from home. It isn't worth allowing debt to pull you both apart. You can only write to the people and explain your situation. I don't know if they have bankruptcy over in Germany but that would clear your debt. I was once advised not to take that route because it is demeaning and the stress is just as bad as being in debt.





Stop worrying about it though because it doesn't take the problem away it just stops you thinking clearly and causes untold stress.





You are obviously trying to pay your bills off as quickly as possible - ask the credit card people if they would stop adding interest as it just makes the bills bigger - I would mention that it is taking a terrible toll on the family and if you can't pay them you will have to declare yourself bankrupt which you would prefer not to do because you like to clear your debts.





I wish you all the best - I have been there and know what it's like - I didn't owe a lot of money but I owed money. I pray you find a way and can look back and say to your wife ';we got through it';





Take care
Pay off the most expensive card first but pay off the minimum on the others. Once the expensive one is paid off use that money to pay off the others. Cut up cards when finished. Cut your spending radically . Take your own lunch. Economise. Sell of old possesions, take in a lodger. Catch the bus to work ,only have one car. Buy second hand . Shop at aldi. Good luck
get in touch with payplan Im with them I had serious debts,Im now getting there they have a website do get in touch as I know about sleepless nights guts rumbling and worse of all lies.
Have you tried Myvesta? They are a not for profit debt help organisation in the UK





http://myvesta.org.uk
pay your mortgage and screw the credit cards as long as they are not secured on your house they cant take it , see a financial advisor to sort it for you
Write down all of your expenditure on a daily basis, both you and your wife, you would be surprised the amount of money you waste on a daily basis on silly things, and cut out what is not absolutely necessary.


Cut up your credit cards. See if you can negotiate with your bank


for reduced payments on your house for a few months to ease the strain.


Ask for a raise, overtime to bring in more money, and sorry if your wife does not work, then maybe you both ought to look at her working, if it not possible because of the children,see if there is something she can work at in the home.


Good luck with this I hope it helps.
I have been there. Start by realising that there is a problem and go from there. Either get sound financial advice or;-





1/ Pair most things down to the minimum. Lose holidays, put away the mobile, just don't use it. If anyone asks any questions tell them. I did and they respected that I no longer buy rounds in bars etc.


2/ Pay the minimum on all of your debts but allways meet the mortgage.


3/ Start using cash and cut up the cards. I used a pack of envelopes, 拢5.00 per week for utilitiy bills put in and marked off. 拢25.00 per person for food a week. Take just the cash to the supermarket and that way you wont spend too much. Depending on the age of the children they can be involved. They can help plan the meals and make certain that you stick to the plan. Snacks and treets cost a lot.


4/ Concentrate on one debt and pay off more than required. This should should be a high cost debt- high interest. Once this debt is paid off then use the now avaliable cash to concentrate on the next debt and so on.


5/ The hardest, you have to change your life style and that of your family.


This is from taking sandwidges to work, your family doing the same etc. You don't have to lose the family over this but it can mean that instead of the children having the latest bikes, game stations they have time with Mum and Dad. In the long run it can bring the family closer.


6/ You have to be strong. As soon at the plan is in place and working you will see that it is workable.
if you are in a good job try to test the market on house offer then downsize it ain't worth your health mate notify your employer for poss able overtime your wife may work if not try renting it out wile you look for cheaper rent
Hun this is real advise......sort out your priority debts from your none priority





priority debts ...;morgage/water/ household living/ gas/ ele ...etc





none priority debts... credit cards....overdrafts etc





wright each one a letter with you ref number explaining the difficulty your having...by law they can not refuse you this you can also ask them to stop the interest etc ..


there are leaflets out there that explain exactly how to sort your finances out





or





you can go to the c.a.b and they will do all this for you......for nothing....
I am currently seeing my financial advisor about an IVA. That is an Individual Voluntary Agreement. It is a five year plan that will see all of my debts paid off. Anything over that will get wiped out after the term ends. Some debts cannot be 'written-off' but most can. It is quite involved but it is a viable option. When it starts your creditors cannot contact or pester you anymore. The weight off your mind will be worth the aggro. Try it, you've got nothing to lose.





Good luck.
i feel so much for you! my husband is in the forces and its not a great wage and every month the money has gone even before its come in loans credit cards etc but listening to martin lewis on bbc radio 2 helped and now i subscribe to his money saving tips every week and check his web site every day he really has helped us. i hope you get it sorted soon
My friends got out of debt by simply not spending money. They did this by developing a budget and managing to it. They stopped buying ';toys.'; That is, don't buy depreciating assets. Don't buy a car, TV, cell phone, etc. If it does not add to the value of your estate, don't buy it. It's a very painful change in behavior, but, financially speaking, it works.
I think you need debt crisis counselling; they can help you manage your money and may even be able to get some of the credit written off.


You don't say how far in debt you are, but its time to cut down on your expenditure to the minimum, and sell as many of your unwanted items as you can. Do some car boot sales and have a clear out.


I hope every member of the family is aware that there is no money to spare, and doesn't waste any. All you should be spending money on is the utility and credit card bills and food.


You need to analyse every area of expenditure and figure out how to cut back. I know the cost of living can be quite high, especially if you have 3 kids, but if you cannot manage on 1 wage your wife also has to find work.
go and see a proper finacial advisor maybe at your bank seek Professional help it will ease your mind and burdens their is always something that can be done to help.
You and me both......


Best of luck.....and if you find a solution...I would be most grateful for any help!
send me as many BMWs as you can and I will sell them on ebay


we can both get rich. No seriously you need to consolidate your credit into 1 which will reduce you monthly out goings. our buy a house in the UK to rent the market here is going mad. house prices can rise 10 -15 thousand in 3 to 4 months on the right house. you could even rent for a year then sell. and boom !!!!


buy to let is big here.