Financial Hell - Please help!

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Q. I could really do with some help. I have been trying to sort my finances out for the last 5 years but spending a lot of energy standing still.

After ten years of marriage my wife decided she didn’t want to be married anymore.

My ex-wife retained the majority of the matrimonial assets such as our flat and car. I accumulated a debt of $20k from legal bills etc as it took a long time to arrive at a property settlement. The debt is sitting on five credit cards which I planned to close and consolidate into a personal loan as soon as possible.

However, after the five years I still can not obtain a personal loan. I naturally had to find a new place to live and I have had three changes in job in the last three years due to factors such as contract work.

I now have almost completed 3 months in a permanent on-going position with a university. I have cut my personal budget back to the absolute bare minimum and kept up the interest payments on the credit cards but I do not have perfectly clean bills.

I have tried banks, credit unions etc but with no success in terms of debt consolidation. I have been advised with a salary of $53,500 that I would have no problem servicing a loan but can only apply for unsecured loans as I have no security.

The debt is starting to become more difficult to manage. Can you suggest or offer any other options, strategies or suggestions besides a debt agreement or bankruptcy?.

Josie’s answer: You really have been through a lot in recent years. It appears that your ex-wife received the goldmine and you got the shaft.

I am also tired of hearing stories of people struggling to get out of debt because of lawyer Read more