IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
To become debt free
Closed Thread
Views: 360
Thread Tools Search this Thread Display Modes
# 1
Old 25-01-2009, 7:20 PM
MoneySaving Newbie
Join Date: Jan 2009
Posts: 2
Default To become debt free

I have debt amount of 43k now and have cut down all the spending where ever possible. Once I have wrote to credit card companies explaining my situation and requesting to reconsider the possible amount to write off as instructed by a Financial Adviser. Unfortunately this option didn't work and as a result the accounts were suspended. Due to this reason I am unable to consider balance transfer options too. At present I am paying minimum amount for all the cards as I do not want to get default on any payment and to avoid destroying my credit score. Is there any option avaiable for me other than IVA or Bankruptcy?? is there someone out there who can give me a possible giudeline to reduce this level to zero with in onw or two years!!!

The other worst situation is my job is made redundant and I have been offered compensation of nearly 9k or to take up junior poisiton with very low salary. I am thinking of taking up redundancy as this will help me to clear some of my outstandings and find a job some where else. Is this a wise option for me to consider??? :confused:
savetolive is offline
Report Post
# 2
Old 25-01-2009, 7:29 PM
MoneySaving Stalwart
Join Date: Jul 2008
Location: By the sea
Posts: 404

I suggest you post a SOA as a starter to see how the land lies.
There is an option of a DMP with one of the non-fee charging companies such as CCCS or Payplan, but I would be surprised if that were to clear everything within one or two years.

Post that SOA for starters. : )

Link to SOA calculator......
SouthernSoftie is offline
Report Post
# 3
Old 25-01-2009, 8:02 PM
Fantastically Fervent MoneySaving Super Fan
Join Date: Apr 2005
Posts: 8,380

Duplicate post

Perhaps the mods can combine the two.

All advice given on both threads seems good so far.

Better than the op's 'financial adviser' who advised full and final settlements when the accounts were still being run within the terms and conditions!
fatbelly is offline
Report Post
The Following User Says Thank You to fatbelly For This Useful Post: Show me >>
Closed Thread


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.

All times are GMT. The time now is 2:02 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 25 March 2015

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed


Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

MSE's Twitter Feed