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To become debt free
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# 1
savetolive
Old 25-01-2009, 8:20 PM
MoneySaving Newbie
 
Join Date: Jan 2009
Posts: 2
Default To become debt free

Hi,
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:
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# 2
SouthernSoftie
Old 25-01-2009, 8:29 PM
MoneySaving Stalwart
 
Join Date: Jul 2008
Location: By the sea
Posts: 404
Default

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......
http://www.makesenseofcards.com/soacalc.html
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# 3
fatbelly
Old 25-01-2009, 9:02 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Apr 2005
Posts: 7,605
Default

Duplicate post

http://forums.moneysavingexpert.com/...html?t=1442899

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!
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