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  • FIRST POST
    Mrmantusa
    Hey - just a little advice needed.
    • #1
    • 24th Feb 13, 9:45 PM
    Hey - just a little advice needed. 24th Feb 13 at 9:45 PM
    Hi guys, been looking at loads of threads in here regarding debt etc, all good stuff and great to see the amount of genuinely helpful people here.

    Basically, I think I've hit my limit with my debt. I have unsecured debt to two creditors totalling 24,000. They are as follows;

    Lloyds tsb loan: 18,340 monthly payment: 384
    Lloyds tsb overdraft: 3000 monthly interest and fee: 40
    Barclaycard: 3000: monthly payment: 65

    I got made redundant at Xmas 2011, but luckily found a job pretty much straight away, however my salary went from 28,500 to 15,500 - which its still at. I managed to get rid of some debts using my redundancy money (including a hp financed car). My outgoings total approx 1000 and my net monthly pay is 1092 approx. it leaves me with that 92 to clothe (I haven't bought new clothes for about a year lol) and feed myself. Some months I've earned a bonus which has been great but there's no overtime nor bonus opportunity available anymore so it leaves me facing trouble.

    I'm 30 years of age, and have been in debt to lloyds tsb for 12 years, slowly spiralling to this point. Years of living well above my means has hit me hard, I've just recently split from my long term partner and literally have nothing. I'm now at the point where I need to rid myself of debt and start over. I must add that I have never missed a payment to any creditor in my entire time having credit, so this is all very new to me.

    What I'm after here is this: will lloyds tsb be willing to freeze the interest on the overdraft and loan, therefore freeing up an amount of money to help me with living costs whilst gradually reducing my debt to them? That's all I'd need to be honest, I'd continue to pay barclaycard as normal as the interest rate is only 5.9% whereas the loan is 13.9%. I've looked at iva and bankruptcy as I have no assets other than my battered old car but its quite confusing.

    I really don't know what to do. Any advice out there?

    Thank you.

    MM.
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