Sinking in debt and dont know what to do

worriedman_3

Got left a bit of debt by live in partner, Consolidated over the years and now its spiralled out of control. It is also now all my own.

4 loans and 9 credit cards to the tune of 92k..

Been sick with worry for months although managed to keep up the payments until now. Can no longer manage.

Total outgoings are 3084.34 per month and i only clear 1200 a month. I dont really want to go bankrupt and would prefer an IVA. I can afford about 400 a month.

Is this an option

Dont own property and dont really want to go bankrupt as that would jeopardise employment

Full Monthly Expenses would be

222.00 Rent
065.00 C Tax
062.00 Electricity
035.00 Phone
018.00 House Insurance
010.00 TV Licence
035.00 Car Insurance
065.00 Petrol
200.00 Food
080.00 Spending

That comes to just under 800 a month allowing me to pay 400 a month. Any advice , suggestions. I dont want to get out of it. I just want to pay what i can without spending sleepless nights worrying

corinne8

hi worried man, firstly well done for posting here i'm sure there's lots of people in same situation, i know i was.You might get a lot of help from citizens advice or one of the other free debt counselling services who will negotiate with your creditors for you.I know the CAB definetly hepled with our debt problems (and we opted for a trust deed scotland)the cab will sit down with you and work out your incomings and outgoings just as you have done then then negotiate for you GOOD LUCK

realaledrinker

The Dealing with Debt board over on The Motley Fool website is full of advice and many contributors who are more than ready to give advice & support.

Good luck!

http://boards.fool.co.uk/Messages.asp?bid=50079

shanni

Hi worriedman,

Could you cut back on some of your outgoings? It might seem like a drop in the ocean but every bit helps. I was/still am in a mess with debt but with some effort and cutting right back to basics I am starting to reduce it. Your phone bill is high, have a look at the telephone thread for ways to reduce your calls. I also stopped using my TV therefore saving cable costs and TV licence (don't miss it either) and I shop for one for no more than £20 p/week (that includes 2 cats). Little things I know with such a lot of debt but it will make you feel like you're doing something positive. Howver, like the others have suggested you need to get advice from cab.

ker_3

hey worried, my boyfriend went into an iva this year with a company called grant thornton this was advised by the consumer counselling credit sevice, they charge a fee but its just put onto the total, the thing is we still struggle monthly and this will go on for the next five years, he cant even get a basic bank account any overtime he does they take 50% of it, that sound fair i know, but its really hard all i can tell you is that he wishes hed gone for bankrupcy instead,(his words) he had £50000 debt. grant thornton are a good company they offer you all thats available to you contact the cccs/citizens advice they'll point you in the right direction. best of luck, dont let it destroy you there are a lot, a LOT of people in the same situation.

worriedman_3

Rang the Consumer Credit Counselling Service this afternoon... After about 4 cig breaks and hanging up on recorded message i thought here goes nothing.

Lady on other end of phone was magnificent. Talked through things with me and i can honestly say its a weight off my shoulders. Yeah the debt is still there but this lady is the only other person i had spoke to about it.

Give me some instant advice which i followed immediately and made an appointment for me for beginning of December to go through everything. In the mean time she gave me a reference to give to any creditors to give me some time. Offending cards are all destroyed and now the battle starts... Only difference now is i know im not alone and feel a hell of a lot better than i did when i started this thread.

If anyone else is bottling it all up ring the number. Still a long hard road ahead to get back on the straight and narrow but unbelievable the relief you feel talking it all through with someone.

8am to 8pm Monday to Friday.

0800 138 1111

Thank you to everyone who took the time and trouble to read and or reply. Will keep you all informed.

worriedman_3

re cant get a bank account...

Had a bit of divine inspiration this morning and decided to open a basic new one up making sure it was with someone that i didnt owe a penny to......

shanni

Well done you! It takes courage to face it all and start dealing with it.

Good luck in how you go.

bobble_3

hi anyone

we are sinking in debt big time, called debtfree direct this afternoon they have suggested an iva, has anyone out there done this?

Debt_Free_Chick

hi anyone

we are sinking in debt big time, called debtfree direct this afternoon they have suggested an iva, has anyone out there done this?

Please DO NOT use this company

They are going to charge you just to refer you to an Insolvency Practioner.

Instead, look at the information on these websites. none of these guys charge any fee - they will help you manage your debts for free.

https://www.nationaldebtline.co.uk

https://www.payplan.co.uk

https://www.cccs.co.uk

Do not use Debt Free Direct - they only want some of your money and, clearly, you don't have any to waste.

Look at the sites given above. The National Debtline has loads of information. Try to find out more about your options from that site. Then contact one of them to sort out a plan.

It will help, before you contact them, if you have a full budget of your monthly income and expenses. And if you have full details of all your debts.

Good luck