Advice please!

jenevieve

Please could anyone advise me on the best course of action to take? My monthly take home pay is approx £1650 - £1800. My debts are as follows:-
Personal loans - hsbc - £9547 left to pay at £318.24 per month, cahoot - flexible loan of £5960 - paying approx £120 per month and a northern rock loan - £9614 left to pay at £157.62 per month.
I have 2 credit cards (1 of which is purely balance transfer & I have disposed of the card) - £840 and the other one - £1800.
I have an overdraft of £1500.

All in all, I owe £29261. I am able to meet the payments but over £600 a month goes on these debts. I live in rented accomodation and my monthly bills (rent, utilities & council tax car insurance) come to £660.
Even looking at this written down, I see that I should have between £500 - £600 a month to live on (for food, petrol, going out etc) but I don't know where it all goes.
I am single and have no dependants. I am seriously considering contacting the CCCS because I am feeling trapped by this debt. I am so ashamed that I have let it get this bad and don't seem to be able to manage my money. None of my friends or family know about this and I could not even imagine the shame of telling them.
I am worried if I go to the CCCS they will advise bankruptcty and I want to pay the debts off properly. Would they advise a realistic debt management plan?

I would really appreciate any comments or experiences that may help me and I appreciate people taking the time to read my post.

Please help!

Jenevieve

keith_lard

Hi there!
I was in someways in the same situation as you.
By ringing CCCS (which in my case turned out very positive!)
They will only advise you on the 'best way' of becoming Debt Free.

They will tell you your options, that are not frightining!!!!!

With your Debt and Income think you are far from bankruptcy!
I also thought the same in my case, but was wrong!

with CCCS I can now sleep better at night, and any contact with Creditors they see to it and 'Action' them.

All you need to do is give CCCS a ring and talk to some one, they dont want a penny from you, and will never ask!

Think all you need is some information, with that, think you will feel better!

come back to this thread, and dont feel you are 'alone'

YOU AINT!!!

Regards

K.

homersimpson_3

also suggest you keep a spending diary just for a month to see where money is going- first step to budgeting and getting out of debt is to know exactly what money is coming in and where it's being spent. you need to write everything (yes everything -even if 1p) down. try it for a month.

jenevieve

Dear Keith,

Thank you for your post. I had been reading posts on this forum for a long time before I had the courage to post. I know there are lots of people much worse of than me, and I am lucky I don't have a mortgage and children to worry about. I was reading a post from a man who had contacted the CCCS and he was contacting his creditors himself and having problems, which sounded ultra scary!!!
I think I will try and pluck up courage to call them tomorrow.

Thanks again, everyone on this board seems very friendly and supportive.

Jenevieve

keith_lard

@ Jenevieve

You can say I am wrong afterwards if you wish!

I thought the same as you, it took something for me to pick up the phone, and a glass of Red wine (ok I needed a friend at the time!) :beer: :beer:

But just speak to them and please post back!

Lots of people are in 'your' position and would welcome what you have done.

all I can say about my debt is that 'it happens'

I have done something about it, and you have nothing to worry about, pick up the phone! CCCS are just 'brill' about putting you in touch with things!

Hope you do pick up the phone :T :T :T :T , I will be back on this post tomorrow, and will see how you got on!

Rememer the 'Golden Rule'

"YOU ARE NOT ALONE!"

Kind Regards

K.

p.s you dont need luck just info!

that is what I have found out! :A :A :A :A

keith_lard

jenevieve wrote:

Dear Keith,

I was reading a post from a man who had contacted the CCCS and he was contacting his creditors himself and having problems, which sounded ultra scary!!!

I have only contacted my creditiors Via Post, I will do no other!

Which is not breaking any rules!

K.

Quasar

jenevieve

there are plenty of really experienced people on thie forum. Please post details of which credit card you have with the %APR, and your detailed utilities outgoing, and the supplier. I'm sure someone here will be able to save you some money by advising to switch to better suppliers etc.

Also, they will be able to tell you how to reduce your personal expenses (food etc).

This forum is a treasure trove of information and members with larger debts than yours have been steadily improving their finances.

Good luck!