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New To This Any ideas on how to start getting rid of my huge debts?

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:eek:
Hi Everyone,

Im new to all this, been looking at the threads but dont understand all the cut down words. haha

I have around 20,000 pounds of debt and want to get rid of it asap.

any ideas please. HELP.
Make £10,000 in 2010 £20.24/ £10,000

Comments

  • kazwookie
    kazwookie Posts: 14,242 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hi

    You need to post up a SOA, statement of affairs. ie what you have coming in each month and goingout each month, that means everything....

    Then we help advise you where you can cut down / back / change to 0% interest etc.....
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  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Hi Debtridden,

    First of all put together a budget, from this you will be able to see if you can meet your monthly commitments. If you can, you may wish to look at the snowball calculator (someone will send you a link as I don’t have it).

    If you are struggling and don’t have enough to meet all your priority payments and debt repayments you will need to cancel all your direct debits for your non priority debts and offer a reduced goodwill gesture payments.

    You will also need to find out a long term solution i.e. if you were to make reduced payments how long would it take?? Is there anyway you can cut back on things in your budget? Can you increase your income? You need to look at all the different angles.

    If you need any help completing a budget and seeing what your options are, you may wish to use the CCCS online debt advice facility Debt Remedy as it only takes a couple of minutes to complete.

    Sarah
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • jenjade
    jenjade Posts: 8,418 Forumite
    Part of the Furniture Combo Breaker
    maybe look at the up your income board there is no quick fix but if you can make more money that would help
    :j Proud mum to Jade age 10 years and Baby Ellie born Christmas Day:eek: with a broke heart :( Proven to be a little fighter and battling on with her heart condition :j
  • Thank you for your help so far.
    I'm goin to start by putting a statement of affairs together and a budget.
    will put them up when finished.
    Make £10,000 in 2010 £20.24/ £10,000
  • Jacks_xxx
    Jacks_xxx Posts: 3,874 Forumite
    :wave: Hiya sweetie!

    Welcome to the gang!

    I'll look out for your SOA but in the mean time the first few posts in this thread might help you understand the strange lingo we use sometimes!

    http://forums.moneysavingexpert.com/showthread.html?t=672601

    Love Jacks xxx :D
    Not everything that can be counted counts, and not everything that counts can be counted. Einstein
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