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

DebtRidden

: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.

kazwookie

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.....

CCCS_Sarah

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

jenjade

maybe look at the up your income board there is no quick fix but if you can make more money that would help

DebtRidden

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.

Jacks_xxx

: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