New to all this

SaraSara

Hi all, I have debts of around £17k (all cc's), I do have my own place on a shared ownership scheme and have been advised by the national debtline that the best way forward for me is a dms. I have a couple of questions which maybe someone can help me with? Do I need to declare all my cc debts as one is very small and as I'm self-employed I'm nervous about having no way of raising extra cash quickly. Also I'm 40 and have no pension provision apart from a couple of years worth of contributions to the NHS pension scheme. So should I act now before I go onto a dms or keep closing my eyes to the future?

Hope someone can help cos it feels a bit like im sinking at the mo

WesternExpress

Just wanted to say hi and you don't need to panic. There will be people here to help soon. The best thing is to get a Statement Of Affairs (links on the top of the forum. It is just a collection of all your income and outgoings. If you post it here then people will help you get a better grip on your finances. I like that you are at least starting to think about a pension, it may not prove the most immediate thing but at least you are considering it.

RosaBernicia

Hi SaraSara

Also just to say hi, don't panic, hang on and the board will get busier through the day with people who know more than I do!

I know one of the main suggestions is to get advice from one of the recommended debt help charities before you sign up for anything, CCCS is one but think there are two others - have a look on other posts here and you will probably come across them.
Anyway take care I will look again to see how you're getting on :grouphug:

Rosa x

tealady

[URL="file://\\Hi"]Hi[/URL] About declaring all your debsts the answer is YES. Please don't lie to a debt advisor, for whatever reason. it means that they cannot give you the best advice.
Re a pension, I would start one, however take advice before you start one as it can be a bit of a minefield out there.

GeorgeUK

Hi Sara

Posting up a statement of affairs would definately help - we may be able to see some savings in your current expenditure.
http://www.makesenseofcards.com/soacalc.html

Have you missed payments or had defaults on your cards?
If not, you may be able to get some 0% offers on new cards that will help you pay the debt off quicker.

I'm not too sure about the pension situation. Unless the interest or savings you were making were going to be more than any interest you could be charged then you may be better off trying to pay the debt off before saving for the pension.