loan/credit card debt

maxmax

hi can anyone give me advice please,1st time user,
i currently have 3 loans...20k..... 480p/mth,
4 credit cards...7k....... 250p/mth,i am 36,married,self employed,my income has gone down this year...i can pay my mortgage ok,but finding it increasingly difficult to pay these debts,i have been reading about debt management plans,how effective are they?and how much do they reduce your monthly outgoings?also do they give you a bad credit history?,thanks for taking the time to read this and thanks if you reply,
max.

~Beanie~

Hi and welcome to the boards, you have done the hardest part in admitting you have a problem (crikey, sounds like an AA meeting :beer: )

A DMP (debt management plan) will give you a bad credit record as you will be paying less than the agreed monthly amount.

The people administering your DMP will ask for an SOA (statement of affairs) which is basically a list of your income and then all your outgoings and bills etc, not including any debt repayments. Whatever figure is left over at the end, they will then share between the people you owe money to, so each debtor is being paid something each month.

Try posting an SOA on here first to see if we can help you save money anywhere to help pay your debts off faster. Try this one: http://www.makesenseofcards.com/soacalc.html

Or you can go to the CCCS website (a debt charity that will give you FREE advice) and fill in their debt remedy online. You are not comitting to anything and it suggests what they think is the best solution for your situation: http://www.cccs.co.uk/

Can you or your wife up your income anywhere, taking on an extra job, selling stuff on EBay, Mystery Shopping?

Good luck x