New, advise please

jeff23

Hello all,

I am new here and really looking for some help and advise, i am currently in debt that seems to be getting out of control.

Loan with Egg been running for 2 years, Pay £324 a month has 3 years left to run.

Loan with Halifax, run for 6 months, Pay £289 a month, has 2.6 years left to run

Credit card £2,000 make minimum payments of around £60

Credit card £3,500 make minimum payment of around £100

Think all in all i have around £23,000 in debt and really need to get things either into control or im going to have to take some sort of action that i really don’t want to. i have never missed a payment to any of my creditors, and if there has been mistakes they have been sorted strait away, but im leaving myself with little to no money each month and credit cards are starting to get used to supplement my income. At the minute im working 40 hours in my main job earning £15k a year works out just over £1000 a month, i also do another job which i work between 10-17 hours a week, earning around £350-450 a month.

if a lender would look at consolidating my debts and pay it over a long period i would be happy to look at this option, the problem is i live with my parents and lender think there secure taking this on. I have looked into a debt management plan but this seems like a silly idea as it will effect my credit rating for a longer period of time then the 10 years that bankruptcy would effect me for.

With me not missing payments to my creditors i am seen as a very good customer, and if i was to file for an IVA/Debt management/Bankruptcy would they just laugh and say why would we accept that?

I feel like I am left in trouble for paying my debts in time and being a good customer, I am young enough for Bankruptcy to have less detrimental effects on the rest of my life and feel as if this could be a better option but I want to get some advise from others before I do anything.

Thank you

Jeff

paybacktime2008

Do a SOA here www.makesenseofcards.com maybe .co.uk Then we can all see what you have coming and going in. Filling it out, I found, was a very enlightening and positive step. Good luck

jeff23

SOA? sorry im lost when i go on that site

milliemonster

Hi Jeff

SOA is statement of affairs, if you go back to the site you will see the link half way down the page, fill this is and post up

jeff23

ahhh i found it! ) but it doesn't seem to want to work so will have a go again later

jeff23

can someone check if the SOA is working on there web browser please, it doesn't seem to have the calculate button on it?

Thank you

fermi

jeff23 wrote: »

can someone check if the SOA is working on there web browser please, it doesn't seem to have the calculate button on it?

Not just for you.

Link: SOA calc not loading up properly

dancingfairy

Would definitely help if you could do an SOA when the website is back up and running but why not make a start at one? Also a spending diary will probably be enlightening for you.
df x

bargainbetty

You could also contact your lenders to see what interest rates you are paying on the cards. If you haven't missed any payments, your credit rating might be good enough to swap to a 0% interest card, which would allow you to pay more off your debt each month, rather than just interest.

The SOA will help people advise you on other expenditure.

Good luck x

jeff23

Thanks guys, will get the SOA done asap and get it posted.

Clariman

Jeff23

Apologies for the problem with the calculator. It has now been fixed.

Clariman