Advice for a troubled newbie???

TooMuchToThinkAbout

Hi, hope someone out there can offer me a little advice, especially if someone is in the same situation. Thing is....i dont really know what advice i need but having read through loads of posts ive already learnt so much. Truth is ive contacted an independant IVA bod and gone through my SOA, and also got an appointment with the CCSVA a week today. SORRY ITS SO LONG BUT MY MIND IS RACING! However, BR is looking like the best option, ive done soooooo much research i already feel like ive gone through the process.

My total debt is £43,500 unsecured in a managed loan, flexible loan and 2 credit cards, my income is approx £1200 net on a permanent contract. I rob Peter to pay Paul EVERY month and thinking about it i really dont know how i survive at all. My expenses at the moment outweigh my income by a couple of hundred pounds a month, but i am within 2 months aiming to reduce this by £150-200 by cancelling things like gym membership and mobile phone etc. Up untill 6 months ago id never defaulted on anything and only missed a few payments, however, i have now got my bank to consolidate my debts with them into a managed loan as i was beggining to struggle to keep up with repayments to a variety of products i had with them (their debt is 20k) - i bank with them. Ive managed to freeze interest and make lower payments to one credit card, the other one and my flexible loan arent interested.

So here i am, even after trying to take a hold of things, i think ive got 1 possibly 2 months left before Peter can no longer pay Paul. HELP?

My debts started in 2005, i think, and ive simply lived beyond my means ever since, had failed businesses, off sick for 6 months, a small amount of gambling (poker), low income, tried to keep up with the Jones', and taken consolidation loan after consolidation loan, lost money on houses etc etc. About 10k of my debt was from this year when i came back to uni thinking i could get funding but turned out i couldnt as ive got a previous degree. Needless to say i completed the year and havent gone back.

Sorry this is such a long post but its late and got so many things going round my head Can anyone offer any advice, or foresee problems with bankruptcy? Im 29, tenant with private landlord, no dependants, living in Wales, family live in England. Not behind on Council Tax (just in my name as my flatmares are students, 1 of them is my landlord) and not behind on Utility Bills (they are in landlords name). Ive got the usual laptop, xbox, tv and ipod speakers and a push bike - pretty much all my possessions. I do have a 10 yr old car, its a family members but my name is on the logbook.

Thanks

meema

Hi hon, you really are in the right place..there are loads of us who are/have been in similar situations & this site gets us through it! People on here can give you lots of advice on how to manage debt. To do that they need some more info i.e. your SOA - statement of affairs. This involves writing down each debt you have, who its with (e.g. natwest), type of debt (e.g. loan or credit card) and what the APR (interest) is.

Then break down your monthly expenditure (e.g. rent, household bills, food, clothes,etc).

People can then give you advice on saving money on both your expenditure & your debt. Even if it looks like bankruptcy is the only option there will be lots of ppl on this site who've gone through that process as well.

I'd recommend you try this..it really helped me, good luck!

P.S. here is a link to my SOA to see what I mean (hope it works, haven't pasted a link to a thread before)

http://forums.moneysavingexpert.com/showthread.html?t=774729&page=2