Advice needed PLEASE

jr1605 · 23 June 2009 at 10:12AM

Hi All

firstly thanks for reading this.

I have been topying with the idea of trying to get help with my finances for the past year.
I am currently around £50K in unsecured debt, £30K on 2 bank loans and £20k on 3 credit cards.
I currently have a good credit score, (in the 900's) and I never miss a payment.
I was previously in a great job but sadly an accident ended all that and since I have been working self employed to try and make ends meet.
Due to growing interest etc my debts has grown so much in the past 6 months that I am struggling to live! I always pay my debts before I even think about spedning any money on anything else.
I am so so so so embarrassed to go speak to any about this and it has taken a lot of courage just to put it down on here but seeing the figures in writing makes me realise I NEED HELP!!!!!!

My situation constantly gets me down and I am ALWAYS thinking about money and being in debt.

I do have a guarateed lump sum each month in the form of a pension (this amounts to £550) and I am currently paying £1100 just off my debts but that is almost the minimum payments and my debt is just not decreasing.

My partner and I have just moved in together and he is happy to help support me as in he pays the rent/bills etc.

I have been reading Martin's:money: advice on IVA's but what happens if my creditors refuse to accept the proposal? Where do I go for help?

Any advice would be greatly received.
Is there anyone out there who has recently got an IVA?

A very confused and enbarrassed Me x

GeorgeUK · 23 June 2009 at 11:33AM

Hi JR

Can't advise about IVA's, but would advise you to contact CCCS or Payplan for assistance. There are alot of IVA companies out there and while it does cost money to set these up, most companies make about £5k for each one they arrange - which is why there are so many adverts on TV right now.

Do you have any joint accounts or mortgage with your partner?

jr1605 · 23 June 2009 at 11:39AM

Hi George

thanks for the quick reply.

No I we do not have any joint assets at all.

Do you mind if I ask you what your figures in black and red mean?

Kindest regards

JR

GeorgeUK · 23 June 2009 at 1:05PM

First line should be pretty self explanatory. (total debt was 33,600)

Dad gave me a gift of 6k and i reduced the debt by cashing in my investments and savings (2.5k)

3rd line is where i currently am:
10k loan, left with 7.5k to pay off
Dad gave a loan of 5.5k, 3k to pay off
And the rest of my debts are split over a few different credit cards - i transfer them every so often to take advantage of 0% rates or low interest transfer deals rather than paying 19% APR. The Virgin and LTSB cards are both at 0% right now but LTSB will need transferred in about 3 months when this ends.

Total debt left 19k (plus 6k gift)- optional as this was going to be a gift to pay for things when i moved out as they did same for brother.

You might get more replies if you edit the subject in your 1st post - Advice needed on IVA's or something. More people may look in if they know what it's about.