What shall I do

covlad1980

Hey all need some advice, I am new to the site. .

The situation as it stands in total I have 26 k worth of debt all with Hsbc in terms of loan credit card and overdraft.I have pone or two smaller debts of cpl hundred,but they will soon be cleared.
I am paid a about 1200 a month,but I am constantly living in my overdraft,which stands at 1.5 k.
So get intrest payments every month.
I also have another 65 months to go on the loan,and I can only make minimal payments on credit card,so that is not going anywhere.
I feel like I am surving every month and it is starting to get to me.I have never missed a payement,but that is due to me lending to make my payments.

I want to move in with my girlfriend and have a life and not worry about the debt.
I currently have no morgage and have a car worth only 1k ,and have no dependants.

I have tryed to speak to citizen advice with no luck, I have been offered ivas bankruptcy and debt management from some companys,but not sure what best for me .
I really dont know what to do it is starting to effect me and help or advice most apreciated

msgnomey

have you tried payplan? when my OH lost his job due to health reasons and we had to sell our house to try and sort out our debts etc etc they were absolutely fantastic and helped us negotiate payments etc etc
good luck
x

covlad1980

what can they offer

MsLouise_2

covlad- i'm in a pretty similar situation. ive just got off the phone to national debt line - spoke to a guy who gave me all my options.

I had been dealing with payplan who advised an IVA- but the national debt line guy said he was surprised they advised that as due to my employment contract not being perm and pay scale- it wasnt my best option. I really think my best option is BR, although i can't do this as I work as a contractor at the moment and will possibly lose my job.

its tough isnt it.. I feel abit better having spoken to the guy that gave me my options so would recommend that.

covlad1980

I was thinking of br myself,but not sure tryed phoning debtline every time I never get through .HOW long do you have to wait.I work full time,but it gettin harder and harder to live each month

curly09

Took me 3 days of trying to get through to someone at national debt line...! Nightmare, I know... call first thing, as soon as the lines open and don't give up....!

I was totally confused, until I spoke to National debt line, felt so much better after speaking to them, in the mean time, ask as much as you need to here, there is a huge amount of sound advice from people with first hand experience..............

covlad1980

what time do they open, im so confused been told now to do debt management ,iva and bankruptcy.

curly09

NDL open at 9am, so be ready with your phone and just don't give up, you will get to speak to someone...

When I spoke to them I was given 2 options BR or moratorium (basically freeze the interest on my debts for 6 months and make token payments). I lost my job and have been looking for work since Feb, still nothing.
So my choice was quite simple, BR.

NDL will give you the best options for your situation and it will then be down to you which you take.

Take your time with your decision, don't feel rushed or pressured into anything and use this forum to ask as much as you need to.......things will get better and you've already started the road to recovery..;)

covlad1980

I will do ,will keep trying lol.With bankruptcy where best I can read about it .Want to know the pros and cons.

curly09

The Insolvency website is best for all the facts and the actual process...

http://www.insolvency.gov.uk/

Pro's and con's? Each case is very different, have a read through of some of the personal accounts of people on this forum....

Trust me, the more informed you make yourself, the easier your decision will be.......read, research and ask questions!

philnicandamy

another good read here as well

http://forums.moneysavingexpert.com/showthread.html?t=1056083