New to site...any support and advice appreciated!

Marvintheparanoidandroid

Hi all, I've just registered but have often looked on this forum and found it very helpful!

Here's my situation:-

2 loans, 3 credit cards, approx debt £28000

In February I wrote to my creditors explaining I couldn't afford my repayments any more and made them all a proportionary offer of what I could afford (£100 per month) after the vicious circle got too big. I was using credit to survive at the end of every month.

After many months I have only agreed a repayment with one creditor, and am getting letters from debt collection agencies threatening to put a charge on my property. I am in the process of selling my house, there is little equity in it, but even so I want to complete the sale rather than have it seized in whatever way by these people! Not sure what they can actually do...maybe it's just heavy talk to get me to panic????

I'm waiting for credit agreements throught the post to explore whether there is any way I can "get-out" that way.

Failing that, would anyone advise whether an IVA, bankruptcy or anything else is the best option? I feel like I'm in a David and Goliath situation here and sometimes it gets on top of me, especially when the next threatening letter arrives.

Thanks!

Rob

Lula-Hula

Hi Rob & welcome to the mad mad world of DFW ,

I'm not an advice expert, particularly as regards selling houses or DCAs. I'm really just bumping this back to the first page so that the pros can help out.

In the meantime, the usual advice is to 1) contact a FREE debt advisory service eg www.cccs.co.uk or www.payplan.co.uk for FREE help & advice.

Number 2) is to complete a Statement Of Affairs that lists all in your income & outgoing inluding interest on your credit. I can never remember the link -sorry - but someone else will . It is amazing just how much your outgoings can be reduced when people point out certain things to you. If you use the link to the CCCS site above, you can complete an online version of budget that will give you some idea of what you should be spending your hard earned cash on.

The usual advice here is to get tv,phone & internet from suppliers that will offer a cheap bundle. Reduce mobile bills to essential use only. Drop down a brand on your supermarket shopping. Reduce clothes & entertainment spending to essential only. Take packed lunches for work rather than buying out. Keeping a spending diary so you know EXACTLY where all that cash goes. Use a cashback site for online shopping such as www.quidco - especially when buying insurance - there is money to be made for FREE :j.

I cant think of anything else & this is a quiet time of day, but please do post again ... there is so much help,advice & support available here

Best wishes to you

Lula
xx

Lula-Hula

Bumping ...

Wol2

Hi Marvin

Hope the diodes are not plyaing up at the moment. Welcome to the DFW Board and well done for stratign your own thread :T:T

Everyone's cirumstances are different so:

Here's the link to produce a Statement of Affairs (SOA)....fill it in and click the MSE format button...then post it on here. Once we see this we can start to help answer your questions.
http://www.makesenseofcards.com/soacalc.html

Also can you please provide details for each debt....amount owed, from when, with whom and names of the Debt Collecting Agencies if the debt has been transferred on to them. We will need to tackle each one in turn if there are several.

xx

Marvintheparanoidandroid

Thanks guys, will do the SOA and chek out those websites

dancingfairy

Hi Rob it sounds like you have made a good start so far by accepting that things were not going in the right direction and making prop-rata payments. The charging Order thing may well be just a threat but it is difficult to know - although there are certain procedures they have to follow -they can't just get a charging order overnight.
I think as LulaHula said - having some free advice from a debt charity would help you and reassure you that you are doing the right thing and maybe help with the charging order thing as well.
Also a SOA is good as it lets you get a clear picture of where all your money is going which you need in black and white to really get the whole picture and if you post it on here people can see where cutbacks can be made or anything vital you have forgotten.
Anyway good luck
df