What is the best way to get out of debt for me?

live'n'learn

Hi,

as a new member just thought i would ask some advice on my situation.

I am a home owner but my house has been on the market for nearly 2 years. My mortgage is £76k but because i have been out of work the good part of 2 years i have had to use credit cards, overdraft & loans to make the payments on the house.

My debt at the moment is about 13k and i was planning on just going ahead with the IVA until i was told that my debt needs to be at 15k which is heading that way unless i get work soon. I am tempted to get another loan somehow just to get by as i have a family and as you can imagine things are difficult and i need money to pay my current credit cards, overdraft & loan payments. Is this a bad idea for me to try and get a loan that will take me over 15k?

I had even thought of going bankrupt and letting them take back the house as this last 2 years has been just too stressful.

Can anyone give me some advice and let me know if i need to add more info about my situation.

K

Nargleblast

You may find you are unable to get a loan or an extension to credit card limits so this may not be an option. I doubt if you need to go bankrupt straight away, best to investigate other solutions first. If you post a Statement of Affairs on here, showing your income and outgoings plus details of all the debts, then we can see where you are at present and advise further. In the meantime, have a look on the website of CCCS or one of the other debt counselling organisations and see what options are open to you. Whatever you do, do not rush into the first solution offered to you without being fully informed of the facts. And do not touch with a bargepole any company that demands fees up front for sorting out your debt. I think the Statement of Affairs link should be somewhere on the top of the forum. Don't panic, there will be a solution somewhere that is right for you.