Looking for some advice

markssta

Hi, As the title says i am looking for some advice. I have some debt and i dont know how to move forward, At the moment i am servicing the debt but i dont seam to see any light at the end of the tunnel, My problems go something like this:-
Credit cards - Virgin card - £14,000 which i pay £400 a month but due to interest only pay something like £50 a month of total balance.
Abbey - £8,000 which i pay £200 a month, this is on a deal for about 12 months so is being paid off slowly
Barclays - £5,000Fighting my corner on this one and i am using a no win no fee company because i have been miss guilded on interest and i believe i have a case, its been a year to date so far and i have been paying £100 to keep them sweet.
M & S - £1300 - which i am paying £200 a month and was £2500 so i am beginning to get there
Debs Card - £1900 - which was £2500, once again slowly moving forward

Overdraft
It was £1700 But over a period of time it is down to £600, i pay £100 per month.

Loans
I have a loan that has 17 months to go £300 a month

car loan
£180 for the next two years.

What my problem is is that all my debts are slowly being paid off bar my Virgin Card debt and i dont think i could get a balance transfer so do i go into a IVA? or is thereanother way?

Does anyone have any ideas? if so please mail me at [EMAIL="markssta@yahoo.com"]markssta@yahoo.com[/EMAIL].

Thanks for taking time out to read this.

Robert_Sterling

A big debt and a big problem. I wish you the best of luck.

izools

What is your income?

What is your monthly disposable after essentials?

If after calculations are done, you can afford to pay off about 40% or so of the debt over five years you should go for an IVA.

If you can't afford to pay even 25% of the outstanding balances over five years it may be Bankruptcy.

Looking at it you are around £40,000 in debt overall?

This would mean £670 a month for five years if interest was frozen.
Or around £150 ~ 450 a month if you were to enter into an IVA

If you work out your income an expenditure and you can't afford £150 a month after all the essentials are paid for then Bankruptcy would be the only escape.

Don't worry, it's manageable, and solvable, and you will make it through, with the right support and guidance!

Good luck, and keep us posted

TIP: When calculating income and expenditure think long and hard about all the essentials you need to pay for. Clothes, petrol, insurances, council tax & TV license, everything down to dishwasher tablets needs to be accounted for or you'll soon find yourself short!!!

TIP2: Be prepared for a massive change in the way you manage your money, and a growing ability to say no to all but what you genuinely need

jamesey07

u ever thought about defaulting on the virgin card? it seems you have got yourself into a bit of bother with that card, and by the looks of it you will keep struggling with it paying out a lot of interest, if it were me i would default on it and maybe in a few months they will send out a % off the debt so u could get rid off it, sometimes they offer up to 75% off the debt if you ignore them long enough

Mozette

Might be best posting on the debt free wannabe board

g1ryt

I had a similar story and at the moment am a undischarged bankrupt. I'm not saying there is an easy way out but when i declared bankruptcy i got my life back. I tried to pay everything but all roads were heading one way for me so took the plunge.

My advice is look at it logically, realise were the road is taking you and race to the end off it, an IVA seems the end of the road for you. Think of a life where you are paying what you can afford, nobody calls asking for blood or your shirt and know when the road will end ie after 5 years. if this thought puts a smile on your face its the right decison and do it asap.

CLAPTON

we need to know your full financial circumstances, income, spending, debts, assets (house etc)etc

go over to the debt fre wannabe board and post the full details
a good format is http://www.makesenseofcards.com/soacalc.html