need advise on out of control debt

chicken1144

I haven't used this site before and still looking around it, but was recommended I looked at it!! I have been in debt hel since last august when I lost my job because my mother became ill. The companies I have money owed to have just been piling on interest and charges even though I have been trying to offer them money etc. I cannot afford to keep paying them the money back I can give them because I'm not getting any less out of debt. The latest offer I have had has been from my bank offering a manageable loan on a low interest, but am worried to sign the paperwork because they have been so unhelpful so far. Can anybody with experience please ofer mr some advise on what I should do????

methekidsandthecat

Hi Chicken

Not very good at this as have only had my lightbulb moment recently but I would suggest that you contact CCCS - they have been brilliant helping me to sort out a DMP (debt management plan) which is due to start in August.

Just a thought but if you went that route you be starting to clear your debts and not adding to them by taking out a new loan with more interest and possibly a longer term.

I am sure that others will come along and give you far better advise than mine.

Maybe you need to post a SOA so that they can see where you could save more money each month.

keeps us posted with what you decide to do.

Me.

JollyNolly

Welcome to the MSE forums, chicken1144 - you came to the right place! However, I suggest you have a good look at the discussions on Debt-Free Wannabe, and maybe consider posting your own SOA, this will help the folks there weigh things up. Maybe have a look at the postings from others in a similar position, like http://forums.moneysavingexpert.com/showthread.html?t=223665 for instance. Also, very important, read http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1094132767,59163, .

sanfrancisco

SOA - Statement of affairs. What you have coming in and what is going out.