Badly in debt!!

inthesmellystuff

Hi very deeply in debt looking for a solution? Only problem is I am FSA authorised any marks on the credit history will mean I will have to cease trading. So not only stuffed with the debt but earnings could potentially cease.

I was looking into maybe a DMP dont really want to go down th IVA route or Bankruptcy.

My biggest worry are my family and the impact this will have on them 2yr Old and another due. I would like to have the mess I have created cleared up before it can effect their lives.

My Wife is aware of recent financial difficulties but is not aware of the exact amounts.:eek:

*zippy*

Hi Inthe smellystuff

Just wanted to say hi and welcome to mse

As its late there's not many people on here now, but don't worry you will get help in the morning

Could you do a SOA, a list of your debt, income, and outgoings include aprs etc? that way they will be better able to advise you.

sammy115

Does going on a DMP mean marks on your credit history. If so I would try to avoid if you can. Are you keeping up with payments now? An SOA would be helpful as I thought I would need to go on a DMP but with snowballing credit cards and cutting down on things I didn't need to.

You also need to ensure you are claiming everything you are entitled to with another one on the way. Post an SOA and we will help

Cantdance_2

Welcome to the site!

Don't assume that a DMP / IVA / Bankruptcy is the only option - we looked into these but in the end decided to go it alone and it's the best decision we ever made!

Unbelievably at our worst we had £500 more going out a month than coming in, and thanks to budgeting, cutting back and switching suppliers for things we were able to claw this back to having a few quid spare every month!

If you could do this too, it would surely be the best option given your need to keep a clean record.

Like others have said, post a Statement of affairs (detailed list of everything you have coming in and going out every month) and we can help you identify if there are savings to be made.

The first step is posting - so you're halfway there!

Cheers

James

Annie_Fanny

Welcome to the DFW forum!

Have a look at this post for details of posting an SOA:
http://forums.moneysavingexpert.com/showthread.html?t=107280

Good luck!

Annie

inthesmellystuff

Thanks for the posts I will get an SOA on later today.

Iriahm

Hi,

I work in an FSA approved role and terrified I lose my job if my situation got worse (like CCJ's or bankrupcy). I get credit searched annually (supposed to stop fraud in the company?) and passed it this year. HR told me that they are only looking for CCJ's or bankrupcy and don't care about defaults or "poor credit ratings". Hope this helps!