help & advice to get get debt free please

Lellie_2

I have £10k of debt ( a loan & a credit card) and no savings to speak of, whats the best way to reduce my outgoings ? there are quite a few otions, consolidating both and reduce outgoings, go to a company that promises to write off the debt, balance transfer on the card and also try and get some of the credit card fees back, I admit I've been really stupid with money in the past so no lectures please and want to try and get out of debt before I retire. I am 52 years old.

elsie52

Hi and well done for posting.

I certainly woudn't advise you to take any more credit by consolidating. Is your credit rating good? could you transfer the balance of your credit card onto a 0% card or one with a lower interest rate.

Don't worry, there is always a solution to your debt problems, its just finding the one which suits you best. I am 58 and 2 years ago we were £74k in debt, now we are down to £33k, so you see it can be done.

Tixy

Hi Lellie and welcome

Consolidation loans are nt generally recommended on here. They can work in certain circumstances but they would never be the first choice option.
Certainly do not go to any company that promises to write off your debt - these are rip off merchants that over promise on what is possible and almost always underdeliver.

If you have been charged excessively for late payments etc then that is a good possible option - to do a reclaim.

Aside from that the best way is to set out a detailed budget (or statement of affairs) so you can see what you are spending where and what you can afford to pay off your debts each month.
If you use this link - http://www.makesenseofcards.com/soacalc.html - and post the results on here we will be better able to advise you on your options and spot ares of your expenditure where you can save money somehow.

Good luck

Lellie_2

Thought I would contact the National Debt helpline for advice but quite a few come up when I google it - are some better than others, can you recommend any in particular

RAS

Hi

You need to speak to one of these debt charities, http://www.moneysavingexpert.com/loans/debt-help-plan#help

Many are open into the evening.

They will ask for a statement of Affairs.

dancingfairy

Be careful - Nationald Debt Helpine sounds suspiciously similar to National Debtline.
You need to get in touch with one of the one's Martin recommends- see RAS' post to make sure you are getting proper advice and are not going to a fee charging company who may or may not rip you off but will almost certainly charge you when the other charities can advise you for free and will advise based on your circumstances and not what will earn the most money for the company.
df