Advice needed (please)

gina_g_6

Hi to everyone.

Ok, yes I am new to all of ths but not to debt!
I need some advise.

I am in debt and now im starting to panic because I am having to take money from cc's to pay the DDs, have told my boyfriend everythng this week (we dont live together) and he has been great, but what I really need to know is, which way to go, what would be best for me.

My earnings are (self employed) £280 per week

I owe
First direct cc 7k (which is also my bank)
First direct loan 4k
Egg cc 2k
Egg loan 12k
Cap 1 cc 2k
Mbna cc 5k

Total 32k:eek:
I have to pay rent of £70 per week which is inc of everything (mother)

I have looked at IVAs debt managment. have talked to payplan today and am waiting for them to get back to me. I know IVA would be an easy way out, but I spent the money so I feel like I should pay it back, but now im finding it hard to keep up the payments.


Thank you for any advice given!

Emmzi

Hi Gina! and welcome.Sure you will find some kindred sprits here.

We need a little more info to help...

-minimum payment amounts
-interest rates
-although £70 is 'everything' what about travel costs, toiletries, haircuts, socialising,dentist, presents, holidays, etc..

Otherwise you would haveover £9000 spare a year and be debt free in about 5 years max with no IVA...

Another question is, where did the money go? It's important to get a grip on your spending so you don't run up more debt!

Look forward to your reply. I know it can be scary but you'll get there.

xx

Emmzi

PS as self employed, are you up to date with the tax man??

gina_g_6

Ok, am rushing a bit today as I have to go work at 6 tonight

Yes am up to date with tax man, this is my first year in business!

The money was used to help me out when I was unemployed for 2 years and to help pay other debts off.

I have to also admit that some of it did go on my life style, which I kept up even when unemployed.

I am not sure of the interest rates (will search for paper work) but here is what I pay every month on my debt.

First direct loan £144
First direct cc £222
Egg loan £195
Egg credit card £50
Cap 1 cc £30
Mbna cc £110

Total £751 per month

Plus I gve my mother £100 per month for a loan she took out for me, so really its £871 per month

I also have to put money to one side for tax and NI, car, petrol and other things. My work is such that if clients cancel, I dont get paid, plus I've had to have time off because of illness, which has knd of left in the s**t( sorry)

Molanole

Hi gina_g. Welcome to the DFW board. Why not pop up an SOA (see southernscousers sticky for first time posters on the first page of this forum) and the nerds can get to work giving their advice. Also, as Emmzi has said we'll need the interest rates on those debts for us to help effectively.

Welcome and good luck!!