1st post can you help me ?

cLaTTeReD

hello all, I have been refered here from a bodybuilding site of all places but hopefully you can help me

guys yesterday i had a letter saying the tax office has overpaid me and i need to pay back £904 they need this money NOW and wont collect thru mu tax code

however i have just added up loans, overdrafts, c.cards, etc and i owe £20,777 including the tax money and my monthly outgoings are starting to become more than i am earning

is it a good idea to get one loan pay everything off and start afresh - i know i wouldnt get myself into this mess again as its accumilated over the years and my life style is much different now.

tbh i shat myself when i added that figure up - anyone else been in a situation like this? what shud i do ?

thanks guys

pms

Talk to Payplan or CCCS both free agencies they will be able to give you advice on the best way to deal with your situation.

Also post your SOA (Statement of Affairs) all your incomings and outgoings then people on this site will be able to help and give advice on the best ways to cut back and help you be debt free

Good Luck

cLaTTeReD

i have just read a similar post to mine - i will get a SOA done asap
is a consolidation loan ever a good idea ?

Little_Miss_Winner

No, not usually, as you consolidate, have more dispensible incomings, spend that, and some more. Then a couple of years down the line are back to where you started. Oh plus another loan! whatever the figure may be 5K, 10K, 20K etc etc.........

Everest

I'm sure such loans are useful for some people, but these are often very expensive in their own right, they reduce monthly outgoings by tying people into longer term payments thus increasing the total amount they pay back.

My advice is the same as that of pms, namely you should talk to Payplan, the Consumer Advice Bureau or CCCS (Consumer Credit Counselling Service). These are all free services, staffed by fantastic people, who help those in your position (and those even worse off) all the time. They can help negotiate with your lenders, including the Inland Revenue, and give very practical advice on how to deal with your debts. Martin Lewis (founder of this site - sorry if stating the obvious) is constantly promoting their services on his radio slots and on here, if that isn't enough of an advert for the quality of the help they can give, I don't know what is?

Any other questions, please ask.

smilermonkey

tbh i shat myself when i added that figure up - anyone else been in a situation like this? what shud i do ?

It's ok clattered, just spray a little Oust and get started. There are so many people on here who have been in a simililar situation. Check out some debt diaries for inspiration and keep your chin up, you'll get there!:grouphug:

lazy&indebt

Seriously clattered don't worry! You have DEFINATELY come to the right place, this forum is full of people ready to give you great advice, ideas, moral support and even a kick up the backside if you need it! (I didn when i first came!) think of it as tough love

lazy&indebt

...Another good tip (which most of us do!) is to keep a detailed spreadsheet with all your debts on. And add a 'debt signature' on this site. We all get really excited when we can change our figures on our signatures

cLaTTeReD

thanks i feel a little less stressed already - i will post up what i owe and the APR's and my monthly outgoings also
i will have to do this tonight and will get the info posted monday