help and advice needed

horse

i owe over 12k on 4 credit cards

my bills leave me with around 100 a month, before buying food

i cannot afford minimum payments on my cards

my partner doesnt know about the debt, and THE most important thing for me is she doesnt find out, she has enough on her plate and she would not be able to cope

we have a mortgage, been there a year so not being able to get another doesnt bothr me in the short term, my credit rating is already shot to pieces due to missing payments so that not issue for me

been suggested to me that i should enter an iva

can this be done without

a) phone calls and letters to my house?
b) my partners credit being affected?

what are the main pitfalls?

thanks, im am in dire need of help, i jump out of my skin when the door goes or phone rings, or a car pulls up

thanks

sandralovescats

There is no way you can escape letters to your home or phone calls from your creditors.

Yes an IVA would be possible.

Your girlfriend's credit rating would not be affected.

Try phoning Myvesta, Payplan or CCCS who all provide a free advisory service.

On a £12K debt and 30p in the £ repayment you are looking at repayments of about £195 per month for 60 months. Simply because the IVA arrangement fee is around £8K An IVA is published on a public website for all to see.

What about a DMP? It might be better for you in the longterm

sandralovescats

On a DMP you would pay £200 a month for 60 months and repay the £12K in full.

It might be worth a thought

horse

sandralovescats wrote:

On a DMP you would pay £200 a month for 60 months and repay the £12K in full.

It might be worth a thought

what is a dmp?

sorry for the ignorance but its my fisrt post as ive been putting this off, but i cant sleep and am turning to drink and considering worse

Storm

How much can you realistically manage to pay off per month?

Lots of people on here say they don't want to tell their partners about their debt, but those who do have often said it's made the relationship stronger, and it's hard to get through to someone the importance of turning off lights etc when they don't know how tight money is

Bestthingsinlifearefree

Hi !

welcome to MSE. you are in the right place for FREE :beer: advice and support.

Read this post to get you started.

http://forums.moneysavingexpert.com/showthread.html?t=107280

Post an SOA.

Cut down on the drink.

Sleep, eat and exercise well, this will help you sort this situation. Stay as positive as you can.

I wish you well.

horse

Storm wrote:

How much can you realistically manage to pay off per month?

Lots of people on here say they don't want to tell their partners about their debt, but those who do have often said it's made the relationship stronger, and it's hard to get through to someone the importance of turning off lights etc when they don't know how tight money is

she has WAY too much on her plate to handle this, its that simple


i could stretch to 100 tops a month

CLAPTON

you need to post a full financial statement of your affairs (SOA) ..i.e. income, spending and debts before its possible to offer good advice about how to deal with the debts.

see for further details
http://forums.moneysavingexpert.com/showthread.html?t=107280

can you also say much much the house is worth and how much the mortgage
also whether you have children, and say what the situation with your wife is.
in general we usually advice that you need to discuss these things with the OH, partly because you are better addressing these issues as a team but also because in practice its difficult to keep these things secret.

sandralovescats

horse wrote:

what is a dmp?

sorry for the ignorance but its my fisrt post as ive been putting this off, but i cant sleep and am turning to drink and considering worse

Debt Management Programme