Debt out of control , please help

daz69kay

Hi , im after some advice. I am constantly in overdraft and when I pay off my credit card minimum I need to spend it again. I have debts of over 17,000 and I have never missed a repayment but I notice I hardly have any disposable income left.
I have 11,000 left on my loan @ 297.00 per month and I have 2,550.00 Credit card, 3,000 Overdraft on a debit card and 500.00 Barclays finance. I also have 2 more debit cards totaling 600 overdraft to the max.
I only get 1100 per month but I have O2 bills, virgin, car insurance and other debits that come out. I am paying interest here there and everywhere.

I have devised a preferred payment plan not been sent off yet to various companies and I am struggling getting through to the Citizens Advice. What can anyone suggest? Is debt management my only option to lower re-payments? All debts are non priority , ie , loans / credit cards.

Thanks

pmlindyloo

As Martin says there is a solution to every debt problem so complete a Statement of Affairs (income and expenditure) here:

http://www.makesenseofcards.com/soacalc.html

and then sit back and wait for the experts to come along and help.

daz69kay

pmlindyloo wrote: »

As Martin says there is a solution to every debt problem so complete a Statement of Affairs (income and expenditure) here:

http://www.makesenseofcards.com/soacalc.html

and then sit back and wait for the experts to come along and help.

Hi , thanks for this. I have completed this. Do i offer creditors this then ?
Thanks

DVardysShadow

daz69kay wrote: »

Hi , thanks for this. I have completed this. Do i offer creditors this then ?
Thanks

No. What pmlindyloo didn't tell you was to post a copy here. To do that, when you have clicked 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted text including all formatting codes. Paste the copied text into a post on this thread, so the experts can see it.

daz69kay

DVardysShadow wrote: »

No. What pmlindyloo didn't tell you was to post a copy here. To do that, when you have clicked 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted text including all formatting codes. Paste the copied text into a post on this thread, so the experts can see it.

will do this tonight :-) thanks , i hope i can get lowered re-payments by 28 May or does it take ages

pmlindyloo

DVardysShadow wrote: »

No. What pmlindyloo didn't tell you was to post a copy here. To do that, when you have clicked 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted text including all formatting codes. Paste the copied text into a post on this thread, so the experts can see it.

Sorry

Forgot that not everyone knows how things work.

Smacked hand!

gizmo111

daz69kay wrote: »

will do this tonight :-) thanks , i hope i can get lowered re-payments by 28 May or does it take ages

No you just cancel direct debits and write to the companies and tell them that you are in a DMP - you may want to make token payments for a couple of months so you have a bit of and emergency fund.

daz69kay

gizmo111 wrote: »

No you just cancel direct debits and write to the companies and tell them that you are in a DMP - you may want to make token payments for a couple of months so you have a bit of and emergency fund.

Hi , im not in a DMP though. ? I have to negotiate with the debtors dont i ?
thanks

vax2002

If that is contract phones and TV packages you are paying then I think your answer will be a simple one, learn to cut your coat according to your cloth...

Barbeduk

I think that by the time we all hit the debt free wannabe boards we've kind of worked that one out for ourselves:D