Help

dchris6

Hi new to the forum and dont really know where to start.

I have had debts for a few years now, tried to consolidate them, ignored them, and now I am at the end of my tether with the whole thing.

I keep getting letters and phone calls from all different companies and really want to take some action.

I have been foolish thinking I can just ignore all the letters, phone calls etc. I no longer know what I owe and to whom but estimate it is around 15k amongst loan and a cc.

I know I must take action, but where do I start.

Help

Luis_the_magician

dchris6 wrote: »

Hi new to the forum and dont really know where to start.

I have had debts for a few years now, tried to consolidate them, ignored them, and now I am at the end of my tether with the whole thing.

I keep getting letters and phone calls from all different companies and really want to take some action.

I have been foolish thinking I can just ignore all the letters, phone calls etc. I no longer know what I owe and to whom but estimate it is around 15k amongst loan and a cc.

I know I must take action, but where do I start.

Help

Can you afford to pay your debt? If not, then speaking to CCCS (like i did recently) is probably the best thing to do, and see what they advise.

dchris6

Luis_the_magician wrote: »

Can you afford to pay your debt? If not, then speaking to CCCS (like i did recently) is probably the best thing to do, and see what they advise.

No I am left with less than £150 a month to pay for food and fuel.
Thank you for your suggestion

Tixy

Talk to one of the debt advice charities for some help. IMPORTANT - Where to seek professional impartial advice about your debts.

To be able to best advise they'll need to run through an income & expenditure account with you, and it would be useful if you could try to start pulling together a list of debts - do you have the chase letters that you have been receiving? Are you still be chased at the moment?

The charity will be able to run through your possible options and the potential consequences of each.

eyeopener2

Welcome

Now lets slow down a bit before we go headlong into contacting CCCS, although they are great, and I use them, there are other options.

First thing first is to complete what is called a Statement of Affairs and this will give the complete picture.

Have a read of this

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

*Edit - Tixy is right.

E2

fatbelly

eyeopener2 wrote: »

*Edit - Tixy is right.

E2

As always ...

dchris6

#UPDATE#

I have filled out my Debt Remedy and now await my Pack from CCCS.

In the meantime I have created two spreadsheets, one with income and expenditure and one with all the debts and details etc.

I have also created a template letter/email that I will be sending to all my creditors.

I am starting to feel a lot better about the whole thing, but still worry like hell.

Unfortunatley I don't have a great deal of surplus income so its small amounts for now.

R_P_W

It won't be easy if you dont have much surplus income, but you have recognised this IS an issue, you have sought advice on here and from your last post it appears you have started to take the first practical steps to dealing with it.

So well done, keep it up and try to stay positive!

midnight_express

dchris6 wrote: »

No I am left with less than £150 a month to pay for food and fuel.
Thank you for your suggestion

Sounds like you you can't afford a car.

dchris6

#Update#

I'm currently on annual leave so been able to grab the bull by the horns and get stuck into all the correspondence I have.

I emailed every company that I could re debts using a template I made myself basically saying;

1) I am in a DMP and would appreciate their cooperation.
2) I cannot afford to pay the full balance.
3) I would be prepared to set up a payment plan for 50% of the balance due.

Now so far I've had 2 replies, one asking me to confirm I resided at an old address and one saying they want at least 75% of the debt.

So heres the question do I wait until my pack arrives from CCCS or do I continue in correspondence sticking to the 50% of balance??

Thanks for all your advice and help guys, I can honestly say I had the best nights sleep last night in years.

I will beat this debt!!!:j