I need some help and advice?

kjglen24

Hi there, I am need of some desperate help.

If I admit it, I am in debt.... and I need to get out!

I have just paid £2 online for a copy of my credit report, as I don't even know all of my debts......

What do I do now, how to do I go about clearing them. I haven't spoken to the companies for years and I just buried my head in the sand being a young student and all that stupid I know.

I have very good relations with my bank at present so don't want to mess that up so wouldn't go bankrupt or anything, on the other hand I don't have much spare monies after bills/food e.t.c. go out either.

Thanks for the help in advance

Kerry

happycamel_2

Hi, open all your post and use the credit files to understand exactly how much you owe and at what interest rate and minimum payment.

Use the link at the top of the forum and fill out an SOA and post it up so we can see your income and outgoings. That will help us advise you.

You basically need to be making the minimum payments on everything and then overpaying your highest interest debt. You can speed things up by cutting unnecessary expenditure and selling things you don't need.

Other than that, I strongly recommend keeping a note of all of your expenditure, even cash. Write down what, why, who to and how much. This will help you work out what you can cut back on and the total at the end of the week and month may surprise you.

Well done for posting, that's a big step in itself. You will put this behind you, we can help you to do it as quickly and efficiently as possible.

kjglen24

Thanks for the quick reply

I don't get letters anymore as I moved a few times in the past few years (work kept moving me) Will the credit report tell me what I owe?

Sorry to be a pain but where is the SOA link, I cannot seem to find it

Kerry

happycamel_2

Here is the SOA link http://www.stoozing.com/msoc/soacalc.php

Your credit file should show what you owe. See what paperwork you have in the house from when you borrowed the money too. Be wary about contacting creditors until you have a plan about making repayments.

Walaboobah

kjglen24 wrote: »

Thanks for the quick reply

I don't get letters anymore as I moved a few times in the past few years (work kept moving me) Will the credit report tell me what I owe?

Sorry to be a pain but where is the SOA link, I cannot seem to find it

Kerry

When did you last acknowledge the debts? Under or over 6 years?

kjglen24

Walaboobah wrote: »

When did you last acknowledge the debts? Under or over 6 years?

Some over 6 years, most over

McKneff

The ones over six years are not enforceable. In any case they should have dropped off your credit file anyway and will not be there.

Check all the dates on any defaults on your file, if any are near 6 years, just keep your head down.

Deal with the rest of them.
And good luck.