Hi there newbie needing help and guidance

emmalou24

Hi there im emma 24 and in about £14,000 worth of debt
i am struggling to meet payments 3 years ago i took out a debt management plan as i was made redundant and didn't find work for 3 months.
that went well untill recently i had a miscarrigde in sep 06 and one in april 07 i am signed off work sick as i am not coping very well with it this time round.

anyway i cant make the dm payments this month and im overdrawn in the bank by £300

the bank saif they can help with a managed loan
and dm company said they can wait for a payment on 28th june (thank god)

my question is should i take the managed loan,
should i continue with the debt managment

or

should i consider an iva or bankruptcy???:eek:

i live with my parents and own nothing except a cheap tv and video player in my room

i have enough stress at the moment and this has been buzzing round my head for some time

has anyone else had experiences of and iva or bankruptcy was it the right choice???

thanks to all in advance:T

gettingitsorted

emmalou24 wrote: »

Hi there im emma 24 and in about £14,000 worth of debt
i am struggling to meet payments 3 years ago i took out a debt management plan as i was made redundant and didn't find work for 3 months.
that went well untill recently i had a miscarrigde in sep 06 and one in april 07 i am signed off work sick as i am not coping very well with it this time round.

anyway i cant make the dm payments this month and im overdrawn in the bank by £300

the bank saif they can help with a managed loan
and dm company said they can wait for a payment on 28th june (thank god)

my question is should i take the managed loan,
should i continue with the debt managment

or

should i consider an iva or bankruptcy???:eek:

i live with my parents and own nothing except a cheap tv and video player in my room

i have enough stress at the moment and this has been buzzing round my head for some time

has anyone else had experiences of and iva or bankruptcy was it the right choice???

thanks to all in advance:T

Hi Emma and welcome

you will find alot of support here and the help and guidance you are looking for .

A few questions if i may

Who is you debt management plan with ?

do you feel you are able to post an income /expenditure up for us so we can see where we may be able to help .

GIS

Richard_S

emmalou24 wrote: »

Hi there im emma 24 and in about £14,000 worth of debt
i am struggling to meet payments 3 years ago i took out a debt management plan as i was made redundant and didn't find work for 3 months.
that went well untill recently i had a miscarrigde in sep 06 and one in april 07 i am signed off work sick as i am not coping very well with it this time round.

anyway i cant make the dm payments this month and im overdrawn in the bank by £300

the bank saif they can help with a managed loan
and dm company said they can wait for a payment on 28th june (thank god)

my question is should i take the managed loan,
should i continue with the debt managment

or

should i consider an iva or bankruptcy???:eek:

i live with my parents and own nothing except a cheap tv and video player in my room

i have enough stress at the moment and this has been buzzing round my head for some time

has anyone else had experiences of and iva or bankruptcy was it the right choice???

thanks to all in advance:T

Hi emma,

It does sound as though bankruptcy would be the best way to confront your debts but you should really take professional advice from one of the debt charities, CCCS, CAB(Specialist Financial Advisor) National Debt Line etc etc, the links are at the top of this page.

Any of the charities will be able to outline the various options open to you and then the decision is yours to make. Any other support or advice you need please post on here; you're in the right place and we've all been in the position that you're in now.

Best regards

Richard

Bakeybadoo

First off, you need some professional debt advice. Contact any of the following for free, independent advice:

https://www.cccs.co.uk
https://www.payplan.com
https://www.nationaldebtline.co.uk
Your local CAB (ask to see a money advisor as general advisor aren't much help in money department)

It sounds like things are tight whilst you are off work and once you return, you can re-start paying stuff? In that case, BR probably wouldn't be an appropriate course of action. It is very serious, has long lasting consequences and should be the very LAST resort.

Also, you need to be seriously struggling to meet your debt payments AFTER you've paid your essentials, to think of going the BR route. If you can afford both when working, bankruptcy wouldn't be my first choice in your shoes.

I wouldn't go the loan route, it's never a wise idea to incur more debt, to pay off existing debt. You just get deeper in in my opinion.

Anyway, can't help with the IVA as I've not done one but you do need at least £100 of surplus income to put into one apparently and they can charge huge fees, sometimes as much as the debt so again, think carefully, that's why I'd advise professional help to decide what's best for you and your situation.

emmalou24

income
£800 pm

outgoings
£300 rent
£150 travel
£100 my essentials
£230 debt management company - Chiltern uk

allofadither

Hi Emma,

I was told by CCCs and Payplan that to be considered for an IVA a person's debts had to total at least £15k, so that may not be an option for you. But it's worth checking, just to be sure.

gettingitsorted

emmalou24 wrote: »

income
£800 pm

outgoings
£300 rent
£150 travel
£100 my essentials
£230 debt management company - Chiltern uk

Thanks for that Emma ,ok so your debt management plan are you being charged for there services?

If so i urge you to have a look at https://www.payplan.com or https://www.cccs.co.uk

Bakeybadoo

I agree, there are plenty of free DMP companies out there, if you are paying someone.