Help needed!!!

Miss_Frankie

Hi

I need advice I'm 26 years old and have 15K of debt (was 18K but managed to claim 3K of bank charges wohoo!!) something i am not proud of but between student loans and living expenses, I am in this mess. I have DMP with payplan but I am really struggling to pay the £200 a month and to be honest see no end to the debt. I know there is no quick fix but I just don't know where to go for here. I don't want to borrow more and I would like to earn a additional income, I used to work in a bar but then I was tired all week at work which I got in trouble for. All adverts I see on the net for additional incomes seem to be scams or you need money to make money. Thought I'd chance my luck and send my creditiors a letter explaining my situation and offer them a settlement figure on the debt, but I think I know the response I will get as I have only offered them 25% of what I owe them but hey we will see I expressed my only other options where IVA or going bankcrupt, something I really don't want to do. None of my family or boyfriend no about my situation and I'd really like to sort it out myself. I am going to study book-keeping and start up a small business from home but I really need money now.

If anyone has advice/ideas please let me know.

thanks

Frankie x

slowlyfading

Just want to say welcome there'll be more experienced people along soon to help, dont worry. The first thing to do is to post a SOA (see southernscousers sticky at the top of the page) so people can help there
sf x

SortingIt_2

Welcome, its always hard dealing with debt but you have come to the right place. Best thing to do is post a full SOA giving as much details as possible and then we can help and suggest ideas.

Have you thought about discussing with your family, friends or boyfriend? It does help.

Good luck!

Miss_Frankie

Thanks Sorting It and slowlyfading for your advice. I really don't want to tell my parents or BF it's really not an option at the moment. I do hate the lying tho or the thought they will discover something. I really think I've changed as a person getting into this mess.. I just need to make some pennies to get back on my feet. I'll go do a SOA.

sillybean

No easy task,

having been a avid reader/ viewer of all the advice that comes my way via the newsletter (and associated articles) and web casts. I can say that this is a great site to start working out what to do. Its not by any means an panacea and M wont be conceited enough to think so either.

Just carefully read through each sections articles and make a list of the things you have to do. His credit card shuffle idea (which was a new concept to me) was i though genius. Although i dont have any credit card debts and dont intend to get any its still genius!


I think the key thing is to work on each area one at a time. The first is the debt, work out what type you have and then go to each section and use the advice.

Then work out what out goings you have and work out how you can squeeze that. So first for me when I was going through the process was to look at all my bills and expenses. I really cut back and saved loads on utilities. So anyhow I wont repeat any advise here just go through a planned process of looking at each aspect of your finance and sorting them out one by one but don’t try everything at the same time as you get mixed up and your focus on what your evaluating is thinner and less through.

Hope things start working out.

bean

Miss_Frankie

Thanks bean I working my way through it all now. Feels so much better discussing it with people and getting some good advice.