Getting desperate...help!

sheworelipgloss

Hi

I am around £20k in debt now, it's from credit cards and a loan. I really don't know what to do, and am usually in tears over the fact i can't afford the repayments. I manage to pay, but it leaves me with barely enough to live on. I think i have cut down where i can, but am sick of having to say no when people ask me to do things. And my boyf must be sick of hearing "i can't afford it" by now.

I've been in touch with an IVA co, but only want to do this as a last resort. I am also considering approaching my bank to increase my loan to consolidate.

I remember someone telling me there were template letters on this site to write to creditors to ask for lower interest/repayments etc, but can't find them?? This is what i want to try first.

Any help and advice would be much appreciated, i really can't cope anymore :sad:

hypno06

Hi there and welcome!

First of all please please please make sure that you seek free and impartial advice from one of the following: CCCS, Payplan, the CAB or National Debtline.

The details for these will be found at the top of these pages - they are not judgemental, are charitable services and will give you options which are realistic and practical.

They may suggest a Debt Management Plan which they can arrange for you and deal with your creditors direct.

I think that if you want to do it yourself, you can do so with template letters that you will find on the National Debtline site, although I haven't done this myself I just recall reading about it from others on here.

Good luck and keep on posting.

sheworelipgloss

thanks for your reply. I think i may contact one of the company's you suggested. I would ideally do it myself it think, but there aren't enough hours in the day to sort all my lenders out!

I think a debt management plan may be best, but do the companies that set this up charge?

chevalier

to echo hypno above, please go to one of the FREE services first before asking anyone else. CCCS, Payplan, CAB and National debtline are all free services, so that if they set up a debt management plan for you, then ALL of your payment will go to your creditors. Other companies charge fees, and some even front load the fees, so that your creditors literally get pence for the first couple of years. Not good.

Best of luck trying to sort this out.
If you want to post a statment of affairs (see southerscousers sticky at the top of the forum) perhaps we can offer more targetted suggestions,
chev

hypno06

sheworelipgloss wrote: »

thanks for your reply. I think i may contact one of the company's you suggested. I would ideally do it myself it think, but there aren't enough hours in the day to sort all my lenders out!

I think a debt management plan may be best, but do the companies that set this up charge?

The ones mentioned above do not charge for DMPs so you will get the best advice from them, and the best results as all your money goes towards your debts, not towards their costs.

louj_2

i used payplan for my debts they are pretty good and are FREE they will help you with a dmp and are usually pretty good

louj_2

i used payplan for my debts they are pretty good and are FREE they will help you with a dmp and are usually pretty good