Meeting with debt advisor...possible outcome?

Nortonred

Good evening all,

Don't post much, prefer to lurk in the shadows as a keen observer.

If this is on the wrong board I apologise.

I have a meeting with a debt advisor on Monday set up by CAB. Basically I have debts with monthly payments alone that out way my income. I had fallen into the trap of using those awful payday loans to pay off payday loans. I finally admitted to myself the mess I was in and the fact I have let my family down and went to CAB. The thing is some of the debts are in mine & my wifes name. Mostly all in mine though. Currently going through the painful process of filling out forms accounting for every penny we spend each month and trying to find paperwork to support it.

Basically I was hoping someone may know what might happen at this meeting and any possible outcome.

Many thanks

fermi

Next to impossible to say. Too many factors to take into consideration. Might be worth posting your SOA for opinions on the Debt-free-wannabe board.

I would also suggest perhaps getting 2nd and 3rd options from places like National Debtline and Stepchange. Different advisors can have different takes on a situation, so more than one opinion could prevent you getting bounced into one particular solution. Conversely, if they all say the same thing you could be more confident in that approach.

longtermplanner

Don't worry too much about the supporting paperwork, the CAB advisor won't want to see that at this meeting. Just do your best to get realistic figures on the income / expenditure sheet you are completing.

Also have a think yourself about any changes you could make. Get rid of Sky, take sandwiches to work etc etc.

If you could let us know how large the total debts in your name, your wife's name and joint names are, we could say something about what you could read up on over the weekend so that you are better prepared.

loveka

I totally agree with the advice about a second opinion. We got some really bad advice about my partners debt from a lovely woman at Citizens Advice. She told us to cash in our mortgage endowment policy to clear the debt. She also gave us a fantastic piece of advice which WS to do nothing in a hurry. So as my hand hovered over signing the forms to cash in the endowment I decided not to rush the decision. I go cold every time I think how close we came to cashing in the endowment in a panic because we didn't' know enough about debt.

Use the time before your appointment to read these forums and the articles on here about how to deal with debt. Look on the Step change website. Study debt as a subject really. Follow the advice I got not to leap into any solution without considering others first. There is a really good booklet from the money advice service that we were given at CA which was brilliant.

My partner ended up on a debt management plan the best decision for our circumstances. Good luck. It will be OK.

luvchocolate

really good advice above...read everything you can, do not rush plan carefully...you will be ok with all the help on here for advice and support x

Nortonred

Many thanks for the advise. I will post the figures later as I don't have them to hand right now. It's all a bit over whelming and the fact I know I am unable to meet all my payments in a weeks time is what scares me the most at the moment. Already started cancelling the non essentials but have put it all on my form and writing cancelled next to them as I go.

National_Debtline

Hello there,

Here's a link to our guide 'Dealing with your debts'. It's often given out by the CAB Money Advisers, so hopefully you'll end up with a paper copy. If you don't get one and you wish to have a paper copy you can always give us a ring:

http://www.nationaldebtline.co.uk/england_wales/pdf/self-help-pack/self-help-pack-full.pdf

As the others have already mentioned, do take your time to consider all of the options open to you - there are several routes to consider generally. It's certainly worth posting up your statement of account here too.

Here's a link to a brief overview of all of the debt options open to you; not all are likely to be relevant. The best way to deal with a debt situation is often based upon your own individual circumstances, the amount that you owe and how much you can afford each month to pay towards the debts:

http://www.nationaldebtline.co.uk/england_wales/page.php?page=35_options_for_dealing_with_your_debts

Hope you find this information useful!

David @ NDL.

Nortonred

Thanks all for your help. Now moved over to the DFW forum.