Help out there??

ally29uk2000

Ok when stacked up i have approx £15,000 of debts...good credit rating and a mortgage.
No defaults.
The bank wont help until i default.
This is credit card and bank over draft.
Im currently paying about £220 minimum payment plus bank over draft.
I got in touch with a company who are coming to see me Friday for an IVA.
But now reading up....i just dont no what to do.
Ive read on here ..i no its no excuse but i have had very bad Mental Health..but now this is been and gone,ive faced what ive had to do there and now focusing on this...i need help without more stress..so plz can someone help me out...give me the best way forward..its so apealing them saying that basically they can cut my debts to a third and in 6 years theyll be gone..but too good to be true.

judi24

Didn't want to read and run - i am sure someone much more qualified to advise will be along soon to help - In the meantime have a look at the Sticky at the top of the board and do a SOA (statement of affairs) where you list all your incomings and outgoings so that the kind folks on here can help you work out how best to tackle your debt - also from reading on here (but no expert) make sure that if you are going to go down the route of a debt management plan (sound like the person who's coming to see you on friday is trying to sort) make sure it is a free one not one you pay a fee for.

Puzzcat

Hi, Go on the stepchange website and try out the debt remedy tool. This will give you options. A dmp and iva are very different and rather than having someone visit you, I would cancel now, do some homework and check out the sc website.
Good luck.

[Deleted User]

Since you are making minimum payments (albeit at a struggle), I would ask yourself, if you really want to risk trashing your credit rating, by going on a DMP/IVA?

I'd suggest you hold off on those, and post an SOA (link below), to see if you can free up some cash, to clear the debts without defaulting/ruining your credit rating.

http://www.stoozing.com/calculator/soa.php

In the meantime, a few areas to check.

Are you paying your Council Tax over 10 months? If so, swap to paying over 12 months. Also, if you are the only adult at the address, are you claiming the 25% discount?

Check comparison sites for better deals on gas, electricity, telephone, broadband and insurances.

Do you have pay TV? If so, cancel and go Freeview/Freesat.

Do you have mobiles on contract? If so, check how much they are costing you, and swap to PAYG/sim only (about £10 per month) if cheaper.

blueneleh

Hi,

Just wanted to second the posts above.
Make sure you have looked at all options first before meeting with anyone, as an IVA can be made to sound appealing and like your only option when you may not actually need one.
Get your SOA done and then things can be loooked at in a bit more detail.
There's lots of help on here so you're not alone.
Best of luck,
Blue

ally29uk2000

Thank you.Ive been on the Stepchange
I've filled in a form for a Dmp,but will have a good read up tonight.
To be honest I am really not bothered about my Credit rating now,just want to stop worrying and start sleeping.

Puzzcat

Well if you fancy reading up all about dmp's.. do come along to
https://forums.moneysavingexpert.com/discussion/4988866


Lots of information and all of us are on dmp's at different stages..


Good Luck
Puzz. x