Any advice please

WookyHollow

I am new here having just read the new on iva's. My situation is this - outstanding credit card and personal loans total around £40000 - don't ask!!!!! Monthly wage £2350 - I am paying around £1200 each month to pay off the above. Result is has become unsustainable and am struggling. I have 2 grown up sons living at home who help me out as much as they can. I have another son aged 10. I am conscious of fact that sons will move out soon and when that happens I will go under. I do not own my own home - I rent. I don't have a fancy car 2003 Hyundai. In essence I have no real assets and was thinking of iva to help me pay back at a manageable level. I figure I can really afford £400 per month which will then give me enough money to buy shopping cash instead of using the available credit on my cards which is rapidly running out. PS Am emotionally frail so please be gentle (I probably don't deserve it but hey ho). Thanks

Pixie5740

Hi WookyHollow. Have you contacted one of the debt charities to discuss your options? Whatever your debt problems there will be a solution for you. Step Change, CAP UK or National Debtline will be able to help you.

sourcrates

Hi,

Wooky, you have posted the same thread 3 times, this is just going to confuse people, I suggest you delete the other two entries, (or mods will) and just reply to this one.

IVA sounds like it might be an option for you, have you read up on the pro`s and con`s of having one ?

There is the other option of Bankruptcy, which may be a quicker solution, because an IVA would more than likely last 6 years as you are a non homeowner.

At the other end of the scale is a debt management plan, but with a 40k debt, that may take an awful long time to clear.

Best bet for starters is to go to the stepchange website, they have an online debt tool, to find the best solution for your situation, go an do that, and see what it recommends.

Link here :


http://www.stepchange.org/?WT.srch=1&WT.mc_id=270049&WT.seg_1=stepchange&gclid=CLzDw7iIlckCFcsBwwod7vcAiw

andyfromotley

Hi wooky,

welcome, no one will blast you here for being in debt! Just follow the excellent advice that you have been given in the above two posts.

EssexHebridean

First off sorry to see you got overlooked in the scrum yesterday.

Sort yourself a Statement of affairs as a priority - that will enable you to see exactly where you money is currently going. It will also show exactly how much you *need* to find to pay the minimum contractual payments on all the debts you currently have. Take a look at the sticky threads at the top of the board - there is a link and I think instructions for creating an SOA there I think.

Once you've done it, pop it into a post on this thread and you should get lots of help offered suggesting where you might be able to make savings. An IVA might be an option, but it may be possible to hammer things back into manageable shape while your sons are still living with you and contributing.

fermi

Threads merged. So above replies may be slightly confusing due to that.

Luna29412

Hi Wooky

Don't Panic, until a couple of months ago I was in exactly the same position as you, in fact slightly worse (£46k). I was paying £1000+ a month paying back a loan and 4 cc's.

EssexHebridean is absolutely right the first thing to do is a SOA, I did mine through Stepchange and they have been amazing. Within 2 months I have a DMP with them, all cards and loan down to 0%. Its not easy having lived the last fews years on credit but its worth it.

The only mistake I made was not getting an emergency fund together before I started the DMP. First step though definitely a Statement of Affairs.....Good Luck

WookyHollow

Thank you so much everyone. You have given me renewed confidence. I will follow the advice given re statement of affairs, read up on my options and speak to charity organisations before I commit to anything. Once again thank you all.

patman99

You will find a lot of support on here. We don't judge people or critisize them for the debts they have run up.

We all have been/are in the same position as you so are in a position to offer good advice.

As others have already said, give StepChange or Payplan or CAP a call. They are all charities set up to help those in debt so will be able to advise on the best option.

Given that you rent, your options are likely to be DMP, DRO, IVA or bankruptcy. These you can discuss with whatever charity you decide to speak to.