Deep In Debt - Need Advise

Converse_2

Hello everyone,

I hope someone can offer me some advise.

I am quite badly in debt, owe around £52k. Been putting it off my ages, borrowing more to try and stem the flow but as always has got alot worse.

I know that I need to sort something out as I will never get out of debt overwise.

The main question is what to do?? Do I try Debt Management or an IVA. I could afford to pay around £600 a month and with DM would be clear in around 7 years. If I went with the IVA would be clear in 5.

I do feel bad and guilty as I have spent the money and got myself in this position but cannot see a way out.

Sorry for the long post but hope someone can offer some advise please

Many Thanks

chevalier

Hi there
Well done for posting and welcome to MSE. We will help all we can but we do need a bit more to go on, and you will need to get the information together anyway (more of that later)

If you look at southerscousers sticky at the link here

http://forums.moneysavingexpert.com/showthread.html?t=107280

you can see how to set out the information that will help us to help you! It might take a bit of doing, but sometimes someone outside of the problem, can see areas where cutbacks can be made, more than the person in the centre of the crisis.

Ref DMP's or IVA's - please make sure that you DON'T use a firm which charges fees. CCCS, Payplan, National Debtline or the good old CAB all offer free, impartial advice on how best to go about paying your debts. CCCS and Payplan in particular have a good reputation on here for setting up DMP's for people.

You will need the same information as set out in the link above, if you decide to go for a DMP anyway, so you can think of this as a trial run for getting all of the paperwork sorted out:eek: :eek: !

Best of luck and keep posting
chev

MissKJ

As you can see by my signature, you are by no means unusual. But it all depends on your income and expenditure. No-one can advise you ubntil you take the next step. Sort out your SOA. (statement of affairs) and post it asap.

I know what you mean about any arrangements, being uncomfortable with not being in control. I wouldn't do it unless absolutely necessary. If you earn good money, you can probably get yourself out of it by using this site, and acting now.

When you have done your SOA, you will probabaly move onto the www.whatsthecost.com snowball debt calculator. This will help you decide what to do.

Good luck, get on with the task in hand of working out your figure, and don't despair.

penguin83

Just a quick one to say welcome to the board! x

CCCS_Emily

Hello Converse,

Welcome to the board! You are definitely in the right place for help and support.

We have an online debt advice facility called Debt Remedy that you can access from our website www.cccs.co.uk It helps you put together a budget and the recommends possible solutions for you. Alternativley you can call us on 0800 138 1111 to have an appointment with one of our counsellors.

Good luck and let us know how you get on.

Regards

CCCS