Advice please, stuck as what to do...

SortingIt_2

Hi there,

I hope you don't mind me logging on for a little advice.

I have over £60,000 unsecured debt and have been struggling with it for the last year or so and have now had to take a pay cut too which has resulted in making matters worse. I have managed to pay everything up to date (with a few late payments) more or less however I can't keep borrowing money from family especially seen as it is getting worse.

A few people have mentioned that I look at bankruptcy due to the sheer volume of debt and my now lack of funds to pay it. However I am not entirely sure whether I could as after what I call necessary outgoings the usual rent etc etc I could possibly pay about 800 a month towards debts - obviously this would not cover minimum payments etc so could only pay them reduced payments. I am at a bit of loss as to what to do. Any advice would be grateful. I am also looking at a DMP.

Thanks in advance.

scaredwitless32

Hi SortingIt,

Have you taken any advice from the following?

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'.***The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 *** National Debtline - Tel: 0800 808 4000 *** Payplan - Tel: 0800 917 7823

Try going onto www.CCCS.CO.UK and completing the debt remedey facility, you have to imput you I/E and at the end it will give you a booklet to down load with advice on how to start dealing with your debt, you can do this at anytime of day, you will also get a reference number and a phone number where you can contact an advisor to talk about your situation too.

Someone with more experience and knowledge will be along shortly to advise you of your options

debt_doctor

Hi Sortin it, its the usual questions !

What job do you do ? do you have a car or an interest in a property you do not own ? and of course can you post your income and expenditure so we can have a look ?

Once we have all these we can help you start to look at how your going to deal with these debts.

Best,

DD

Toad

Hi SortingIt,

Welcome to the boards, of course you can log on for a while and ask. However, I would agree with the above posting advising you to get _professional_ help - and do not pay for it! My first port of call was cccs which you can initially complete online so you can do things at your own pace. If you do choose BR, the court will ask if you took professional advice.

It's all very easy for some guy down the pub or a friend to suggest bankruptcy, but this should always be taken with a pinch of salt. Professional advice is the way to go.

all the best

Tony

maxmycardagain

mmmmmm

CCCS

" As you are - or have recently been - self-employed, we are
unable to take you through the CCCS Debt Remedy process.
However, to find out how we may be able to help,
please call us to speak to one of our debt counsellors."

fermi

So we don't duplicate advice or go over old ground requesting info already posted, can I point out that SortingIt also has a thread running on DFW.

http://forums.moneysavingexpert.com/showthread.html?t=561807

SortingIt, I hope you get things sorted out whichever choice you make.

scaredwitless32

Oh, sorry fermi, I wasnt aware of the other thread, I dont venture over to DFW board too often, I tend to stick around this one and the old style.

fermi

scaredwitless32 wrote: »

Oh, sorry fermi, I wasnt aware of the other thread, I dont venture over to DFW board too often, I tend to stick around this one and the old style.

No probs. I was just pointing it out for info really. I wasn't making any sort of criticism.