Please help me....

National_Debtline

Hi Mermaidspurse


Welcome to the forum. It can be a big first step acknowledging that you need to take action on your debts, so well done for doing that. To reiterate the advice above you need to start with an accurate SOA. This is going to determine how much money you have spare before paying any debts. And that in turn helps decide your best debt option.


You may have enough money to clear your debt in a reasonable period of time if everyone agreed to freeze interest, in which case you could self negotiate or enter into a free debt management plan. If it's not feasible to do that then you could consider an IVA or bankruptcy. If you don't have assets of high value there's usually no benefit in choosing an IVA over bankruptcy.


I'd recommend getting in touch with one of the free debt advice agencies who can talk you through the best option for your situation. Good luck with it all.


Susie
@natdebtline

AlwaysWorking

Could you have a look to see if there are any part time jobs in your area that you could work around a full time job? When I got made redundant a few years ago and had to take a lower paid job I also got a job three evenings a week in Sainsburys working 6-10pm and worked 1-6 on a Sunday. It wasn't easy but the money REALLY helped.

Candyapple

Mermaidspurse wrote: »

I’ve looked at IVA -would reduce my payments but still stuff me over credit wise for 5 years ....

Last year my credit rating was 997
It’s now below 300 because I owe more than I earn so I can no longer transfer balances or get a consolidation loan - I’m rapidly running out of options and faith

Your credit history is already trashed. IVA seems like your best option.

If I read your opening post correctly, you originally had £20k debt and cleared £12k of it, then you were made redundant and had to come back to the UK (with £8k of debt I presume). How did you rack up £17k worth of debt in that space of time?

knightstyle

Looking from the outside by someone who faced and conquered huge debt I would say that you need to strip your life down to essentials, You do not need TV, gym, car etc. You can probably get cheaper accommodation and mobile phone can cost a lot less than £23.
OK is that sounds harsh then sorry but you do not have the income to keep going at that level.
So just a quick look around here and a decent room with all bills is from £65 to £80 a week, TV free, mobile, well most of my friends and family are on Gifgaf so free calls between us, we have two phones, one on £7.50 and the other PAYG, £5 every few months. Car is probably one big expense you could do without? Look at a scooter or cycle perhaps.
Whatever you decide remember your goal, NO DEBT, keep this in mind and things will get better.

chevalier

have a look at the up your income thread for ideas to do just that.
But things such as mystery shopping, and doing surveys might be the way forward to get a bit of spare cash. What about a bar job on the weekends? Do lots of walking in that sort of job so won't need the gym? Ask if you can suspend your membership for a bit. Can you look for a cheaper place to rent? Would the landlord allow you to sublet a room to half the rental cost?
good luck
chev