Help please

LTS444

Hi

I wonder if I could seek some advice - after many years of struggling to service my debts along with several days reading through these threads (which have been enormously helpful and I am staggered by the amount of fantastic support offered) I have now plucked up the courage to tackle my debt problems

I currently have £88,155 of debt :mad: made up of:-

Secured loan - Optimum credit (£17,599)

Unsecured loans - Nationwide (£6878), Hitachi (£9768), Hitachi (£7314)

Credit cards - Lloyds (£6331) - Nationwide (£1478) - Halifax (£1354) - Santander (£3987) - Capital One (£1246) - Marbles (£1317) - Barclaycard (£3391) - Aqua (£3011) - Vanquis (£2248)

Overdraft - Santander (£4500)

Loan from parent (£4065)

Loan from ex-partner (£13275)

Store card - Next (£393)

I am self-employed and through the Stepchange website was re-directed to the Business Debt Line service - I've completed the budget which says I have -£419.64 left for debt repayments

I am a homeowner and have approximately £100k equity, but downsizing isn't an option as the properties in my area are staggeringly expensive and I wouldn't be able to purchase another property for less

Bankruptcy is not an option, neither is an IVA or DRO but thought that I would be able to set up a self-managed DMP - the advisor at BDL said that this wasn't possible as my budget did not show that I had enough to pay the minimum of £5.00 per creditor per month, but then suggested that I write to all my creditors and ask for interest and charges to be suspended for 30 days to give me breathing space - I asked what I should do after the 30 days expired, but they couldn't answer me!:mad: they then changed their mind and said that after the 30 days expired I could offer token amounts of say £1.00 per month and then a higher amount - I stated that this was effectively a DMP !

I do not yet have an emergency fund set aside - I have a separate bank account which I can have my income paid into and DDs paid out, as currently all my DDs are taken from my Santander account, but I have an overdraft and credit card with them

Could I please ask for your suggestions on my next step - I was going to write to all creditors bar my unsecured loan (as they have the ability to repossess) and ask for 30 days grace and then attempt to enter into a payment plan with them

My credit file is not good as I have so much credit, but at present I am up to date with all payments, albeit I am only making minimum payments - the interest on the credit cards is my biggest issue

Thank you in advance for your advice, having spent many hours reading your threads I have been extremely moved by the progress you have all made, whilst offering support to others - it's fantastic to know there is support there - I am on my own and although have told a close friend a little of my problems, I have no one else really to discuss the matter with

Thank you

sourcrates

Hi,

We move posts if we think they will get more help elsewhere.

So your post has been moved to the DFW general forum.

Thanks

middleclassbutpoor

You have a secured loan so they could look to enforce repossession if you fall behind.

You really need to do a full statement of affairs to see what your budget looks like properly so you can get proper help.

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