Clearing debt

terrence_2

I currently have about £56,000 debt. This is unsecured loans, overdraft and credit cards. I only have about £230 spare each month at present. I have been on the CCCS website and done their debt remedy thing. It has suggested bankruptcy. I do not want this and I will call them to discuss. I also think my income might be increasing so the situation should only improve as the months/years progress. I wondered if anyone had any thoughts or advice. I've read a fair few posts and a lot of people appear to be around the 30k mark so mine seems a little high with only a small amount able to pay back each month at present. I do not have priority debts, any dependants or a house/mortgage.

taxi73

I just want to say hi and wecome...do you know that your situation is definitely going to improve..if so tell CCCS when you call them as they may be able to take this into consideration ..a SOAs is the best way to start as we don't know any of your incomings or outgoings to help you any...When you've got a bit of time why not grab a cuppa and get all your paperwork out and write a list of your incomings and outgoings including the APRs on your loans CCs etc..as you don't want to go bankrupt we may be able to help you

terrence_2

Is there any example template letters on this site that I can send to creditors? If not could someone direct me to where I can find some. I need to start acting now as things are hotting up a little. This is the first letter I will be sending, any previous correspondence on my part has been over the phone. Obviously they have sent me letters. Most of my debts have now been passed to debt collectors due to my inaction. 1 has called at my door whilst I was out, although he was fairly friendly when I phoned later as he just needed to pass info back to the dca/creditor. I am a little frantic with this at the moment so any help would be appreciated.

angelavdavis

Hi Terrence.

There are some sample templates on the National debline site here.

MissEyre

Hi, welcome!

Your unsecured debt is high and the amount you are able to repay is quite low, but there are plenty of people on the site who started with debts higher than yours who have managed to get it down to the £30,000 you now see in their signatures, so it can be done.

As taxi suggests, it would be really helpful if you could get all of your paperwork together and list every single debt, the interest rate, monthly payment, and then tell us what your income is and what you are spending it on at the moment. Once you have done this, you will get lots of help.

There are plenty of brilliant template letters on here, and you've already had a link posted, but do remember the free debt charities available to help you too-you might find it would be less stressful for you to have CCCS or someone like that act on your behalf, rather than sending the letters yourself? Just a thought!

Good luck, do let us have your SOA when you are ready x