Debt help

Loyalroyal_2

Need advise about dealing with debt after relationship break down 
debt of £22,000 all in my name 
Have looked in Iva ?? 

Is this the right way to go 

I have no assets no car or house 
HELP ! 

stu12345_2

don't panic, many questions for you ,
do you work, get benefits, have the debts defaulted, do you live alone, are they  consumer debts or any priority debts, what demand stage are the debts at, have you considered using a debt charity for advice

many others will post advice for you here


do not sign anything, especially an IVA

do not agree to anything with creditors

read this stickie , it guides you what to do


https://forums.moneysavingexpert.com/discussion/6496941/in-debt-and-wannabe-debt-free-first-steps#latest

can you post a list of your income outgoings and creditors using this link

https://www.lemonfool.co.uk/financecalculators/soa.php

https://www.stoozing.com/soa.php

fatbelly

Loyalroyal_2 said:

Need advise about dealing with debt after relationship break down 
debt of £22,000 all in my name 
Have looked in Iva ?? 

Is this the right way to go 

Almost certainly not. No need to rush into anything, least of all an IVA

Do what Stu advises and post a soa

Loyalroyal_2

Yes I work 
universal credit 
debts haven’t defaulted 
I have a 19yr and a 12yr old at home 
credit card debts 
being of debt  journey 
not spoken to a debt charity yet 

Will fill in forms and post back 
thanks 

sourcrates

Your options will be debt management/debt relief order or bankruptcy, assuming you live in England & Wales.

The answers to the questions stu has asked will tell us which is the most appropriate.

stu12345_2

take your time, it's the weekend, and as your debts haven't defaulted there is nothing serious the creditors can do, it can take 6 months, one year before they default and that's even by paying them nothing in that period.

ignore adverts for IVAs, that is only one solution and it's a last solution for those that own homes in general, so that's not for you.

there are plenty of other solutions out there, not advertised as much, and you will find these in free debt charity sites, like payplan, stepchange, Christians against poverty, money wellness, national debtline, citizens advice bureau 

do not looking at sites that charge you for a solution, they look like debt charities, but they are not.

in the meantime all you will get is computer generated letters and emails. and maybe some auto phone calls, but there are ways to stop that.

you have lots of time on your hands to sort this.

the most important thing is don't sign anything, anything at all or agree to anything either via a call or a letter .yet

and that applies to the creditors and even the debt charities 

kimwp

Even organisations that say they don't charge, might charge by taking money from what you send them for the debt payments, so best to double check here before signing anything. No need to rush into anything.

stu12345_2

the debt organisations I mentioned never charge you, they get funded indirectly from the creditors!

so relax and take your time as there are solutions you can actually organise by yourself!!

Loyalroyal_2

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 1

Number of children in household......... 2

Number of cars owned.................... 0[b]

Monthly Income Details[/b]

Monthly income after tax................ 1150

Partners monthly income after tax....... 0

Benefits................................ 1120

Other income............................ 250[b]

Total monthly income.................... 2520[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 800

Management charge (leasehold property).. 0

Council tax............................. 237

Electricity............................. 167

Gas..................................... 0

Oil..................................... 0

Water rates............................. 32

Telephone (land line)................... 0

Mobile phone............................ 31

TV Licence.............................. 15

Satellite/Cable TV...................... 0

Internet Services....................... 78

Groceries etc. ......................... 240

Clothing................................ 0

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 20

Childcare/nursery....................... 0

Other child related expenses............ 30

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 12

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 15

Haircuts................................ 0

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0

Gym..................................... 28[b]

Total monthly expenses.................. 1705[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0[b]

Total Assets............................ 0[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Credit card ...................10000.....162.......NaN

Credit card ...................5885......130.......NaN

Credit card ...................6549......73........NaN[b]

Total unsecured debts..........22434.....365.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,520

Expenses (including HP & secured debts). 1,705

Available for debt repayments........... 815

Monthly UNsecured debt repayments....... 365[b]

Amount left after debt repayments....... 450[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 0

Total HP & Secured debt................. -0

Total Unsecured debt.................... -22,434[b]

Net Assets.............................. -22,434[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Loyalroyal_2

The income is an estimated one from a benefit calculator as I have just changed my claim to a single person 

Loyalroyal_2

I did speak to one credit card company for an interest break (30 day I have been advised to not contact them again