Online Support Required (Advice Welcome)

Scotslad87

Good morning All,

I am looking for some advice really, on where best to find expert advice. 

Unfortunately, I have racked up significant debt over the past 5-10 years. Whilst I am managing to pay it off, and still have money left over, I don't think I am doing it efficiently and there is probably a fair better way for me to do this, whilst building my wealth.

I am looking for an online service where I can provide my income, list my financial commitments alongside my current debts and ask a professional to come up with a plan / strategy on how best to maximise my money.

Is there such a service out there that we can trust? Ideally I want to do it all online, as it's easier for me than have to discuss my debts in person.

Thanks

** Edit to note, I have recently moved into a new job and my income has greatly increased so feel fortunate to be in a position to deal with the debt head on and build my wealth **

MEM62

Don't over-complicate things.

List your debt balances and interest rates.  Clear you overdraft if you have one as that will be expensive and can be withdrawn at any time.  Pay the minimum on everything except the debt with the highest interest rate and you throw everything you can at that.  Once that is cleared you pay off the next highest interest rate and so on.  That will  minimize the amount on interest that you pay and should be quickest way to clear your debts.      

CliveOfIndia

A very useful first step is to complete an SOA: https://www.lemonfool.co.uk/financecalculators/soa.php

Once you've completed it, and if you feel comfortable doing so, you can select the "Format for MSE" option then copy and paste it into this thread.  This will allow other members to look through it with an unbiased, objective viewpoint and make suggestions.

There are agencies/charities who offer advice, they can be found in this article: https://www.moneysavingexpert.com/loans/debt-help-plan/

But just posting an SOA here can be a really good start.

Scotslad87

Thanks both, I guess you are right......no point in making this more complicated than it has to be. 

It's ok to live with some debt for a period of time, the important thing is to get on top of it and reduce it gradually. 

MEM62

Scotslad87 said:

Thanks both, I guess you are right......no point in making this more complicated than it has to be. 

It's ok to live with some debt for a period of time, the important thing is to get on top of it and reduce it gradually. 

Don't be too casual in addressing the debt.  All the time that it is there is is not only costing you interest but also you are at risk if you circumstances change i.e. reduction of income, loss of employment etc.  You really want the debt gone asap.