£30,000 debt, better suggestions if possible of dealing with it.

CCCS_Alan

Hi Marcus79

Some great ideas on ways to help improve your situation have been posted already so this should hopefully start you on the right track.
Looking at what you have posted about your situation I would advise looking into getting some impartial advice on this. Try our online advice facility called Debt Remedy where you can complete a financial statement and be provided with advice on the best way to deal with your situation.

Good luck and keep us updated on your situation

CCCS_Alan

Robflh

Hi marcus79

marcus79 wrote: »

I have managed to let these go to basically a debt collector where I can pay them what I can afford each month.

Sorry I completely missed that part.

At the moment, you could save £45 when the Sky contract ends, £15 by having a water meter installed and if you change you Gas & Electric supplier, you could save another £10 a month (doing it via www.quidco.com would also get you cash back). You could also save about £30 a month on your shopping.

That would make a total saving of £100 per month. If you put as much away as you can each month, you would be able to pay off the remainder of the HFC Loan and that would make a total saving of £125 per month.

If you have room and if you are allowed to do it, you could take in a lodger. That could get you an extra £200 a month as a minimum.

However, I do feel that you are struggling to pay off a debt that is not yours. If the two loans were still with their original lenders and if you was desperate to keep a good credit rating/history, that would be fine but for the loans to now be with a debt collecting agency/s, you credit rating has already been affected.

This gives you two additional options, one is an IVA and the other is Bankruptcy.

For an IVA you pay what you can afford for 60 months and whatever is left is written off. This can be up to 65% of your current debt. www.cccs.co.uk or www.payplan.com can help you with an IVA and give you more information.

Bankruptcy is not something to be taken lightly but you have no home or car that can be repossessed and therefore it would be like trying to get blood out of a stone. It would also mean you having to pay back very little of a debt that is not yours.

While in Bankruptcy, renting and having a bank account is difficult but not impossible.

For more information on Bankruptcy have a look at the Sub-Board of this forum Bankruptcy & Living With It. http://forums.moneysavingexpert.com/forumdisplay.html?f=136

You could ask the question on there about Bankruptcy and what you would be expected to pay back and how much it costs to file for Bankruptcy

marcus79_2

getting water metre installed next monday
bankruptcy i dont want to consider tbh.
hfc will be paid up next month saving me another £25 p/m