No end in sight....

halfjew

I am currently earning an above average income and have a secure job, the problem is, I have neglected my debt situation for so long the debt has crept up to a level that I can now just about manage. I'm paying off minimum payments every month and after my bills and utilities have been paid I'm left with very little disposable income. I have applied for a loan with my bank to consolidate the debts but I have been refused due to a bad credit rating, I have also been unable to get another credit card for the same reason.

My question is this, as the standard borrowing routes are no longer open to me, is there another solution to the problem, a monetary fund that can step in for instance? It seems to me that for my situation there would be at least one solution other than bankruptcy!!

hillbilly5

We were in a similar situation - managing minimum repayments but nothing left to live on. Crunch came after xmas when mbna increased interest and repayments which meant we could no longer make ends meet. Called cccs after reading positive things on here. Now on a dmp with them to start march 1st and will be debt free in 7 yrs. Huge relief off our shoulders and great not to be robbng peter to pay paul and juggling so many balls!

RAS

Welcome

As a start, DFW generally reckons that consolidation laons are a mistake, so you may thank your bank one day.

Until we know rather more about your situation, it would be inappropriate to comment further.

Here is the link explaining how to do an SOA http://forums.moneysavingexpert.com/showthread.html?t=107280. Post that up and people can tell you whether there is room for manouvre.

And this link is to the debt charities from whom you can get advice http://www.moneysavingexpert.com/loans/debt-help-plan#help/

One option might be to do the debt remedy on-line of the CCCS web-site as that will give you a clue as to where you stand.

CCCS_Alan

Hello

First of all you are not alone in your situation and you are in the right place for advice. What you may want to do is post your SOA and see what advice you can pick up for improving your current situation.
Once you have your new SOA try the online advice facility called Debt Remedy. Here you can input your financial statement and be provided with advice on the best way to deal with your situation. Hopefully it can point you in the right direction to proceed in

Good luck

CCCS_Alan.

talliedebtbuster

Hi there, gosh i really feel for you, its easy for ppl to say how did you get such bad rating and oh get another credit card but its not easy, your have done so well to post today and this is the first step. my best mate is in the exact same situation, but i helped her xmas eve of all days to do a plan and get sorted, she cant get a single credit card because of her rating but 2 months on she has managed to get into a budget plan and is able to go for a keyworker flat....what alot of it is is massive dicipline, cut backs, no going out, being a tight fisted frugal person you have never been before, and the support of friends and family or this forum!! you can do it!!

so tonight, get all the cards out, right down everything you owe, everything..next your wages and outgoings, now what are you spending? after the minimum payments, as long as your meeting them your okay for the moment, its finding extra money to pay off more to ge thte debt down coz you cant get a 0% card to help i guess. so look to your food shopping first, go onto value foods, they are not that bad as some jamie oliver prog i saw! soap powder even 50p, washing up liquid 20p, bath foam, shampoo etc 20p each. so here even there you can prob i recon save a tenna a month. thats still a tenna off what you owe. what about bread and sandwiches for work? i bet for a pound you could get a wholemeal healthy bread and paste for 25p which would do the week. see how i mean?
Socially, dont go out...explain to friends your situation and they should be supportive or even take you out one night as a treat. there are free things to do as well, museaums, libraries, park.

I hope this helps you, i have been in the same situation and this is what ive done, im getting there, but am lucky to get alot of bits free and live at home, i think your doing excellent by coming on the board. You can do it!!!

mhe

I think you need to post a Statement of affairs (SOA) for further help - believe me there will be plenty!!
See 1 of the stickies for advice on your SOA and post it on so people can help you.

Good luck
MHE