Help and advice needed, please.

Robhollis

Hi all, 1st time so please excuse any errors.
I'm seriously in debt and really don't know what to do for the best. I don't sleep and dread the post coming or the phone ringing.

My debts are:
Credit cards £33,000 5 cards in total
Bank loans £22,000 3 loans 2 yrs to run

This is before the normal outgoing each month of mortgage, council tax, utilities etc. I'm self employed and live on my own. My earning capacity cannot be extended as i'm working 60 hours a week already as a london cab driver. I'm struggling to make minimum payments on my cards. Is my answer/way out an IVA? I've tried raising equity on my property but income/equity won't allow me!!! Any advice would be really helpful as i don't know what to do or where to turn.
Thanks

POSSETTE

first of all....welcome...next can you tell the clever folk coming along soon what card owes what amount at what %apr?

and a list of how much comes into your house and the amounts of all outgoings?..i know this could be long winded..but its necessary for you to see and us to help..best wishes..(PS Who ya had in ya cab famous wise??)

CCCS_Sarah

Hi Rob,

Welcome to the boards, you will find load of help and support from people on here. I’m a debt advisor that works the Consumer Credit Counselling Service (CCCS).

First of all you need to put together a full financial statement that includes everything! From this you will be able to see your true situation. When you are writing down your expenditure you need to separate your debts from your priority outgoings (rent, CT, Gas etc) and as you are self employed also any business costs (NI, Tax) The amount you have left is the amount to go to your creditors.

If you need any help completing a detailed income and expenditure CCCS have a free online debt advice system called Debt Remedy – once you have inputted your income and expenditure the system will let you know exactly where you stand and the best way forward. This link will take you directly to Debt Remedy and it only takes a few minutes to complete.

Once you know what the best way forward is, you will be able to get all the help and support on here and if you post your income and expenditure people will be able to show you ways of reducing costs in your budget.


Good luck and if there is anything I can help you with please give me a shout

Sarah

POSSETTE

CCCS_Sarah wrote: »

Hi Rob,


Good luck and if there is anything I can help you with please give me a shout

Sarah

Sarah..i think your wonderful for coming on here and helping people in your own time..im sure you do it all day too!:T

POSSETTE

bumping you up

Tustastic

Hi Rob, hope you've gone away to do a detailed list of your finances as per
http://www.makesenseofcards.com/soacalc.html
Look at Taxi73 and BusyTodayMate's debt diaries on this board for great advice on debt-busting for taxi drivers - they are full of fun and good advice. They recently saved another DFW taxi driver ££££s on cab insurance.
Come back and post it during daylight hours and the DFW experts here will be along to help you. Good luck and look forward to your future posts.:)
PS I'm one of those canny Londoners who hardly ever takes a cab - so as I can't help you make money, I'm keen to help you save some.:D