Just had my credit file, HELP

p.kane1981

Afternoon everyone, i've just recived my credit file from experian and added up everthing i owe and it amounts to £5,000. i've added some numbers up and think i could pay this all off and clear my credit file in four years. i could really do with some advice from people, is it poss, shall i do it on my own, shall i do it with a company ??????...... HELP ME PLEASE PEOPLE......

Hippychick

Hi,

First off don't panic, sit down with a cuppa and have a sort through, you need to compile your SOA first so you can see your incomings and outgoings.

If you manage to break even or have surplus cash I would clear your debt on your own, if you are in major deficit each month then definitely speak to one of the free debt charities.

Is the report from Experian the only one you have? if you are unsure as to who you owe money to, I would also recomend obtaining your credit report from Equifax and Callcredit as well as not all lenders will use Experian and you may have missed somebody (please don't panic at this, it is just a good idea to see the whole picture)

RAS

Hi

If you need advice, go to one of the debt charities. Do not go to a company that you have to pay. If it is appropriate for you to do a Debt managment Plan or IVA, then the debt charity can do this for you, whereas the company will charge fees even for a DMP.

That way you debt is paid off faster.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

However, it may be that you can handle this with a bit of budgetting and some time playing on the snowball?

See here
http://forums.moneysavingexpert.com/showthread.html?t=107280 to find out how to write an SOA, which will enable people to advise you how to make you money work better.

And play on the snowball on www.whatsthecost.com to find out how to pay the debts off most effectively. Start by paying the minimums on everything and then chucking everything at the most expensive debt.

claireabelle_2

Hiya!
Are you handy with a computer? I find my spreadsheet with bills/debts/income etc my best friend (second best friends are the whatsthecost website that RAS recommends and this site of course!)
It almost becomes addictive , playing around with paying off a little bit more here and there makes such a difference.
Best of luck
Claire