What would you do?

Daveonetwothree

Hi i'm new here but keen to find the best solution and share my experiences with fellow forum members.

My current situation:

6K Loan with Citi Financial
4.5K on 2x Credit Cards
4.5K on an Overdraft

No missed payments in 6 yrs (yet)

With recent cost of living rises and a long distant journey to and from work i'm really struggling to make ends meet.

I tried to get a Halifax Debt Consolidation loan to clear everything over 8 yrs and got refused. Taking another loan with a high interest company wouldn't be right with the overall cost per month.

Now I've been stupid enough to experience missed payments e.t.c. 6 yrs ago this summer, so I don't want to go down the avenue of stopping my minimum payments again.

Is there a simple solution. I don't want an IVA or is this the only option?Halifax put me in touch with a company similar to CCCS. Called Think Money Group. I have a feeling they might charge so i'm very weary at the moment.

Would anyone suggest writing personally to request a freeze of payments or will this end me up with really bad credit again ?

Any advice would be warmly welcome!

Thanks

Dave

Shineyhappy

I think the first thing to do is post up your statment of affairs, all your incomings vs outgoings and include your debts and their aprs so you know exactly where you stand. You will also need this if you talk to a company like Payplan or CCCS.

I think a debt management plan would be a better plan that an IVA if it came to it, but I would start off by posting it on here.

Daveonetwothree

Shineyhappy wrote: »

I think the first thing to do is post up your statment of affairs, all your incomings vs outgoings and include your debts and their aprs so you know exactly where you stand. You will also need this if you talk to a company like Payplan or CCCS.

I think a debt management plan would be a better plan that an IVA if it came to it, but I would start off by posting it on here.

Thanks Shineyhappy

MONTHLY SPENDDESIRED SPENDHome£427.50 Insurance£0.00 Eats, Drinks & Smokes£120.00 Transport & Travel£299.17 Debt Repayments£487.00 Savings & Investments£0.00 Family£20.00 Fun & Frolics£0.00 Health & Beauty£10.00 Clothes£0.00 Education & Courses£0.00 Big One Offs£0.00 Odds & Sods£0.00 £1,363.67£0.00

Can you explain the difference between an IVA & DMP?

Daveonetwothree

Sorry the above was an excel paste of my Budget Planner. If you can make it out.