debt help

vikkih110

hi guys,
i've read a few threads & picked a few things up, but would be grateful for any advice & help.

i've got debts on credit cards/store cards/catalgoues which i am seriously struggling to pay. i split with my partner & since then things have got worse. i havent got a great credit history, mainly because unless a payment is on direct debit or standing order i just forget, it was never because i didnt have the money....until now. I have a mortgage, but i have NEVER defaulted on that.

how do i got about setting up a debt management plan? i've read where some people are doing their own & some use companies to do it for them. or is there anything else you think i could do?

in anticipation! (sorry if i seem vague, i'm a virgin to all this & v.worried)
thanks for reading

CCCS_Sarah

Hi Vicki,

Welcome to the boards.

A debt management plan is not always the best option for everyone. The first thing to do would be to put together a financial statement. A financial statement would detail all your income (wage, benefits etc) and all your expenditure (rent, clothes, gas, food, social) then your list of creditors.

From this you will be able to see any areas that you are overspending/ under spending. The surplus you have left over after paying your priorities is what you would look at to see what the best long term solution is.

If a debt management plan is the best option for you. Please look at one of the free debt advice charities such as CCCS, National Debtline and CAB.

Hope that all makes sense:rolleyes: . Post up your SOA and then we can all take a look at it and help point you in the right direction.


Sarah

vikkih110

hi,

thanks for your reply.

what other options are there available that i could look in to?

the problem is at the moment i dont have any money! bcause my bank account went overdrawn by about 2 pound something they charged me £35 per day, it was not until the 3rd charge that i received the initial letter & by then it was £100. its a knock on effect this month & now a d/d has been refused, i just cant get out.

excuse my ignorance (i'm still learning), but what is an SOA?

thanks, your help & guidance is appreciated.

Merlot

An Soa is a list of incomings and outgoings, list your salary/benefits etc and all the outgoing bills along with your debts.

Take alook at Martins advice on how to reclaim your bank charges, they are on hold at the moment due to the test case, but put a claim in anyway, you can reclaim upto 6 years for bank charges and credit card charges.

vikkih110

thanks merlot.

yea the bank charges thing is in my list to do. just got to sort out getting a basic account with another bank first.
any ideas which ones i could try (i got a poor credit history)