Terrified......

sourcrates · 3 January 2018 at 1:06AM

Hi,

We can’t tell you anything specific until we see an SOA.

Then, and only then, can we give you constructive advice.

There are 3 formal debt solutions laid down by parliament, they are :

Bankrupcy

Individual voluntary arrangement (IVA)

Debt relief order (DRO)

And one informal arrangement :

Debt management plan (DMP)

An SOA will tell us which solution, or solutions, would best suit you.

ani*fan · 12 January 2018 at 7:50AM

sourcrates wrote: »

Hi,

We can’t tell you anything specific until we see an SOA.

Then, and only then, can we give you constructive advice.

There are 3 formal debt solutions laid down by parliament, they are :

Bankrupcy

Individual voluntary arrangement (IVA)

Debt relief order (DRO)

And one informal arrangement :

Debt management plan (DMP)

An SOA will tell us which solution, or solutions, would best suit you.

I would like to add that until we see the OP's soa and think about reducing outgoings and increasing incomings as a way of freeing cash to pay off debt, talking about bankrupcy, dmps or anything else that could trash a person's credit rating for years is seriously unhelpful.

enjoyyourshoes · 12 January 2018 at 10:10AM

You both need to sit down and work out your LIFE Goals and agree.

Possibly being debt free might be a good start.

Then work out why you both are compulsive spenders.

Often psychological so this may need some digging, then agree strategies to stop these triggers.

Stop the spending and stop all spending one WANTS (phones, mags fags, booze , lotto, caffe lattes , treats etc etc)

Then get all debts in order, apr, loan periods, 0% periods and post 0% charges, also include OD

Then do cash flow identifying debt, payments to each debt and over what period of time and ascertain its affordability.

Then set up DD to these debts

Key then is to know where yo are financially every day by reconciling bank account and accruing for annual costs on a monthly basis.

Good luck

sourcrates · 12 January 2018 at 1:19PM

ani*fan wrote: »

I would like to add that until we see the OP's soa and think about reducing outgoings and increasing incomings as a way of freeing cash to pay off debt, talking about bankrupcy, dmps or anything else that could trash a person's credit rating for years is seriously unhelpful.

Please read my first sentence again :

"We can’t tell you anything specific until we see an SOA."

The OP has already consolidated once :

"The loan is because I thought consolidating the debts to one monthly payment would be best but this hasn’t worked as ended up using credit cards on fuel shopping etc too."

I think they have already passed the stage where creative budgeting can help, hence why i posted her options for dealing with the matter correctly..

Shamed&Scared · 11 July 2018 at 11:01PM

Thank you for all your replies. I!!!8217;ve kinda ended up having a total breakdown, my mental health and anxiety has suffered unreal, I was referred to counsellor and even contacted The Samaritans in April.

Saver-upper · 11 July 2018 at 11:19PM

Shamed and Scared I am sorry you have been through so much in the last few months.How are you feeling now?
Have you spoken to your husband about wanting to work together to clear both your debts?It must be a burden to carry by yourself

.
If you are feeling well enough,maybe you can start again,with posting your SOA-you really will get so much support here.
Good luck.

Terrified......

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