In debt, help, how do I go froward.

[sonicluna]

Hi, I currently have debts totalling approximately �20k. I am looking for a way to reduce my monthly payments as I do not wish to miss any but need to make it a little easier to pay. With all the options that are advertised on the TV I am a little confused. I am not a homeowner and do not wish to go down the bankrupcy route. If anyone has any suggestions I would be very grateful. Thanks.

[yummymummy]

There are plenty of things to try before you have to start paying someone to sort it out for you, or taking out a consolidation loan.

There is the Citizens Advice Bureau, Consumer Credit Counselling Service, National Debtline to name a few that all offer help for free. They may be able to reduce some payments to non-preferential debtors, and free up some for the more important ones. Give them a try and see what they can offer.

[Katiebee]

Following on from yummymummy's answer, here's the link to a similar question I answered a while ago.

http://www.theanswerbank.co.uk/How-it-Works/Question44243.html

You can find the CCCS on-line as well.

http://www.cccs.co.uk

Good luck.

[angel-cake]

A friend of mine is in debt (similar amount to you). Have a look at www.payplan.co.uk. They are a FREE debt management company. My friend was on the phone to them for an hour and they have really helped him.

Good luck!

[Sparkles3]

Hi sonicluna, unless you have CCJs or very bad credit history through non-payment etc., you can probably get a much better loan rate from companies other than those companies that you see advertising on the television - if you decide to go down the consolidation route. Others have provided good advice here (and on previous question) - worth talking to at least one of these organisations about your exact situation and see what they advise. Do it sooner rather than later because it's not going to go away and will just increase with the interest accruing - but �20K is not the end of the world (although it might feel like it at the mo) and you will be able to sort it out once you set to it! I am sure that it will take a while to clear and it will be difficult for a while, but not insurmountable - just don't keep adding to it in the meantime!

Good luck!

[morg_monster]

PLEEEASE go and have a look at the moneysavingexpert website, especially the forums . I would suggest go to the 'debt free wannabe' forum, sign up (v easy) and post your question there. The people there are so lovely and helpful and really sympathetic and supportive cos they are all in the same boat. Some of their debts make your 20k look like pennies! But they are mostly into reducing debt without resorting to consolidation loans and bankruptcy. They recommend both CCCS and Payplan. They will be able to give you some brilliant suggestions and a general 'plan of action'. The website as a whole is also great. Maybe I'll see you there!

[bellasasha]

hiya i am in exactly the same situation. i joined a debt management agency as i was told this was my only option....dont do it!!!!! i was paying 300 per month to them but my debts are not decreasing. watchdog did a programme on debt management agencies and they are no use at all. they make it sound pretty but its not a help at all. i am now having to go thru bankrupcy which is the best option i think as in 2 yrs your credit rating is clear...its ideal if you are not a homeowner like myself but its each to their own...the bankrupcy route has taken so much stress off me and i'm feeling a lot better now.