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i need some help with my debt
6 Answers
me and my partner are in serious debt, and things have to change. i have been reading about IVA's which sound suitable, but what i really want is to speak to someone face to face about my options. i'm not very good at reading all the small print myself, and struggle to add up the numbers on all my statements. i have a rough idea about how much debt i am in, but i wouldn't want to get my figures wrong. do i have to pay for someone to go through it all with me, or any ideas of who i can speak to?
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Citizens Advice Bureaux have advisers who can discuss the options with you. Or you could ring CCCS (see their website). Both of these are free. Do not get involved with any fee paying management outfits - their approach can be governed more by their own need for income than your need for a workable solution.
In general, IVAs are not suitable unless you have an asset to protect - such as a house you own with significant equity in it - or unless you are in a job which you would lose if you go bankrupt. Unfortunately, a lot of people get "sold" IVAs when they are not the best solution for them; many of them fail because the debtor cannot keep up the stringent payments demanded.
Before you talk to anyone, spend some time making a list of all the debts, and also preparing a schedule showing your income and normal living expenses. This schedule should then show how much money you could realistically afford to pay to creditors each month (i.e. the surplus left after deducting the expenses from the income). Look at this figure carefully - is it really something you could afford month in month out for a long period? If not, then you have something wrong, such as expenses not listed. However, your expenses must be reasonable - creditors do not expect or agree to debtors leading an expensive lifestyle in preference to paying off their debts.
This preparation will be very helpful to any adviser you talk to.
In general, IVAs are not suitable unless you have an asset to protect - such as a house you own with significant equity in it - or unless you are in a job which you would lose if you go bankrupt. Unfortunately, a lot of people get "sold" IVAs when they are not the best solution for them; many of them fail because the debtor cannot keep up the stringent payments demanded.
Before you talk to anyone, spend some time making a list of all the debts, and also preparing a schedule showing your income and normal living expenses. This schedule should then show how much money you could realistically afford to pay to creditors each month (i.e. the surplus left after deducting the expenses from the income). Look at this figure carefully - is it really something you could afford month in month out for a long period? If not, then you have something wrong, such as expenses not listed. However, your expenses must be reasonable - creditors do not expect or agree to debtors leading an expensive lifestyle in preference to paying off their debts.
This preparation will be very helpful to any adviser you talk to.
thanks, im going to go through all my finances tomorrow and get a rough idea of incomings and outgoings. i do own my home, but took out a 100% (plus a �10k loan on top of my mortgage...) so really i dont own any of my home, do i? i just get confused by it all. i will look into going to the citizens advice
Martin Lewis is the guy to help you
http://www.moneysavingexpert.com/tips/18-06-20 08/
Have a good look at what he says about debt & IVAs & this site should really help you.
Best of luck.
http://www.moneysavingexpert.com/tips/18-06-20 08/
Have a good look at what he says about debt & IVAs & this site should really help you.
Best of luck.
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