everything seems to be snowballing

[tony7]

i have built up a considerable debt since getting divorced 2 years ago starting with me having to remortgage to my limit.i have unsecured debts of around 26,000 and don't know what to do as everything seems to be snowballing.
Thanks.
Tony.

[Lisa2009]

Hi Tony and welcome, it would help if you could post some more details, creditors, ammounts, surplus monthly income after essential living costs but not including debt repayments. One of the forum experts would be only glad to advise.

mes skint

[aguise]

Hi Tony and welcome.
As Mrs skint says if you could post more details, advice on possible solutions can be given.
Most of us have reached the point where we dont know what to do but ther will be an answer.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[tony7]

95k mort 10k equity.30yrs left.
15k unsecured loan over 10yrs.
6k credit cards.
4k overdrawn.
will be selling property soon and moving in with girlfriend so will have extra cash, been wondering wether to try for one loan to clear the lot and keep my credit rating okay for the future.

Thanks
Tony.

[Adam Davies]

Hi Tony
If you sell up and use some of your equity to reduce your unsecured debts then this will be the best way forward for you.
If you enter into an IVA your credit rating will be shot for six years
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Beechy]

Hi
Andy is right, use the equity and then talk to your creditors about a structured repayment plan where they freeze the interest for a short period, thereby allowing you to get on top of things.




Dave Beech

[tony7]

Thanks guys think that's the way foward.

Tony.