Hello poeple, i dont know where to start really, i have 34k worth of debt with various c/cards and loans(none secured).And basically i cant afford to keep up the payments without borrowing more money, Any recomendations?
Firstly, you have come to the right place for advice. This forum is second to none.
You need to speak to a professional to find out what your options are. An IVA is based on affordability and on how much disposable income you have after your priority payments have been made.
Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Plus there is usually someone around to answer any queries you may have.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Clearly borrowing more money is not a sensible solution, if you cannot afford to meet the repayments on the debts you already have, so it now seems to be an appropriate time to seek advice from an insolvency practitioner with regard to your options.
Insolvency practitioners can advice on the full range of options to suit your current circumstances, and can help you work out an affordable budget which you are able to sustain over a realistic timescale.
I had a very simalar amount to you I owed 33k on loans,credit cards and overdraft. I went for an IVA when I had to make the choice of meeting my min payments or putting food on the table as I had run out of credit on card.
It has been the best thing I have done for my finaces I have made a few life style changes over the last 3 mths and taken a lot of advice and comfort from this site.
I went with a company who pushed mine through very quickly and I was very pleased with the service and speed i was dealt with BUT I can see now that speed is not the be all and end all in this process and from the last few months of being on the forum and reading on here Melanie would be definatly one of my first ports of call if I had my time all over again.
Facing your debts head on is very very scary and I felt a whole range of emotions in a rather short space of time but the feeling of relief I have now each month is great. I have even started opening my bank statements rather than putting them in a cupboard!!
I wish you well
Back to square one but what dunt kill you makes you stronger!!
I would ring two or three companies, it doesn't hurt to get a few opinions.
The experts who post on here do come highly recommended.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Omg welcome to the forum I was in a right old mess and borrowed more to pay off smaller debts and in the end I owed a total of 81k
my advice would be don't borrow any more as its such a slippery slope with no grip!!Get some professional advice there are plenty of firms out there especially who give advice for free and keep reading this forum as the info you get on here is second to none!
I now am in an iva and life is looking so much brighter
