I cannot afford to pay back debt. What shall I do

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will.d

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Post by will.d » Tue Jul 29, 2008 1:30 am
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Hi, I am a 22yr who has been in my current role as an account manager for 8 months. I earn £23k plus bonus every year. I have got myself into approx£20k worth of debt and it is getting to the stage where I cannot afford to pay it back. What shall I do?
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Viki.W

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Post by Viki.W » Tue Jul 29, 2008 2:26 am
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Hey will, welcome to the forum. You're in the right place here to find a solution to your problem. I would recommend talking to an insolvency practitioner so that ALL your options can be discussed. You could consider a debt management plan which would reduce your monthly payments.

Do you own your own property and how much disposable income do you think you have each month, after you've paid all your bills, mortgage/rent, food etc (but don't include your debt repayment) Also how many creditors do you owe money to? If you can give some details the experts will be along to help you. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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MelanieGiles

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Post by MelanieGiles » Tue Jul 29, 2008 9:37 am
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There will be more than one option available for your Will, and the best thing to do would be to have a chat with an insolvency practitioner who can help you to assess your disposable income to ascertain what (if any) sort of offer could be made to creditors.
Regards, Melanie Giles, Insolvency Practitioner
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