in debt up to my neck, what are my best options?

[emma.a]

I am in debt up to my neck (to the sum of around £60k) I earn £40k a year with a £15-20k bonus each year. I am paying the payments on time but have no disposable income at all. I have a demanding job so can't get a second one and I part own my home with my parents (who I might add don't know how much trouble I am in!) What are my best options?

[Lisa2009]

Hi emma

perhaps you could post a few more details.....who are your creditors, how much you owe to each and would would your disposable income be if you were NOT making payments to your creditors.

[MelanieGiles]

Hi Emma

Earning bonuses like you say you do, suggests that with some restructuring of your finances you could probably pay your debts off over a five year period - although you will continue to incur interest charges which will extend the repayment period. This is always a more favourable route than formal insolvency, but at this stage it might be sensible if you have a chat with an insolvency practitioner with regard to your finances.