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Posted: **Mon Aug 27, 2007 3:51 am**

Hi , We have debts of about 15000 pounds , We earn about 43k but we cant seem to get out of debt , we are always in are overdrivf what can i do ?

Posted: **Mon Aug 27, 2007 8:13 am**

Hi
You need to list all your outgoings and all your income and see exactly where you are.Any solution will require a change on your part as there is no magic answer.If your problems are simply down to overspending then the only solution is to cut up those credit cards,re arrange your borrowings and agree to a reduction in spending until you are back in the black.
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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

Posted: **Mon Aug 27, 2007 10:23 am**

With that sort of salary coming in, and relatively low debts, you appear to have a debt management problem rather than a debt problem. Andy gives some good advice, and the key is identifying the essential expenditure from the non-essential and putting together a budget that you can stick to without resorting to credit.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Mon Aug 27, 2007 11:03 am**

Cut up the credit cards try to stick to a budget, essentials only, leave some lattitude for emrgencies of course, you will clear the debt and will more money to spend on yourself rather htan chucking away on meeting minimum payments.

Posted: **Mon Aug 27, 2007 1:38 pm**

I suspect you are paying the minimumn amount and depending who your lenders are,you could be paying 90p a £ in interest ever month, and the debt never goes down!

Lenders have been helping themselves with interest rate rises. 2% per month is what they want....approaching store card levels.

You need to stop using the cards and increase payments to reduce you debt or/and take advantage of consolidating your debt into one payment plan at a low interest rate.

Don't be tempted any further to supplement income this with CC spending. £14 isn't that high but if it bothers you then a consolidatory loan can help over 5 years maybe.