www.iva.co.uk

hiya i am worried as i am in debt and i have got myself into a mess and I am not quite sure what to do. I am a student at college.. I am starting university in October and I am also going to become a father in August. I am not living with my baby's mother she is over 80 miles away. I work on the checkouts at Sainsbury's earning only minimum wage and I am not sure how I am going to cope with everything when I cannot afford to support myself as I live on my own and I have a neurological impairment. Thanks and any help or advice would be greatly appreciated

Hi

Sorry I cannot help but an expert will be along shortly.

I hope you are ok.

XX

hi nathan.. how much debt have you got, with how many creditors. Also how much do you earn?

I'm sure if you post more details an expert will be able to help you more

Hi Nathan

How much do you owe, I am just guessing here as youre a student that its not a high level of debt. Can you post some more details so that we can be of more help to you?

I know this must be a very stressful time but you are amongst friends here on the forum, most of us here know something about how you must be feeling.

I am about 5K in debt which may not sound like much but I am still struggling and with uni and the baby coming up I can only see it getting worse if i dont take action now. Altogether I earn about £650 a month and my creditors are HSBC with whom i have an overdraft a credit card and a loan thank you for making me so welcome as I feel less stressed and worried already

your debt isn't enough for an IVA but maybe an expert can give you debt management advise for this.. don't worry they are here to help you!!

hi nathan

just want to say welcome and like ang says get some advice from the experts, they wont judge you just help you!

love barb x

Hi Nathan



You are obviously aware that your situation will get worse if you do nothing.

If your debts are with HSBC then you need;

a) To open another bank account, to aviod incurring overdraft charges and then having to use credit to live.

b)Work out your priority debts ie your living costs, rent/Mortgage, travel costs utilities etc. Plus £50 pounds per month for a contingency fund. What is left over is your disposible income. This is then used to pay your credit cards and loans, if you have only the two debts split this between them.

c)Write to your bank/ccard company and advise them of your situation.


b) If youre pestered or are being pestered by your creditors just eplain the situation but do not offer to pay them any more than you can.

It will get better, I promise.

Take care