I am up to my eye balls in debt

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by matthew182 » Sat Jun 24, 2017 7:32 pm
Im up to my eye balls in debt and struggling to find a way out i try and catch up with payments and another one comes out the blue. Im at a stage where i actually don't know who i owe money to anymore. And really struggling to cooe with it all is there a way something can be done?
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by Foggy » Sat Jun 24, 2017 7:56 pm
There is usually a solution! Have a word with one or two companies to compare advice and see who you feel comfortable with.
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by moira717 » Sat Jun 24, 2017 8:38 pm
We have all been in your position, feeling there is no way out. There are many solutions and you have made first step by realising you have a problem. Have a read around for your options. An iva was a lifeline for me but there are many other options.
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by luluj » Sat Jun 24, 2017 8:57 pm
You have done the hardest bit - admitting it and asking for some support to find a way out !

There are multiple options depending on your level of debt and your circumstances.

Take advice from a couple of debt advisers now and the future will soon look rosie again, I promise. An iva is not an easy option but it certainly enables you to move forward in life.
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by kallis3 » Sun Jun 25, 2017 7:54 am
Don't forget that we are on here for any queries or worries you may have as most of us have been where you are now.
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Michael Peoples
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by Michael Peoples » Mon Jun 26, 2017 8:16 am
Look to open a new bank account if you have any debts to the current one. This will allow you to concentrate on paying what is important such as rent/mortgage/utilities etc and give you a better idea of what you need to live on. If you have already missed payments your credit file will be damaged so I would suggest you stop paying the rest of the unsecured until you know where you are.

Get some free advice from an insolvency firm as there is always a solution there.
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Lisa Thomas
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by Lisa Thomas » Tue Jun 27, 2017 9:40 am
Watch this for some general ideas and see what fits with your circumstances.

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Shaun Vickery
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by Shaun Vickery » Tue Jun 27, 2017 11:21 am
Why not have a word with one of the experts here on the forum, a couple of them (Michael Peoples and Lisa Thomas) have replied to your thread.
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by Firefox » Wed Jun 28, 2017 2:54 pm
Hi. First thing to say is DONT PANIC! , there is not any debt problem that doesn't have a solution and pretty much everyone here has been in your position at some point, me included. Here are some practical steps you can take right away, this will give you a view of your overall situation and at least when you have a handle on it you will have a good start point to begin dealing with it.

1. Gather together all your most recent statements or other correspondence relating to your creditors (including anything unopened)
2. List every creditor you can think of and the current outstanding balance (if you dont know the exact balance then make an estimate)
3. Make a list of all your essential outgoings, excluding any debt repayments. make sure you include everything, the list below will get you started

Mortgage / rent
Council Tax
Gas / electricity
Car insurance
Heating Insurance
Food Shopping
Car maintenance
Life insurance
TV licence

4. Work out your monthly income, again include everything, Salary, any benefits you might receive and any other sources of income
5. Deduct your total expenses from your total income and that will give you a figure for your disposable income. Its from that disposable income that you will pay your creditors after you have kept some back for unforeseen expenses.
6. If your bank is also a creditor (if you have a loan or overdraft with them) then open a basic bank account with a bank that you have no current association with as you will need this later on to manage payments and it helps to have a "clean" account that is easier to manage.

When you have done this exercise then you should approach one of the professionals on the forum for advice, or go to one of the free advice services such as step change or CAB. The professional advisers there will help you work out what is the best solution for your particular circumstances. Whatever you do dont go to anyone who asks for any fees upfront.

Once you have got everything down in black and white you will not only feel better about it, but more importantly you will have taken the first big step to getting your situation straightened out.

Believe me, I know just how tough it is to get your head out of the sand, I was over £100K in the hole with so many creditors dipping their hands into my bank account that I didn't know whether I was coming or going, and any money that did find its way into my bank account evaporated instantly. Personally I opted for an IVA, it was extremely tough and ran the full five years, but ended in 2011 and I have been completely debt free ever since. It literally gave me my life back, and that is no understatement. These days I am extremely careful with money and I budget like crazy, in fact I run a daily budget and the first thing i do every morning is check my balance and adjust my budget sheet so I know exactly where I am. Whatever debt solution you go for, you will develop some good habits along the way, its been six years since my IVA ended and I'm still as frugal as i was when I was in it, I review all my outgoings evey six months and if I can get a cheaper deal on anything, then I just switch. You will get there.

I hope this helps you and best of luck, let me know how you get on.
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Shaun Vickery
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by Shaun Vickery » Wed Jun 28, 2017 3:01 pm
Fantastic advice from Firefox :idea:
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