Author Topic: Don't know what to do :(  (Read 2238 times)

sevenstar

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Don't know what to do :(
« on: Aug 10, 2012, 08:33:26 PM »
Hi everyone,
On paper this shouldn't be the case, I should be fine with money, I don't know what the hell happened and I am so depressed about my situation.I have quite a bit of debt, £4000 loan for a car, £1000 to payday loan companies, £1200 overdraft, £300 credit card, £4000 personal loan, £600 catalouge debt and I'm 2 payments behind on my council tax (£200 approx). I earn an ok wage (18.5k a year) and my partner has a minimum wage job, we just got silly living beyond our means and just being completely irresponsible.How do I even start to deal with this?A DMP?going to CBA for advice?I have had a few debt collecter letters and a court summons for my council tax and it's all getting on top of me.Please can someoe give me some advice?

James Falla

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Re: Don't know what to do :(
« Reply #1 on: Aug 13, 2012, 10:15:57 AM »
Hi sevenstar.
It sounds like you definitely need to take action to deal with your debt problem. There are a number of options that you could consider depending on your circumstances. As you say a debt management plan could be the right thing to do. Alternatively you could consider a Debt Relief Order or perhaps even an IVA. My suggestion is that start by doing some research about your options on the internet first. Then pick up the phone and have a chat to an expert who can help you understand your situation and find the right solution. Then speak to someone different and compare the advice you are given. This will help you to get a much clearer idea of the way forward and allow ou to make a decision.
It sounds as though you are at risk of gettting a CCJ for your unpaid council tax so you need to start resolving the problem asap before things get any worse. Good luck and don't hesitate to ask more questions if you need to.
Debt Expert & Author
beatmydebt.com

totalrelaxation

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Re: Don't know what to do :(
« Reply #2 on: Aug 17, 2012, 06:23:20 AM »
The 5 Steps Of Dealing With Debt

Step 1: Make a list of everything you owe
Step 2: Put your debts in order of importance
Step 3: Create a personal Monthly Budget Statement
Step 4: Get independent advice on how to deal with your debts
Step 5: Keep in regular contact with your creditors

BudgetMinder.co.uk

James Falla

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Re: Don't know what to do :(
« Reply #3 on: Aug 21, 2012, 11:21:03 AM »
I think the first step is always to calculate your disposable income. This is the amount of money you have available each month to pay your unsecured creditors. You can then start to plan the best way to deal with your list of debts based on how much you can afford to pay them. The next step could then be a debt management plan, and IVA or bankruptcy / DRO depending on your circumstances.
Debt Expert & Author
beatmydebt.com

Rita

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Re: Don't know what to do :(
« Reply #4 on: Aug 25, 2012, 11:00:05 PM »
I think the first step is always to calculate your disposable income. This is the amount of money you have available each month to pay your unsecured creditors. You can then start to plan the best way to deal with your list of debts based on how much you can afford to pay them. The next step could then be a debt management plan, and IVA or bankruptcy / DRO depending on your circumstances.

I am using a spreadsheet that calculates what money I have availible each month.
It is very helpfull. I hope it will help u to.
I downloaded at Ebay, it's called Budget Salary Spreadsheet...
It will help you 2 !

James Falla

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Re: Don't know what to do :(
« Reply #5 on: Aug 28, 2012, 04:07:08 PM »
There are a number of these budgeting tools available on the internet Rita. However if you want to use one I would advise going to a debt management website where you can also get support and advice on how to properly use it. I am not sure Ebay is the best place to look :)
Debt Expert & Author
beatmydebt.com

Rita

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Re: Don't know what to do :(
« Reply #6 on: Aug 29, 2012, 07:11:41 AM »
There are a number of these budgeting tools available on the internet Rita. However if you want to use one I would advise going to a debt management website where you can also get support and advice on how to properly use it. I am not sure Ebay is the best place to look :)

James,

You are right, i tried many of theme but the Budget Salary really worked for me.
You also get a guide with it, that tells you how to use the sheet.