Author Topic: massive debts  (Read 2376 times)

skol$

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massive debts
« on: Sep 27, 2010, 08:26:29 AM »
Hello,dont know what to do,I have 90000 in unsecured debt, this is made up of 70000 on credit cards and one loan.I have missed payments on the majority of them now some for as much as 3 payments.I have a joint mortgage which is up to date.I really dont know what to do ,I have considered some horrible things but cant leave my wife and 2 young children to deal with things ,every day i wake up and consider drastic action I really cant go on anymore, any advice would be very much appreciated . :(

Steven Jackson

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Re: massive debts
« Reply #1 on: Sep 28, 2010, 08:43:03 AM »
Hi there skol$
 
There are a number of options you could consider but these will depend on your overall financial circumstances particularly how much you can afford to repay your creditors each month - your disposable income and the amount of equity you have in your property. If you are able to give me any more information on these things I will be able to advise you better.
 
However, given the amount of debt that you have, I would imediately be considering an IVA which is designed to deal with the level of debt that you have and get you debt free within 5 years. You can find more information about IVAs here:  http://www.beatmydebt.com/iva/index.htm
 
Debt Expert
ivainformation.com

awebuser

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Re: massive debts
« Reply #2 on: Sep 30, 2010, 11:01:34 AM »
Hi skol$ the first step is you are now seeking advice. Your debts are high so I would suspect you need to go down the IVA route as this will allow you start repaying your debts at a level you can afford. I wish you luck clearing your debts.

Steven Jackson

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Re: massive debts
« Reply #3 on: Oct 01, 2010, 12:45:03 PM »
Hello Skol$
 
Have you had the opportunity to research your options in any more detail?
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AshleyPark

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Re: massive debts
« Reply #4 on: Oct 05, 2010, 09:47:05 AM »
Hi Skol$,
 
I do hope you have been able to seek some advice on this matter, There are people you can speak to on a private and confidential basis, I would try contacing the cccs, A charity backed scheme who can advise you on options available to you.
try www.cccs.co.uk  and if you have any questions after this please keep in touch and we will all try to help you where possible.
 
Lee
Ashley Park Debt Solutions Ltd
 http://www.ashleypa

vuldalm

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Re: massive debts
« Reply #5 on: Oct 05, 2010, 04:31:33 PM »
Hi there skol$
 
There are a number of options you could consider but these will depend on your overall financial circumstances particularly how much you can afford to repay your creditors each month - your disposable income and the amount of equity you have in your property. If you are able to give me any more information on these things I will be able to advise you better.
 
However, given the amount of debt that you have, I would imediately be considering an IVA which is designed to deal with the level of debt that you have and get you debt free within 5 years. You can find more information about IVAs here:  http://www.beatmydebt.com/iva/index.htm


Hi.


Only a few months ago I was in a situation very similar.


Everyday the stress seemed to increase with a letter or phone call from a creditor.


I contacted the CCCS and wish I had done so much earlier than I did.


They are very helpful and will completely understand your situation and work hard to resolve it.


If you haven't already then make you wife aware of the situation and your feelings on the matter


Don't hesitate - do contact them and immediately you will feel more control over your debts.

Re: massive debts
« Reply #6 on: Oct 07, 2010, 10:05:04 AM »
Hi skol$
 
From the posts received on here by advisors, there is a huge amount of empathy for your situation. However as advisors this is the kind of situation we see on a regular basis. The important thing to remember is you are not alone, and there is help out there!
From the details you have posted an IVA looks like the most suitable option, although more information would be needed for conformation.
I advise you speak with an independent debt solutions company on a face to face basis. It is difficult to have a discussion with 3 people (as your wife will need to be involved in the process) over the phone. You will then be able to decide on the best course of action.
Just remeber you are not alone!
Take care Gareth
South West Debt Solutions.
www.CreditSolutionsSout

Steven Jackson

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Re: massive debts
« Reply #7 on: Oct 08, 2010, 09:06:15 AM »
Hi Skol$
 
How are you doing? I agree that the CCCS are a good organisation to speak to. However, the CCCS specialise in debt management plans. With debts of £90,000 I do not think this will be the most suitable solution for you. Fom what yu have said, I agree with the last poster and feel that an individual voluntary arrangement (IVA) is likely to be your best course of action. However, you will only really confirm this by having a discussion with a debt expert. It would be good to hear how you are getting on so let us know if you can.
Debt Expert
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