can't keep payments up

[rob123]

my girlfriend has £19,500 on 5 credit cards and a £216 loan that she cant not keep payments up on and live at the same time, please can youadvise us what to do on this matter.

[Moneystinks]

Hi

There are alot of people on this site who all seem warm friendly and understanding. Having replied to this post it should keep it near the top of the forum and an expert may be along shortly to offer some advice.

[joh71262]

You really need to speak to someone about your personal circumstances such as owning your own home, jobs etc.

There are a handful of really great advisers here so sit tight and I'm sure they will be able to help, but you will need to be a little more specific,

[aguise]

Hi there
If you could post a few more details as in income and what she would have left after paying her normal living costs, then better advice can be given. She could always seek advice direct from an insolvency practitioner (initial advice costs no more than a phone call )or go to Cab.

Ang

[Reviva UK]

HI ROB123

sorry to hear about the difficulties your girlfriend is having. It is really tough so you have made the right first step by investigating ways of solving the problem.


The solutions to debt are these:

Re Financing
Debt Management
IVA
Bankruptcy
Do Nothing.

I put do nothing because eventually the creditors will take action on your girlfriends behalf and serious stress will pursue.

First steps.

You need to choose who to speak to to discuss the options. During this conversation a detailed income & expenditure will be done to assess the liklihood of each solution and its consequence on your girlfriend.

Really a conversation with a professional will help you eliminate what is not possible and leave you with a couple of choices. Then you can make a clear informed decision.

There are several professional on this site that have great feedback and won't charge you to have an exploritory conversation.

Suggest you start with the Insolvency Practitioners first as if the IVA route is the right one they can give you a real feeling of how creditors are acting today.

hope it helps

[MelanieGiles]

The key thing for your girlfriend to do is to hear all of the options which are available to her and understand the advantages, disadvantages and implications of each one. Then she needs to have a little time to absorb all of that information before proceeding down any one route, and focussing on where she wants to be in the future rather than dwelling on the past over which she no longers has control.

Give her plenty of hugs and support along the way, but most of all just be there to listen and help if you can.