new member first questions

[iguignet]

hi all
im a 39 year old male with 45k of unsecured debt.i earn 25k a year and im finding it really hard to meet my payments (only paying the minimum) and its beginning to really stress me out and make me ill.my job is stressful and knowing that i owe so much makes me feel like im going to be sick everyday.my wages are theoretically gone every month which starts me spending on credit again just to get buy.ive read about DMPs and IVAs but im scared.i know im a grown man and i have to face up to this but has everyone else felt like this? can anyone advise me what to do first?
many thanks
ian

[ivas4us]

The best advice I can offer is to speak to an IP to find out which solution is right for you. Some IP's only deal with IVA's but should still offer sound advice. Bankruptcy is another option if you don't have any assetts or equity in your property. My iva was approved through ClearDebt who were absolutely magnificent and they can also offer dmp's as well.

[iguignet]

thanks ivas4us. clear debt? ok i will look them up.i dont really want to go bankrupt.

[iguignet]

thanks ladyh.
i have a £700 overdraft.i bring home roughly 1700 a month and 900+ goes out on credit.so i am in overdraft every month..

[Skippy]

Hi, welcome from me as well.

I know it's scary when you first face up to your debts, but you've taken the biggest step by doing that. Have a look on www.iva.com where you can read reviews of IPs and companies. You could also try contacting the experts who post on the forum - Melanie Giles and McCambridge Duffy (Michael Peoples) are highly recommended and you can find their details in the experts section at the side of the page.

Good luck, and please keep posting for advice and support x

[ivas4us]

the first thing you will probably need to do is to get another bank account to pay your wages into as your existing bank may take any money for thier debts from your account.

[iguignet]

my total spend on debt per month is
400 loan lloyds,250 loan lloyds, 100 ccard to lloyds,169 virgin cc, 70 halifax cc.
1700 per month pay. household bills amount to 100.my partner pays our rent.130 car finance which ends in oct.45 car insurance.roughly 70 phone bill.
its horrible writing this all down ! thanks for the kind words skippy and thanks lady h again

[iguignet]

if i enter an iva or DMP can i get another bank account?

[MRBLUESKY]

ian just about every member of this forum felt exactly like you,and more looking in,dont worry you have made the first step,melanie giles is sound.i was with payplan they sorted me out.i,m debt free now after 3.5 years and i owed £78,000.good luck.yes you can get another bank account do it now get in touch with the co op ring them for a basic bank account.

[iguignet]

thanks ronald everyone on here is really cool.

i am embarrassed and frankly annoyed at myself i got into this in the first place....i hope i can get out of it!

[ivas4us]

looking at the DMP scenario if you could afford £500 a month this would take 90 months to pay 45k assuming creditors froze any interest so an IVA may be the best solution but an Ip would be best placed to advise.

Skippy who are McCambridge Duffy as I have not heard of them on the forum before?

[iguignet]

yes i could afford 500 a month..how would i approach a DMP? is this better than an iva

[iguignet]

i reckon i spend 200 a month on petrol as i travel to work.100 odd on food.dont have kids.dont pay any other type of insurance to pay.as you can see im pretty close to the bone with available money i guess id need to do a proper inventory.changing spending habits too....

[MRBLUESKY]

no its not.with your amount of debt a iva would be better than a dmp.

[ivas4us]

if i enter an iva or DMP can i get another bank account?

It is probably best to get an account first but it is still possible in an IVA or DMP particularly has you owe money to your current bank and it is probably best to try and not put any more money into that account. You should if you have not missed any payments yet have a choice of banks and will probably be able to get a debit card and cheque book if you act sooner rather than later. You will need to make sure you don't get an overdraft or credit card with the new account.