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| The independent answer to your debt problems | login join |
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topshopper
| 15-11-2007 10:17 AM |
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Joined: 15 Nov 2007 Posts: 4 | I need some help quickly. I am getting phone calls from credit card companies about missing my payments. I have told them time and again that I can't afford to pay my debts and just take me to court but they still keep phoning me, i just don't know what to do next. I am all stressed out and can't sleep because of the dam debts. It's even effecting my work and i've been off sic a few times. Can anyone give me some advice. Thanks topshopper |
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| helpmenow | 15-11-2007 01:04 PM |
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Joined: 15 May 2007 Posts: 30 My Profile | Hi topshopper and welcome to the forum. I know how you are feeling about your debts problems and what it does to you. I'm currently signed up to an IVA which has given great relief. The best advice I can give you is to formulate a plan of attack on how to address your debt problem. We will help you. First step draw up a SOA and make it available for all to comment on. Next step do something positive about your debt problem, don't just ignore it. HMN |
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topshopper
| 15-11-2007 10:22 PM |
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Joined: 15 Nov 2007 Posts: 4 | Sorry about being late replying to your post. I'll do the SOA tomorrow morning. I had a go at it this afternoon but found it a bit more difficult than I thought. I have dug out my bank statements and bills and hopefully I'll get it right. |
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topshopper
| 16-11-2007 04:51 PM |
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Joined: 15 Nov 2007 Posts: 4 | I have just done my SOA and made it visible. I would appreciate any comments on how I can dig myself out of this hole. topshopper. |
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| DW George | 17-11-2007 03:12 PM |
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Joined: 01 May 2007 Posts: 148 My Profile | Welcome topshopper When we look at SOA's we firstly look to see if there is any room for income maximisation or expenditure minimisation. If your SOA is an accurate reflection of your current financial situation there doesn't seem to be any room to decrease your monthly spend. Can you get a part-time job? As I see it the options available to you are 1. Sell your house, use the equity in it to pay off your debts and stay in rented accommodation. 2. Take out a debt consolidation loan. I suspect your credit rating will be damaged which will mean that you'll find it difficult to get an unsecured loan at a good rate. You may have to consider a a secured loan. George |
