Help l got myself in a pickle. in debt up to my eye balls please please any advice wanted.?

Question

l have got my self in debt l dont work cant get a job, but have 3 credit cards, with over 4 thousand on each, and sererval cataloges. also 2 loans. l`m not sure what to do l`ll never pay it all off, but l dont wanna go bankrupt, l live in a rented house, and have nothing of any vaule, its just me and my 2 boys age 11 and 6. l dont wanna go to court either, anyone have any experirence of this? how does an iva work? could that be the answer.

please help.

Answer 1

Get a job, then negotiate with a debt management company to cut your debts with your creditors and start paying them off.

You need to have money coming in, how on earth are you going to get your boys through childhood/ teens/ college and life if you don't?

Answer 2

I can only think of taking out a loan big enough to pay your debt off from a loan shark, although I wouldn't recommend it, and then paying off the loan shark as fast as you can.

Answer 3

You need to contact the CAB or a FREE debt counselling service.

It may seem as though your world is caving in, but once you take the first steps and talk about it you'll feel better.

I've attached a very good website which offers free advice and contact details for the necessary bodies.

Don't worry, and don't go to anybody who offers a consolidation loan or make a charge for their services.

Good luck!

http://www.moneysavingexpert.com/loans/d...

Answer 4

if u was asain then ur parents would help,

Answer 5

You've already taken the biggest step forward.....acknowledged you have a problem. The Citizen's Advice Bureau is a great place to get support. Face up to the debts.....explain to each creditor the situation you are in, and ask if they will accept a small regular payment until you are in a better financial position. Don't be fearful of the Court.....if you are entirely honest with the Court, my experience is the Court will look for ways they can help. They can sometimes arrange for a single regular payment to be made...and then shared between creditors......protecting you from Enforcement steps....as long as you keep to your side of the deal and keep your payments up. Talking to Creditors and Courts is always a good policy! Good Luck

Answer 6

Your kids must go to full time school at that age, you can work from 10-3 everyday in a supermarket or a cleaning job for some money, the job centre will top up your wages and housing benefit will pay for most of if not all of your rent/council tax.

Go to the CAB like others have suggested and talk through your debt problems, they will help you deal with creditors and debt collectors and work out a budget once you are earning.

Answer 7

You can get brilliant advice on Debt Wizard. co.uk.

I've heard the guy on Radio phone ins; he just gives honest advice in an easy to understand way.

Answer 8

I've not been through this, but I can think of what I would do.

1, Destroy all your current credit cards. No more buying on credit.

2. Sounds like you need $20,000 or so. Find a relative who will make you an interest-free loan. Use the money to pay off your debts. If there are no relatives, you have to go to court. "I don't wanna" isn't an option. How do you pay your current rent?

3. You have to work.

4. Move back home and live rent-free, with your boys.

5. I don't know what the status of the father of the boys is, but he should help pay for their clothing, medical expenses, education, and sustenance. You may not want to go to court, but you have to force him. In your circumstances what you want is not the first consideration.

6. If all else fails, file for bankruptcy.

Courts exist to force people to live up to their responsibilities, as you should be living up to yours.

Answer 9

File for bankruptcy and do it now.

It is not a big deal any more, and you will end up in a bad way and get a judgement against you for non payment of this debt in the long run, the bankruptcy is quicker and easier.

I filed in 2002.

I paid my attorney about $1000.00

I paid $200.00 filing fees up front and then made small payments to him that I could afford.

Once you file and all your creditors are notified, then you stop paying them immediately and they stop hounding you.

Immediate relief.

you can keep cars and houses that your own.

if you don't then all the better.

It has not hurt my credit. 2 years later I had 3 new credit cards for business. But I won't get in debt again so badly.

Bankruptcy court is like a big room with 100 people doing the same thing they call you up to a desk ask a couple questions and then you sign off, and it takes about 10 minutes and it is done. You have no means to pay this debt.

So bankruptcy trumps Judgements.

Answer 10

Go to the citizen advice the will give you the best road to go down

Good Luck xx