How can I get out of debt without IVA or bankruptcy if no-one will lend the money to consolidate ?

Question

I am a single working parent trying to stay afloat. I have been left with all my ex partners debt and can't get a loan to consolidate as I am over committed even though this would save me a fortune. I haven't missed any payments yet but am living on a pittance. Any advice please?? I work in a bank so IVA's and voluntary arrangements etc would result in losing my job.

Answer 1

It does depend where you live, but most local councils have a team within the Consumer Protection Departments which deal with personal debt problems, they will be able to advise you and help you get this sorted out. They will also be able to keep it confidential so that there is no need for your employer to find out.

Answer 2

Pretty sure that you must find all financial solution at= loanhome.info-

RE How can I get out of debt without IVA or bankruptcy if no-one will lend the money to consolidate ?

I am a single working parent trying to stay afloat. I have been left with all my ex partners debt and can't get a loan to consolidate as I am over committed even though this ...show more

Answer 3

If you have not missed a payment I think you might be able to pay your way out of this with out a loan or bankruptcy. First of all you need to be on a budget and know where every dime goes. I don't know how much debt you have or your income but try these steps.
step 1. Save $1,000 as fast as you can this will be your baby emergency fund. Do not touch this money unless it is a TRUE emergency.
step 2: pay off your debt. Sit down and make a list of all your debt that you have going from the smallest balance to the highest. Beside each balance put your minimal payment for that account. For example if you have 3 credit cards and a car payment it would look like this
Visa $35 $1,000
Wal-mart $45 $1,200
Master Card $75 $3,000
Car Loan $275 $10,000
Now what you do is pay the minimum on all the accounts and put as much a possible on the first one on the list. For example if you can pay and extra 100 a month on the visa then you would make payment of $135 per month on it and would pay it off in 7-1/2 months. Once it is paid you will roll that payment onto the next one in line so now you would pay 180 on the next debt. Do that each time you pay one debt off and you will pay the next off even faster. Do this till you are out of debt. It might take a while but it does work. The key is you must get on a budget and know where your money goes to and cut back on stuff as much as possible all so a 2nd job would not hurt just until you get your debt paid off.

Answer 4

If you cannot afford to repay the debts that you have you should speak to your creditors as soon as possible and try to come to an arrangement to pay them less, possibly with them freezing the interest fr a period to stop you from becoming completely overwhelmed.

Most Banks are quite understanding about these things and will certainly prefer to deal with you in this way than face you going Bankrupt.

If you feel that you need help with this you may wish to speak to a company about the possibility of them negotiating a lower monthly repayment for you and handling the monthly repayments on your behalf. This kind of arrangement is a faster and easier process than an IVA and is called Debt Management. It can still affect your credit rating but will often be tolerated by employers like Banks and FSA compliant workplaces.

http://debt-line.org.uk

Answer 5

Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike

Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's "Should my spouse work, too?" calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, "Finding help in hard times," has some other ideas, too.
To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."

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Answer 6

First head to moneysavingexpert.com, they will have all the answers I guarantee it, I would suggest claiming your bank charges back too, contact me on [e-mail] and I'll put you on the right track, I got a cheque for £2380 the other day from my bank for 6 years bank charges + interest, you can do it too.
Possibly the banks owe you money, not the other way around.
Hope this helps, I've been there, my husband had a breakdown days after my first was born, not easy but you can stay afloat, there's always a way round it, just talking to people and not burying your head in the sand sometimes works.

Answer 7

You can consolidate through Visual Credit or Care One. They dont require loans and they knock a lot of intrest and late fees off of your debts.

Answer 8

If you are a homeowner www.surefirefinance.co.uk can get you a loan even with very bad credit, apply online and they will get back to you with how much you can borrow.

Answer 9

do you own your house? cos if you do you can get help getting a loan secured on that..good luck

Answer 10

i might be able to help you but i would need more info from you. send me a message and we'll chat (click on my tiger picture and click on "send message")