Posted on January 14, 2010.
Do you think this would be the best way out of debt? I do not have major debts compared to others, but from what I have in my income to debt is a huge pain for me.
I am currently a single parent income support who are not planning to return to work, but just not that I'm pregnant with my 2nd child to return to work when they are few months old.
anyway the problem is that I have 3 bank accounts.
Account 1: all the money goes in this first and have standing orders to give an account 2 & 3 (£ 1,000 overdraft limit that I ran to the limit)
Account 2: applies to all my direct debits that are paid by the amount that is made from the standing order.
Account 3: started as an account of spare money and use eBay purchase and sale (which discovered 500 pounds is the limit)
so stupidly got a credit card a few years ago when I worked and managed to go to the limit of £ 1800 + about £ 200 for the card total of £ 2000. now face all sorts of charges for exceeding the limit. It was stupid that I stopped using it when I stopped working, but I na)
Total debt = £ 1,000 + £ 500 + £ 2000 = £ 3,500
this doesn't seem like much, but my total money each month is less than 500 pounds
I thought about 2 options
Option 1. request an order reducing the debt. I unload it if it is accepted and I pay £ 90 Handling Fee. but if my financial situation will improve over the next 12 months then it will become null and void and will start paying things.
Option 2: Request the loan of the maximum budget of £ 1500 i can not necessarily the amount I requested, but even £ 500 would help me get back under the limit of my credit card not to pay more interest over exorbitant loans budgeting are interest free and they take a share of income support each week to pay back (no chance of arrears), then when it is reciprocated reapply to pay more debts. Keep this cycle up debts are clear.
I'm leaning more towards option 2, even if it is a more confectioners, but just wanted to know from others thought would be the best option.
It is difficult to give you specific advice. However, the link will be useful because it examines the whole picture and will be useful for you to get a grip on your finances in general.
eh
It seems that the second option is the best. You also get overdraft protection disabled on your account. You can chat with your bank and see if they have a "fresh start" program. Some banks do if you are seriously short, to help you back on your feet and out of this debt.
Let me start with option 2, but you can also look for work online. There are many online jobs are real jobs, not scams for people to do their own pace and in their free time. I know your pain as I have been in the same situation not long ago. It sucks! If you are interested in finding a little extra money while working online access to this site here http://www.im-solutions.info
Good luck to you!
Jacques
Google any company, debt relief, followed by the word (s):
Complaint, fraud or scam.
The main complaint is that people wish they would have paid that much money for credit cards instead of paying for a company eager to fill their pockets.
These companies ruin your credit by not paying your bills to pay creditors nervous.
Most companies do not settle and you end up in court anyway.
There are many good books in bookstores that will tell you how to solve this problem.
They will learn to negotiate, resolve, reduce interest rates, or to establish a reduction in payments.
It is well known that these companies do - all in the books.
You can do it yourself - easily.
Fi.
