Debt Problems - How can I help myself get out of debt?

How can I help myself get out of debt?

I am in about £11k debt and each month by the time i have paid my repayments i am left with just £10. Would a debt management company help me? I can't carry on like this for much longer, I've got to the point where i am considering just not paying my loan back and hoping they wont catch up with me as I have moved twice since i took the loan out. I'd just like to say that I can't stop spending as I have no money left to spend.

Public Comments

You could invest in stocks...
Stop spending and pay your debts off.
Stop spending what you have not got, cut up the credit cards. Debt management is a con you will be paying it off for years. Seek legal advice
You might be able to get the loan reduced. The best people to talk to are citizens advice. You could declare yourself bankrupt, but that's pointless as you wouldn't get credit for anything. You should consolidate them all into the one loan. You'd probably have the amount reduced and be paying much less than you do now. Also, you could ask to pay it over a longer period. Good luck
Try payplan (www.payplan.com) they are a free debt management service (I think it's a not for profit company or something) that the CAB recommend. They will help you to restructure your finances and agree repayments with your creditor(s). They might also help you if you want to go for an IVA, but I always think that's a bit extreme. The secret is not to get yourself too upset about it - it's really not worth it and it can be sorted out.
i own 2 houses (no mortgage) a brand new car and around 17k in the bank.try being nice to me...!
Stop spending on things you dont need
There are some good companies on the net that will let you spread your debts over 7 years. Take a look but make sure you get a low interest rate and watch protection plans they can cost a lot. I hope you get sorted out.
I am also in debt but im in college so its normal but i still would like to get rid of it. What i have done is track my spending for three months i then reviewed what my money was going to and started figuiring out ways to cut on things that were not neccessities. I have so far paid off one of my credit cards and am working on the next one. I only have two so its not too bad. I have a truck payment that i try to send a little extra each month so that i can pay it off sooner. I have also started to ride with other people and have saved to much gas! So just look at what you are spending and figure out ways to cut some of the spending in places where it is possible.
Im in debt as well but instead of just forgetting about it i called the companys agreed to pay a small amount off each month and they have been fine about it. If you run they will catch up with you and it could get a lot worse, you could end up going to court getting blacklisted. Are you working if so you could always get a weekend job lets say barwork,shopwork or even Mcdonalds, i hope that helps
First of all, live within ur means. Dont take out a loan with the intent of paying it right back because that never happens. Second, yes a consolidation company will put all ur bills togather and they will re-negotiate ur debt with the collecters and get ur overall interest dropped. Another thing you can do but i dont recommend for everyone(you need good credit) is find credit cards that you can transfer your debt to and decrease ur monthly interest. i just transfered a 18% interest onto a card with 4%. Removing debt from your life is not easy and takes time. I had a 8,000+ debt and now am down to 3,000. Which I am paying next month with the selling of my truck. Oh, one more thing. Your tax refund is your greatest weapon on debt(every year)...don't be a fool and blow it on crap.
You need to consolidate all your debts and get a loan, pay them all off and spread the repayments over a few years. £11k Isn't bad at all, so don't worry. The people most likely to give you a loan are your own bank, however their interest rates wont be so good, but hey, your be in a much better situation than you are now. Don't worry about it, your sort it out!!! We've all be there!!
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan. http://debt-trap.com/category/Debt-Consolidation-Basics.html
I hear you...Been there and I got out of debt. Why not do what I am doing and consider a successful referral based "Work at home business" I have landed an awesome one! For twenty three years they have been helping people like us get out of debt. It works and in some cases for people who work hard in less than one year. The money is residual and limitless. Like I said it's a referral based, no MLM and no sales, which means no inventory. Email me directly I can't advertise on here.
Hi hun, can i recommend either CCCS or Payplan, they are not for profit charities set up to help people in debt. They are both on the internet. Basically what they will do is go through your income and expenses and set up a budget with you. They are fair and will not leave you struggling. Once that is done based on whatever money is remaining after living expenses they will tell you if you have enough money for a debt management plan. I think it's about £5.00 min per creditor. If you agree they will contact your creditors to inform them of the situation and give them a copy of your budget and your offer of payment. They usually manage to negotiate to stop the interest on your debts. That being done you pay them the set amount each month on the 1st and they forward it on to your creditors (this has the added bonus of no more harassing phone calls!!) They send you a statement every month to show the payments made and new balance. They really are very good I have used CCCS and they were fab! Good luck