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How can i clear my debt quickly?

lipsty128 - 2008-03-24 08:39:14 - Personal Finance

I am 23 and my wages have been going down for last 2 years while my debt has increased! I owe £15,500 on a consolidation loan - i dont want to be paying over £350 a month for the next 6 years but i am in rented accomodation and have to pay the bills, there really isnt an option to move home. I feel a little bit stuck, to make things worse alot of people have mentioned an IVA but i am trying to train to be a mortgage adviser and they wont give you a license if you have had an IVA - Rock and Hard Place, i would appreciate any advise! Thanks

Best Answer:

IVA/Bankruptcy is the easy way out. The only way of doing it is to cut down as far as possible on your expenses and try to increase your income (possibly by taking on another part-time job or something). Don't do the IVA route, unless you absolutely have no other option. As you say, it's not going to help your career much!

Answers:

Cut down on spending. Check out www.moneysavingexpert.com forums for some good advise and debt management, amongst other things.

Hi i would recommend that you speak to a free debt councellor, they will be able to look at your debt and advise you without you having to worry about paying them or that they are not giving you the best advice. Use the The Consumer Credit Counselling Service in the Uk and the US trustee program in the USA. best wishes

IVA/Bankruptcy is the easy way out. The only way of doing it is to cut down as far as possible on your expenses and try to increase your income (possibly by taking on another part-time job or something). Don't do the IVA route, unless you absolutely have no other option. As you say, it's not going to help your career much!

True, cut down on your expenses.. If you mean business it won't seem like a sacrfice But also, pay your regular minimum payments but with any extra money dump it on one bill, start with either the highest interest rate or the lowest debt amount . Once one bill is cleared up, roll that same amount into the next one... eventually that amount will get larger and larger and you will have your other debts paid off quicker and quicker....Much like a snowball going down a hill!

Try to save even a single penny. Try out http://www.shakespearefinance.co.uk/debt-management.html for any debt advice.

so you want to advise people on their mortgages and on whats best for them.... but you can't even advise yourself on how to steady your debt ship!! I think you should look for another profession for the sake of anybody who has the possibility of getting any financial advise of any sort from you in the future!!!!

Hi, I was in pretty much the same boat as you. I used moneysolve ( http://www.moneysolve.co.uk ). They gave some pretty good debt advice regarding whether to go for an IVA or just debt management. I would probably ask around a few companies to check the consistency of the info you are given.

Well, one way is to join our Reseller Referal Programme. You need to live in the UK, but it is free to join. Basically, if you hear from someone who wants to hire AV equipment (Projectors, screens, PA Systems, Sound Systems, Staging etc) in the UK, recommend us, and we pay out (on New customers) 10% of their first hire. This could pay you from £5.00 to £1,000.00 possibly more, just by helping people to find us. Take a look at http://www.av2hire.com/reseller.html for more details.

You need to increase your income. I would recommend reconsidering your chosen career. Apply your skills and experience in a higher paying profession. This is how I have been coping with inflation, leapfrogging from one job to another with a better salary.

We suggest you two option one contact a debt advice company and solve your problem. here is one http://www.loans-park.co.uk/debt-management.html Other is find a cheap rate loan and pay all your outstanding debt. Then cut your expenses and save money. This is the best way to solve your debt problem. we suggest you one of the best company http://www.ask4loan.co.uk/cheap-loan.html

Don't use credit card anymore, use cash from your pocket. It can help to reduce unnecessary spending. I have articles on Free Your Debts, Ways to avoid bankruptcy. Get advice from Debt consolidation or Debt settlement. Will it affect my Credit Score / FICO Score? More Information on http://avoid-bankruptcy-get-debt-consolidati.blogspot.com