Welcome to the forum. 1st up dont panic, there is always a solution. How much can you afford to put towards your debts? Do you have a mortgaged property?

I went into my local citizens advice bureau for info on my options. A Debt arrangement scheme may be worth looking at but any of the firms represented here will go through all the options for your circumstances.

Paul

Thanks Paul, I just spoke with an advisor and already feel better. I have not heard of a debt arrangement scheme so will also look into this, thank you. I could not afford anymore than £120 per month. I don't own a property I privately rent.

Amanda

Make sure you get told about all your options. Just talking to somebody about debts does give great relief. I couldnt believe how much better I felt after going through figures with the CAB advisor even though it meant I had at last realised how deep in debt we were!!! At that point I knew we had a few options open to us. I have never looked back on that day.

Paul

Hi Amanda

From the information, sequestration may well be the best option. The options are:

Debt Management Plan - Avoid this as it provides no real benefit as creditors can continue to add interest and pursue legally.

Debt Arrangement Scheme - This would take you approximately 6.5 years to complete @ £120 p/m

Trust Deed - May be tight at £120 per month for 36 months, however still possible.

Sequestration - Certainly an option @ £120 p/m for the 3 year period of the sequestration.

The above is a rough guide to what is available, but thisd would depend on a full review. Make sure you are not pushed into a solution which suits the company more than you.

Mark

Hi ab87,

I would agree with plasticdaft in that normally someone feels a sense of relief when the first speak with an advisor. We see a change in someone from when we first meet them to finally proceeding with the solution that they feel best suits them.

As Mark said, you have a number of options available to you to deal with your debts which is the positive thing. Take your time, speak with an advisor or two to explore all of the options and then proceed with whichever solution you feel is best for you.

In terms of finishing your degree, will you be looking to enter the financial services industry upon completion of University?