Citizens Advice Bureau

[andydingdang]

I have debts which have become unmanagable. The main problem is meeting credit card payments and being able to afford house hold bills and still have a life. I earn good money and own my house with about 20 grand equity. Is the best idea for me to go the CAB and sort dome kind of help managing my debt. Will this affect my credit rating ??? My main concern is that I have a 3 yr fixed mortgage, so after the 3 yrs when I renegotiate for a better deal will mortgage lenders turn me down because I have been to the CAB

[Hermia]

How will they know you have been to the CAB. The CAB offers confidential advice, they won't talk about you behind your back you know!  They have a section about debt on their excellent website. http://www.adviceguide.org.uk/

[nfn]

You don't even have to give the CAB your real name! Mind you, in my experience being completely cards on the table with them, show the counsellor ALL your finances, is remarkably good advice. They really do everything possible to help. Incidentally did you know Anglian Water offer payments to people who are in debt to help them out? A few years ago they gave me all the money to pay off my debt to them! The money is available for all kinds of debt, not just water rates. Good luck

[Mrs_Pegasus]

The CAB are good but also look at ringing the national debtline who will also be able to help.

How out of control have your debts become?

Whatever action you take the chances are it will impact on your record history if you are struggling to make the repayments each month.  If the debts are less than �5k I would look at getting a loan to pay off the expensive debts like credit cards.  Anymore I would look at getting a loan against the house to clear them,

Also dont avoid your bank, there are account managers who can help you and other areas of the bank who could help reduce your repayments.  Remember if you go to the charities who reduce payments by talking to your creditors you will have to move your account if you have an overdraft or loan with them so always start with your bank first.

[Peahead66]

Hello.  May i direct you to a website http://www.debtquestions.co.uk/forum/index.php3 it is in my opinion the best debt advice site with the option of asking an experienced advisor the question you have asked here and receiving a professional answer in no time at all. You can also read through hundreds of other debt questions and answers to see how other people have handled their situations.  Good luck.

[frugalmummy]

I found Cheapskate Monthly online a great help with debts/credit rating advice and more - written by somebody who's been through it, & members working through various situations like your own.  Good luck.