H and I are in a lot of debt, the extent of living on credit cards, borrowing from Peter to pay Paul etc. became apparent at the end of 2006 when we realised we were in debt to the tune of £80,000 - mostly credit card debt but also a couple of personal loans. We had been coping but then a few emergencies at home etc. had caused us to take stock and realise we couldn't go on as we had been and if we didn't start to turn things around we would sink, very fast.
We looked at various options back then including Bankruptcy, IVAs and DMPs and with the help of PayPlan managed to get all of our creditors to agree to a DMP which we launched in January 2007 - we started off on payments of £500 a month which we have gradually increased and our debt is now down to £60,000. Part of me feels really proud that we've cut the debt by £20k already, when we started the DMP our projected end date was Jan 2019 whereas we're now looking at just over 4 years time.
However, I still feel like there is a HUGE road ahead of us, especially as we've both had pay freezes this year, bonuses look unlikely etc. and we're getting older - until the debt has been cleared we can't afford to think about starting a family. Friends all seem to be moving into nice big houses, having babies etc. and whilst I know we got ourselves into this situation it's so hard to see them all progressing (especially as most have an income along the lines of half what we do) yet we're stuck in a studio flat with our lives on hold.
So, I want to look at our options again - I'm not looking for a "get out of debt tomorrow" solution, I don't like the idea of an IVA as we built up the debt so why should we expect the banks to wipe part of it (plus an IVA seems to last 5 years and we're hoping to have the debt cleared in just over 4) and Bankruptcy isn't an option full stop.
Is there anything else I can look at? I was wondering if there is some kind of person (other than the likes of PayPlan and CCCS) who is more like a financial advisor, who can look at everything - from our income to our expenditure and help us work out how we can throw more money at the debt, if it would be worth selling our flat and going into rented to free up income and so on - someone who can assess and overhaul our lives, suggest things we wouldn't even think of? I just feel like I need to be a little more proactive if that makes sense.
Neither of us have any talents that would earn us extra cash - sadly. We've got friends who rake in extra money from performing at weddings etc. but I can't think of anything we could do - a fixed evening job isn't really an option as we both tend to work very long hours and from what I can make out just 1 x weekend shift in a supermarket wouldn't be worth doing once we were paid NI and Tax.
Apologies if I don't reply for a little while - still at work x
PS: I hate going anon but I know my Mum and potentially a few other family members & RL friends lurk and although most know we have financial problems none know the true extent and I don't want to worry them...
