A. Sadly this is a story I hear several times a day. What you must not do is extend your overdraft or take out further loans and you must put your priority bills such as mortgage/rent, council tax, water, gas and electricity first.

There is no doubt that credit card companies and loan companies shout loudest and make the most fuss which is why they tend to be paid first but ultimately this is putting your home at risk. It is essential that you stop spending on your credit cards and contact the providers and your lenders as soon as you are unable to meet your repayments to let them know your situation. As I have mentioned in a previous post, write a realistic, not breadline, budget and send your credit providers details of your Income and realistic expenditure with any disposable income split between your creditors on a pro rata basis. If there is very little money to offer them, try £1 per month as ultimately they will want to keep the lines of communication open in order to see if your situation improves at some point and they may well accept this for a period of 3 months with a review at the end of this time. This type of solution is purely to give you some breathing space though and should not be viewed as a long term remedy.

Should you find yourself in the negative and unable to offer anything to your creditors then it is essential you seek professional advice as there are other solutions available such as bankruptcy, debt relief orders and IVA's that could sort your debts out quickly and in one go. It will really depend on your circumstances including whether you own your home, if there is any equity, how much you earn and the number of dependents you have. Should you wish to contact us, we are a face to face company, very understanding and with the primary aim of getting you out of debt as quickly and as painlessly as possible, and supporting you fully through the process.

A. In our experience it is not uncommon for one partner to find that their other partner has been slowly building debts without their knowledge and to refuse to talk about it when they are eventually found out. There may be an underlying problem that has caused the issue in the first place such as unhappy at work or problems within the relationship and it is essential that the debt issues be discussed rationally and without blame as the partner who has accrued these debts will be feeling guilty and will need a lot of support to come to terms with the underlying issue that caused this problem and how the debt problem will need clearing up; whilst the partner who was unaware of the debts will be feeling frustrated and angry, even shellshocked, so calm communication is the key to moving forward. The solution to the debts will depend on the financial circumstances of each individual case. For example, is the property under home ownership or is it rented? Is there any equity? What is the income to expenditure ratio without these debt repayments?

In the first instance I would suggest that all the cards are cut up and a realistic, but not tight, budget is set and adhered to. If there is some money left over, each creditor should be contacted and an offer of repayment made on a pro rata basis, that is a percentage offer according to the amount of the debt. A request should also be made to stop any further interest accruing though each lender will have their own rules covering this. Whilst this does not solve the problem it should allow some breathing space whilst a conclusive solution is sought.

If some creditors refuse to accept any reduced repayments, it is essential to seek professional advice and debtDr's consultants deal with similar cases most days, offering an initial free consultation and are happy to point you in the right direction even if you decide to pursue a solution on your own.

A. Hi, if this is your only debt, you are living in rented accommodation and do not have a car worth more than £300, then you must look at entering a Debt Relief Order to wipe your debt off. Your local Citizens Advice Bureau (CAB) are able to deal with these and should advise you accordingly. However, they may try and persuade you to enter a debt management plan but in my experience this will take years to pay off and is unnecessary when you qualify for the Debt Relief Order. The CAB may also be able to liaise with your bank if you feel you still have a case to answer with your insurance. You must bear in mind that any debt solution will affect your credit rating and may hinder your ability to successfully apply for credit.

A. This is a very difficult situation for you, unfortunately for me to be able to help, and I am certain I can, I need more information. For example, I need to know what you are earning, is there equity in the property and I would need to get your wife to open up so I can deal with the property. You clearly need some peace of mind, please ring the OnlyDads helpline 01803 868683 which is confidential and they will put you in touch with us asap.

A. In some cases this maybe a viable solution although we would generally caution against turning unsecured borrowing into a secured debt which will put your home at risk if you do not keep up repayments. It is advisable you get professional advice on the all the alternatives open to you.