In a mess

sara77 · 3 January 2018 at 9:33AM

sourcrates wrote: »

Hi,

You have no property to protect, and few assets.

With such a shortfall in disposable income, it’s likely a DMP would take a very long time, an IVA would not be possible for the same reason.

What’s stopping you going bankrupt ?

I work for a government agency so would need to check with HR to make sure it wouldn't be a problem.

clairebeth · 3 January 2018 at 1:53PM

Hi, I have no real knowledge of debt solutions, but I wonder, if you are single and have no dependents, is there anything stopping you getting a second job? You say you take your Nan to appointments etc...perhaps you have the qualities that wild be suitable for being a home help/carer? You could work weekends or overnight. When I was a student I used to do 'sleepovers' which was literally staying overnight in someone's house, maybe help them to the toilet and intro bed and was paid £50 for it,.them got up and went to uni. Just a suggestion. But if you really don't want to go down the other routes, then increasing your income is the only solution. Have a look at Dave Ramsey UK Babysteppers on Facebook or budget_newbie_paying_off_debt amongst others on Instagram for inspiration. All the best!

uphillstruggler · 3 January 2018 at 2:57PM

As others have said, don't be afraid to call StepChange. My biggest regret was trying to keep everything together, get together every penny I could and make repayments when it was not feasible in any way. Had I defaulted on my debts earlier, they would probably already have dropped off my file now. Instead I tried to do the "right" thing by making those repayments, and driving myself into the ground in the process. StepChange were brilliant. I had a self-managed plan where I paid my creditors a token fee per month. Get help now; there is light at the end of the tunnel. Good luck and all the best.
US

NekoZombie · 3 January 2018 at 3:12PM

Sarah you must be feeling a lot of strain and worry at the moment, as this is a big debt in comparison to your earnings. Do call StepChange at the very least you will get some emotional support which will help to no end.

datlex · 4 January 2018 at 1:10AM

Speak to the loan companies and see if you can come to an arrangement with them. They won't want you to default and not pay them. The bottom line is you can not afford to pay what you don't have. It may take longer to pay but it should be at a more affordable rate. I personally had a loan with first direct reduced from £250 to £75 due to difficulties I was in simply because I spoke to them before I missed payments or defaulted. I paid off the loan in full, actually quicker than I had expected to when the arrangement was first set up. Heck they might even be able to offer you a payment holiday as part of the arrangement which should allow you to tackle a credit card.

sourcrates · 4 January 2018 at 1:30AM

If you were lucky, and all your creditors stopped interest and charges, it would take you nearly 9 years @ £300 per month, to repay your current balance.

If you could bring in more money, obviously that term would reduce, if interest wasn’t stopped, then the term would be significantly longer.

Bankrupcy would last one year, be on your file for a further 5 years, and you would have to pay an IPA for 3 years.

That’s your choices.

Er17fidge · 7 January 2018 at 6:20PM

I was in same situation. Using credit to pay down debts. It got so bad i finally told husband. What a relief. Stepchange have been great. My first payment just been taken. 3 out of 8 creditors already accepted. Its still early days and scary but u have to do something. It cant go on x

sourcrates · 7 January 2018 at 6:48PM

uphillstruggler wrote: »

As others have said, don't be afraid to call StepChange. My biggest regret was trying to keep everything together, get together every penny I could and make repayments when it was not feasible in any way. Had I defaulted on my debts earlier, they would probably already have dropped off my file now. Instead I tried to do the "right" thing by making those repayments, and driving myself into the ground in the process. StepChange were brilliant. I had a self-managed plan where I paid my creditors a token fee per month. Get help now; there is light at the end of the tunnel. Good luck and all the best.
US

Have to agree wholeheartedly with this.

I have read so many posts from people who throw all there money at debts they are never likley to clear using normal repayment methods, going without food, heating, whatever, just in order to pay the creditors.

It’s not nessessary, too many people wait far too long, instead of asking for help sooner, the help is there, all you have to do is ask for it, far better not to wait.

enthusiasticsaver · 7 January 2018 at 10:16PM

I am afraid that Bankruptcy looks like the best option to me but I am not sure that you will be able to keep the car if it is worth £4k. I am sure there are others who know more but I thought you could keep a car if it was worth £1k or less.

pennystretcher · 11 January 2018 at 9:51PM

Water rates - are you on a meter? If not, might work out cheaper?
Electricity and gas - £60 a month is a lot. I have a 3-bed semi and I pay £35pm and that covers up winter months easily enough...dig out those jumpers and turn down heating...
Satellite/Cable TV - you cannot afford this. If you are not tied into a contract get rid of it.

In a mess

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