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Hello

I'm after some debt management/consolidation advice please.

In the passed few months my circumstances changed and I have become part time however I calculated that our monthly income would still be sufficient as long as we followed a budget. Sadly that has not been followed and this month as we speak we are at our overdraft limit so direct debits are failing for the first time ever.

I personally have 4 credit cards which are maxed out and some of the failed direct debits sadly will be to do with them so that will make the situation worse. My credit rating is Poor 689.

What is the best approach now as unfortunately we're going to be forever chasing our tails now to catch-up. For example, the total £370 this month of failed direct debits this month if I make payments on payday later in the month we're still going to be £370 behind (and we don't have that value of spare cash each month).

My credit cards total and bank overdraft plus current monthly payments are as follows:

Overdraft £1,600 total credit - monthly payment/charges £20
MBNA credit card £3,400 total credit - monthly payment £95
NUBA credit card £5,000 total credit - monthly payment £52
Barclaycard credit card £5,000 total credit - monthly payment £126
Marbles credit card £450 total credit - monthly payment £50

TOTAL CREDIT £15,450 CURRENT MONTHLY PAYMENT £343 say

I wondered is consolidation loans available to me (with my circumstances/credit score) that would cover the £15,450 but spread over x years with a lower monthly payment than £343. This would then allow us to get to a balanced position to follow a budget. But I'm doubtful whether this would be an option to me with my credit score?

I accept I've got myself in this mess particularly through spending over my means but right now I need a solution and for the first time very concerned as we've never not paid direct debits before.

Thank you in advance.