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    • JustJonny25
    • By JustJonny25 12th Jul 17, 9:14 PM
    • 23Posts
    • 17Thanks
    Hard bit done now what
    • #1
    • 12th Jul 17, 9:14 PM
    Hard bit done now what 12th Jul 17 at 9:14 PM

    so finally got old debts under control
    Personal loan of 4k, credit cards amonting to 6K)

    Started repayment plans on all of them and have set up standing orders with them which makes my finances much more doable and living comfortably (still tight) but no longer spending more than whats coming in

    27 now and one of the accounts at the current rate will take 20 years to pay back, now at the moment, not able to increase payment,

    Just wondered what happens next next year , 2 , 5 years if anyone has experience with recoveries departments for an extended period of time

    20 years stuck in debt is a terribly depressing prospect, i seem so far away from plans of saving to buy a house have money for kids when they grow up to help them but i suppose thats life and my commupence
Page 1
    • middleclassbutpoor
    • By middleclassbutpoor 12th Jul 17, 9:18 PM
    • 25 Posts
    • 44 Thanks
    • #2
    • 12th Jul 17, 9:18 PM
    • #2
    • 12th Jul 17, 9:18 PM
    Would be interesting to see how you have got them under control? Are these your own negotiated arrangements or are these done through a DMP for example?

    If you do a SOA then you may also get some suggestions on how to increase the spare cash in your budget to perhaps reduce this 20 year term. An SOA may also offer an insight whether your current arrangements is the best one for you or whether there may be other options you have yet to consider.

    Well done on making a start though
    • sourcrates
    • By sourcrates 12th Jul 17, 9:54 PM
    • 11,886 Posts
    • 11,394 Thanks
    • #3
    • 12th Jul 17, 9:54 PM
    • #3
    • 12th Jul 17, 9:54 PM
    20 years is far too long.

    Any solution that takes more than 6 years needs to be re-thought.

    Is insolvency an option for you ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see :
    • enthusiasticsaver
    • By enthusiasticsaver 12th Jul 17, 11:10 PM
    • 4,213 Posts
    • 7,574 Thanks
    • #4
    • 12th Jul 17, 11:10 PM
    • #4
    • 12th Jul 17, 11:10 PM
    What interest rate are you paying on these debts? 20 years is too long, either because the monthly payments are too low or the interest rate is too high. If it will take you 20 years to pay back £10k then buying a house is definitely not on the cards.

    If you post an soa you will get more useful advice but as sourcrates says a DMP or insolvency may be a better option.
    Countdown to early retirement on 31.12.17 3.5 months to go.
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