-
Complicated (and stupid) renovation debt scenario - desperately need some advise
Stuck in a tricky spot and feel our next decision could make or break us financially... In 2023 we bought a house which needed a lot of work to get it to where we wanted - in hindsight this seems stupid as it was our first house. We had a small pot of savings to start us off but this quickly ran dry and since we've been…
-
Completed SOA, don't know what to do?!
Sat down with my husband yesterday to finally start facing up to our debt issues as we've been burying our head in the sand for a long tim! Bit of background - July 2024 we took out a second mortgage to consoldiate some debt from building work that went well over budget, the amount was affordable and freed up some funds…
-
Outstanding credit card debt - now in a care home.
Good Afternoon, A family member of mine has moved into a care home. He has little income after fees et al, no savings and a 12k credit card debt over 3 cards. He tells me that a family member has phoned the individual credit card providers, explained the situation and has their agreement to cancel the debts. To me, this…
-
What small things will you do this week? W/C 6th October
When we start on the DFW trail we do loads of "big stuff" that makes quite a difference to our situation. These include having our lightbulb moment, cutting up the credit cards, and cancelling Sky and the gym. But once we have done the bigger stuff, we often feel that we are not making the same amount of progress, when in…
-
credit card STRESS
Hi guys, I am so stressed about what’s best to do… I currently have a 6k credit card which was 0% but now i’m paying interest on it. I have a 4600£ loan and another 800£ loan. At the minute i’m just about managing to pay what i can (loan payments and £100 a month on CC) but now the credit card is gaining interest I can…
-
The start of default road
Hello, I have now entered default with one of two CC’s that I hold (MBNA) the other being Barclaycard which has not yet defaulted. I have had a scout through this thread and seeking some advice on how to take my next steps and things to avoid doing. I read about people going self managed which sound better and to take the…
-
Which Debt to Default on
Hello, I have 4 credit debts totalling £12k, 3 loans £18k. So I was
made redundant earlier on the year and been behind the payments and recently
secured a 6 month temp role on a much lesser pay. The current arrears and minimum payment is equivalent to my
monthly pay minus the basic expense like food, travel,…
-
ACI and Perch group letters and texts
I have a debt with MBNA for a credit card I defaulted on from approx 20 years ago that I am being chased for by the above company, ACI and Perch group. I had a CCJ against me, that I didn’t even know about at the time which I assume was due to a house move? I also have not been paying anything towards that. I have heard…
-
New SOA - first one in about 10 years
Used these boards a long time ago when I was trying to tackle debt....fast forward many years and the debt has mounted up...mainly due to a failed business where we were personal guarentors on loans. Anyway, decided I need to not bury my head in the sand and work out a way forward....so any suggestions on my new SOA? DOn't…
-
Just deciding... which way round to pay these off....
Will finish paying off a credit card in Oct and I am deciding which to pay off next, realise it doesn't really matter. 1750 on a 0% until April 27 credit card 8000 on a 5.9% loan. Ive 'paid' the interest on the loan already really, but understand it will affect the final figure. Approximately 28 months left. Avalanche or…
-
DMP advice for newbie. Please help
Hi all, My husband & I are £41k in debt & have £4.5k in savings as we've just sold an asset. We are looking at entering into a joint DMP. The debt in my name is low (£9k) but I'm the problem spending wise (It's me who overspends) so we are looking at making it joint. StepChange suggested an IVA or DMP. The DMP seems to be…
-
Self debt management
So I’m currently £22000 in debt with credit cards and a car loan the car loan is up to date. I have called all credit card companies and they have defaulted my accounts, I have set up token payments with them all and some are more supportive than others, I struggle with mental health and disability which I have explained…
-
Westcot after default
Hi, I have read a lot of advice and I think I am getting confused as there is advice not to deal with Westcot as they are debt managers rather than purchasers. But I dont know if that applies to me as Tesco have already defaulted me. I have received a letter from them (and they are calling very frequently) to say they have…
-
HSBC/Wescot
My HSBC CC debt defaulted a couple of months ago and was passed to Wescot…I set up a standing order for £5 a month, which they have accepted and said it will be reviewed in 6 months. i have only made 2 payments (debt is £4,500). Surprised to have received a letter from Wescot asking me to get in touch about a reduction…
-
Help - DMP & Default Question
Hi, I am a gambling addict and have recently very quickly been able to gamble a significant sum of money by getting loans and credit cards and an overdraft within weeks of one another. I own my house with husband who I am needing to speak to about it, however before I do I need to understand my plan of action. I have today…
-
Merged: Full & final settlement help
This discussion has been merged.
-
Scared of Debt, Divorce & Losing My Home – Please Help
Hi everyone, I’m really hoping for some guidance and reassurance because I feel completely lost right now. A bit of background: * I went through a divorce recently and bought a new home for me and my little girl. * Not long after, I lost my job due to a mix of anxiety, depression and then breaking my ankle (I had surgery,…
-
Credit Card Debt
I have unfortunately got myself into nearly £10,000 worth of credit card debt. Started off interest free now thats run out and im paying interest. Monthly minimum payments are nearly £300. I am also paying off a £6000 loan. My credit is rated as fair/good on Clearscore however when i have tried to either get a debt…
-
Money Issues Due to Sickness from Work
Hello, I have recently been diagnosed with breast cancer meaning I have to take a considerable time off work and am only entitled to SSP. My husband earns well but we have debts of about £30k so need to somehow consolidate these while I am not bringing in my full wage. I had planned to apply for an IVA but not sure if this…
-
Pre DRO clarification not covered on gov website
Hi, so in short, I’m off work ill, I’ve got a disability as recognised under the equalities act 2010. Settlement with employer possible, claiming UC standard rate and housing element, and at risk of homelessness, council housing team are supporting. CAB helping with £30,000 debt, DMHEF should be on its way to creditors but…
A place for MoneySavers to share their journeys towards debt-free living.
9K discussions
1.7M comments
Most recent: Onwards and the debt goes downwards! by EssexHebridean
Today at 4:11PM
Forumites help each other push down their debt by setting challenges and encouraging each other to achieve their goals.