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Emergency Fund vs Savings vs 0% debt - how to balance
I'm just looking for a bit of a sanity check really, and the general consensus. We have finally - through second jobs/overtime/exhaustion - got ourselves in a place where we are finally out of our chronic overdraft for the first time in months, with a healthy budget to last until payday. Next month - and beyond - we should…
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Opinions please on my first steps I need to make with debt
Hello just looking for ideas where I go from here. Not done a SOA yet. I will at some point but at the moment just after your thoughts as I have no one to talk to. Married age 49, husband aged 52 we have debts unsecured. £25k in my name and £25k his. Both work 40 hours a week. Employed. No benefits except for Child benefit…
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Halifax account - overdraft - account being closed - what is the catch?
Hi all, any advice please. Too good to be true? I have an old spends account with Halifax which we ran up a substantial overdraft on. I also have a main account with Halifax which wages go into and I then use another bank account for spending. This OD account has just been unused and in the minus for years. When Halifax…
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Lowell - 8 accounts - minimum payment
Hello. Yes, my heads been buried in the sand for a long time regarding debts but I want to get them sorted. I contacted lowell who have been texting me and they said basically there's a £10 minimum amount per account. Now, I don't think I can afford £80 a month so I am wondering what my options are? Tbh, the way my…
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DAS or DMP
I have been recently contacted by Revolution money regarding my debt. They advised that I do qualify for both DAS and DMP however they strongly encourage me to go ahead with DMP rather than DAS (I live in Scotland). I have received multiple phone calls from them. They are very insisting and always mention only advantages…
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Thoughts on writing to creditors
Good morning to all, My first cancelled direct debit will not be paid today. I don't know how long it will be before I am contacted. I was wondering if there is any value in writing to creditors to explain that I can't pay because of (reasons) and that I am seeking advice in relation to commencing a DMP in due course. At…
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Debt from ten plus years ago
Hi I have had a letter yesterday and today someone turned up at my door re a debt from over ten years ago, maybe 15 years. What is my best course of action. Assumed after so many years they don’t chase but obviously not lol not heard a thing in all these years
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140k Unsecured debt - advice
Hi, ok long story but will try to keep it as concise as possible, looking for advice as to what the best path forward is as IVA or DMP may not be suitable as we have large equity in our house. I have around 140k unsecured debt, 3 credit cards 23k, and 6 unsecured loans 110k approx, and a car loan. A lot of this debt has…
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Pay off or invest
In 2021 my wife and I fixed for five years at the ideal point and got an interest rate of 1.18% through our IFA. In the summer of 2022 after an illness some critical illness policies paid out for me and we received around £215000. At the time we had around £190000 remaining on our mortgage and were/are tied in with hefty…
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DMP- Best way?
Hi all, I’m currently sitting with debt at just over 38 grand 3 personal loans and 3 credit cards. all are currently up to date with no missed payments. I’m really struggling day to day and can not afford to carry on. I’m borrowing more and more just to live. i have spoken to step change and their recommended solution was…
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10% overpayment or save it?
We're about to start year 4 of our 5 year fixed mortgage. Our balance is £54,000. We pay £822 a month @1.14%. We have paid our 10% overpayment allowance at the start of each year of the deal. This year's overpayment will be £5,400 and at such a lower interest rate it doesn't really knock much off the actual interest figure…
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New 'safe' bank account for DMP
Good evening to all, I have cancelled my direct debits to my creditors. Just yesterday. I still have some 'safe' direct debits in place for insurances and rent etc. My creditors are: Lendable Loans MBNA credit card Halifax credit card Virgin Money credit card Newday credit card Barclaycard I currently bank with HSBC I'm…
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PayPal credit query
I have a query in relation to PayPal credit that I hope
somebody can advise me on. I have cancelled all my direct debit payments to creditors.
One of my creditors is PayPal credit. I owe them £2433 The next DD payment to them is due at the end of August, usually
about 28th of the month. It dawned on me today that I have a…
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Struggling with debts
Hi everyone, I'm currently really struggling with debt and don't know what to do..I earn 2200 per month and have two children. With all of the debts listed below I am having very little income to pay for anything - all priority bills are shared with my wife so I just send over half to a joint account which deals with…
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Is it time for a DMP or try to ride the storm?
Hi all, Just looking for some advice regarding my situation really. I haven't posted here before, but have regularly read the different threads and have found them very helpful. My situation is as follows: - I have been in debt of some kind since around 19 years old and have never been debt-free since this point. - Current…
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PRA county court papers
Hi Long time lurker here. Have been battling the lovely (!) PRA group for a while. This is for a debt with Barclays of £3,500. I was making regular repayments and my circumstances changed and I stupidly buried my head in the sand! Not in a position right now to pay this. I received a letter before action and responded by…
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Newbe... DMP Advice Please
Hi all, new to this forum and have read lots of threads and thought i'd post to try and get a little bit of more personal advice/thoughts.. Been on a DMP (Stepchange) since early 2016, currently down to owing just over £8k. The following are the balances and creditors/original creditors. As it's been so long and i've still…
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Debt Relief and Write Off
Hi All, So im a debt spiral and im concerned im heading for a debt crisis, in summary im spending substantially more that my income can afford, im losing sleep and becoming very concerend, im not sure how to solve the mess, id like to enter into discussions with my creditors over write off or part settlement/reduced…
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To use or not to use?
Advice please? I have around 7k and growing saved up ready for my self assessment. (The one due July 2025!)🥳 It’s in a 4% savings account Do I leave it alone ORDo I use it towards debt and then “pay it back in” I have two debts left.Debt 1: 4% AA loan (around 14k left) Debt 2: 10% Secured loan (around 65k!) I may try…
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Making a Plan
Hi I posted yesterday in the Stepchange thread. I was feeling very low and hopeless but today I have pulled myself together a bit and determined to get my debt sorted. I am 52 and self employed. I won't rehash the bio again but since Brexit and COL crisis my business has gone from thriving to barely surviving. At the start…
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Most recent: NST September 2025: Keep It Simple! by weenancyinAmerica
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