Real novice needing help!!!

h-a-m

Hi,

I'm currently struggling to keep up my payments to a loan, overdraft and 3 credit cards that I currently have and am getting closer and closer to the limits each month. The debts just keep getting bigger and bigger.

I'm looking to try and solve this problem before it gets too late and from what I understand I have two options

1. Take out a loan so that I have just one manageable payment each month. However this would have to be in the region of £10,000 and I don’t know if I would be eligible for this.

2. Contact a debt management company to see if they can help me to lower my payments? I don’t not know much about these or even if they can help someone in my position that so far has not missed a payment. I also am aware that some of these company’s should be avoided and would appreciate some names of good ones.

Any help, suggestions or advice will be much appreciated.

Thanks.

beanielou

Hi & welcome to MSE

You could consider one of the debt charitys.
Im sure someone will be along to give you a linky.
Consolidation is not a great idea unless you are really strong willed & cut up all the credit cards!
Keep posting~you will get lots of support here.

https://forums.moneysavingexpert.com/discussion/2077631

Tixy

Welcome
As beanie says contact a debt charity not a DMP company (they run DMPs for free)
IMPORTANT - Where to seek professional impartial advice about your debts.

But before you decide which option to take I would recommend you complete a statement of affairs -you'll need all the info in it anyway if you talk to one of the charities - and it should help you get a clearere picture of what you can afford each month. If you also post it on to this thread then people could give you feedback and see if they can suggest areas you can save money. Link to calculator here - http://www.makesenseofcards.com/soacalc.html

david_hellier

Awaiting SOA.