First time debt assistance needed please...

Lookingforhelp

Hello everyone....

Not sure if I have started in the right place, but this seems appropriate as this is going to be a long road and I will need lots of assistance to get to where I need to be.... I hope in the future this will assist others in a simular situation.

I am currently in debt to the tune of about £23k. This is a bank loan and 3 creditcards. The only good news is I have never missed a payment on all four debts.

I work and my monthly income just covers everything by a few quid, one suprise bill from my car would tip me over the edge so I know I'm in a very dangerous situation. I have cut every direct debit I can, I do not drink alcohol, smoke, take drugs or eat any branded food. My life has no pleasures... I do the basics and just cover my bills. I can not imporove the income I receive as their are no jobs locally that could improve my salary.

My situation is this... I have met all minimum payments for 3 years and never defaulted. The reality is this, one big bill, I will have a word of issues to deal with.... what is really important is I need help to change this situation. I have rang National Debtline, they can not help, I have not missed a payment. They referred me to Money Advise, they suggested Payplan, Consolidation Loan (I applied a few months back, declined), contacting creditors looking to stop interest and lowering payments.

I believe my choices are either to battle on, which in reality is not an option as my future is financially limited, I have put off being able to have children given my financial situation, time is passing me by. So it appears I might have to consider defaulting in some capacity to lower my payments in order to be able to participate in life again....

Can anybody help or advise me where to go, start in order to begin addressing and helping myself.

I thank you in advance for your help.

National_Debtline

Hello there,

I've noticed that you telephoned our service, how did you find it? Can you confirm that the adviser went through a financial statement with you, and if so was it the case that it was felt that you can meet your minimum contractual instalments with your creditors?

On occasion we have clients that can meet their minimum payments but only just; the key problem is that many of the specific debt options we advise on are for those clients that cannot meet their contractual obligations - this means that they are forced to consider arrangements that generally involve paying reduced payments to their creditors. A key drawback of this would be that it would have a significant effect on a credit score.

If you are able to meet your contractual instalments and continue to do so it will keep your credit score from being affected, this means that you could consider consolidating - although it's appreciated that there is little fluidity in the loans market at the moment and your existing debt may impact a new lender's decision making.

Can you confirm if we have sent you a copy of your financial statement in the post?

If you feel that you become unable to meet your contractually minimum instalments there are likely to be further options available, I would urge you to call back so that we can take another look and further advise you.

Best wishes,

David @ National Debtline.