Time to get proper advice, please help me if you can.

Happier_Me

Well, those interest rates are eye watering, aren't they?

Slashing those interest charges would make a huge difference. Have you defaulted on any payments at any point? What is your credit history like? Is there any chance you could transfer some of this debt to a 0% credit card (or more?).

Although I have had debt in the past and I still do (car on PCP) my debt has always been manageable so I am no expert when it comes to DMP advice. This may not be something you want to do, but if you have defaulted on any payments chances are you have already damaged your credit rating and a DMP may be something to consider - a DMP will help you cut/reduce interest charges and set a payment plan that is affordable for you.

There are many people on this board that have been in a similar position to you and I am sure they will be along very soon to offer some tried and tested advice.

sleepygirl126

hi...from my own experience the best thing you can do is go to cccs or citizens advice and ask for a payment plan....it does affect your credit rating but it's going to be worth it in the long run.
I have been in a similar position and am down to just over £11,000 to repay now...my credit rating is up to good now too. I would never have been able to do it had I not had a payment plan.
There's no shame in being down on your luck honey....mine was due to a divorce....s**t happens!! Stay strong xx

spudsofa

OP....you owe around 22k and paying back at £1700 a month (thats 20k a year).

You need to talk to Stepchange ASAP and organise a payment plan.

There is frugal and what you are doing is extremely frugal IMO and I know you are doing your best. A DMP will allow you to loosen the belt but just be weary of falling back into the old routine.


W

armchairexpert

Yes, I agree, you need to organise a payment plan, and/or contact some of these creditors and ask for a reduced repayment plan yourself. Those figures are absolutely eye-watering, and while you've clearly cut everything back to the bone, it's not enough on its own and you can't cut further. Additionally, I think you'll struggle to continue to be that frugal all the time; that's a very strict budget with absolutely no room for manoeuvre, no treats, no slips, no emergencies. That's impractical in the long term.

Good luck with it and keep us posted.