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Need Advice on Current Debt
Kendo007
Posts: 3 Newbie
Hi all,
I am new to the site and thought I Should give this a try.
I am 22 yearls old and have racked up 6000+ in debt from creditors, (Catalogues, Credit Card, Loans Etc). I am re-paying monthly and rarely fall behind with payments but each month they are getting higher and the amount I owe monthly is nearing the amount I get paid and I don't know what to do. I don't want to ruin my credit file or anything but I need to do something to lower these payments.
Is there anything I can do?
Thanks,
I am new to the site and thought I Should give this a try.
I am 22 yearls old and have racked up 6000+ in debt from creditors, (Catalogues, Credit Card, Loans Etc). I am re-paying monthly and rarely fall behind with payments but each month they are getting higher and the amount I owe monthly is nearing the amount I get paid and I don't know what to do. I don't want to ruin my credit file or anything but I need to do something to lower these payments.
Is there anything I can do?
Thanks,
0
Comments
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I think probably the best thing is, as said above, post up an SOA.
For me, the best thing that could have happened to me was that I trashed my credit file. Not being able to obtain credit meant that I had to start living within my means!
HBS x"I believe in ordinary acts of bravery, in the courage that drives one person to stand up for another."
"It's easy to know what you're against, quite another to know what you're for."
#Bremainer0 -
Sorry, but what do you mean post a SOA?0
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Hello there,
That's a statement of account. You can fill this one in and post it up:
http://www.stoozing.com/calculator/soa.php
Best wishes,
David.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I will do this when I gather all of the information, what will the SOA do?0
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I will do this when I gather all of the information, what will the SOA do?
It's incredibly useful as it should show us whether or not you are able to meet your contractual minimum payments. It should also show us whether or not you have considered reasonable figures for all of your essential outgoings. There are various ways to approach debt, we want to be sure the best options are discussed with you. Given the information you have already provided, it seems likely that you may need to look at making more affordable offers of payments to your creditors.
- David.We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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