Please help £15k debt.

bjf93

Hello, any advice would be much appreciated!

I had a gambling problem which I've received counselling etc. this is no longer an issue, except the debt it has left me in. I'll get straight to the point.

£5000 Personal Loan - £200 per month
£2450 Credit Card 1 - £75 per month
£2400 Credit Card 2 - £75 per month

Pay Day Lenders;
Sunny £500ish - £62 per month, they froze interest and allowed me to pay £62 a month til debt is cleared.

QuickQuid £775 - £185 per month. I entered a pre-default payment plan, 4 equal payments!

However, I can't afford all on these, and have enough money to live, with so many unplanned for expenses!

My priority has to be to pay quick quid off first, as this will free up funds to pay of my credit cards, and I'll continue paying the personal loan payments until cleared. Once I've paid of the pay day lenders, I can start seriously chipping way at the credit cards!

Any advice with how to deal with quick quid? Or potentially freezing credit cards for a month to have funds for a months quick quid.

Little_Miss_Moneypenny

Hi bjf93

I'm new here so am probably not best placed to give advice, but I am sure the other forum members will be able to help.

I wish you the best of luck in paying off your debts.

ellesbellesxxx

Hi
Well done for taking huge step of realising things needs to change. The only way is up!


http://www.stoozing.com/calculator/soa.php

One thing that will be recommended is a SOA (Statement of Affairs) which you can use to honestly fill in all incomings and outgoings. Yo uare very welcome to share that for advice or to even use it as reference for yourself as to where money is going that could be better thrown at debts... or even, if another option is going to be get you moving forwards more quickly - such as a Debt Management Plan.


Good luck!

mandi

:hello:bjf93..

The best advice I can offer you is to contact the National Debit Line for free & confidential advice .

Let us know how you get on .:)

savingmummy

Hello and welcome, stay around the support and advice on this forum is amazing!!


I think you need to gather all the information and paperwork you can, have a sit down and complete the SOA.
It really is a must and will show you exactly where you stand, what you can cut back on and what you can reduce to allow extra money to pay off your debt.

https://forums.moneysavingexpert.com/discussion/562271

To give you some hope my father was a gambler, he did this for many years and run up debts of over 40k! - now debtfree and a lopt wiser!
Well done for getting help with that, its so hard to do.

[Deleted User]

bjf93 wrote: »

My priority has to be to pay quick quid off first, as this will free up funds to pay of my credit cards, and I'll continue paying the personal loan payments until cleared. Once I've paid of the pay day lenders, I can start seriously chipping way at the credit cards!

Any advice with how to deal with quick quid? Or potentially freezing credit cards for a month to have funds for a months quick quid.

With credit cards, only recommend if confident in being able to pay, you could see if you could get a 'repayment holiday break' with the CC, Vanquis used to do this where you could take so many breaks per year with a good reason, could help short term for like a month - only thing is following month you will probably pay a bit extra in interest but one way to get breathing space x