Advice gratefully appreciated!

OhSoStupid

Post removed

fatbelly

OhSoStupid wrote: »

I owe a bad credit C/C £2500, a 12 month loan company £1000 and another payday loan £550. I cant afford the minimum repayments on all of these. I have approx £150 to spare each month. I have been bankrupt before so unfortunately no stranger to shirking my financial responsibilities.

I am not too concerned about my credit file, i just need to sort this out as cheaply and quickly as possible..

OK so I've edited your post above

You need a debt management plan. This gives the best chance of interest being frozen and then your £150 will clear your 4k in 27 months.

Your choices are:

Stepchange
Payplan
do-it-yourself, maybe with the help of a site like this one

There maybe other options local to you, such as

CAP
a CMA centre

If so these may be more face-to-face and be able to do a bit more hand holding, so I've put some links in for you to investigate

None of these charge, all will do a debt management plan, all will have an impact on your credit file.

OhSoStupid

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Tixy

Hey. Don't beat yourself up over this.
Do make sure you tackle the debts and do focus on not letting this happen again and getting the help you need.

I know its easy to say but it is only money and most on this section of the forum have been a bit daft with money so you are far from alone.
Besides people on here won't be wasting their time offering you advice - because you are going to take that advice and move forward.

As fatbelly says a DMP sounds like the right option for you this time.

seanavfc92

You say you have £150 per month spare, but do you? I only say this because you may have/have not factored in things like sundries/emergencies, entertainment, clothing, etc. This is what StepChange or another DMC would look at. After all, you still need some sort of money to put away for unexpected expenditures, you still are allowed to enjoy yourself, and you most certainly need to put clothes on your children's backs!

Hope you get everything sorted

rockm87

If youre at this stage again, it may be a better idea to change your whole money ethos. there is no point just paying the money back, to then be faced with a flimsy budget that means you start using credit again.

complete at S.O.A and let us see if there is anyway we can create a proper budget that keeps you on track.