Help and advice please - struggling :(

kappachino10

Hi all, myself and my OH were coping okay with our repayments, until earlier this year when the dreaded thing happened; I los my job. I am trying very hard t find work and have applied for so many jobs, without hearing even a response from many. We have catalogue debts, credit cards and loans, and its becoming apparent that if something doesn't happen very soon, we will b unable to carry on paying the full amounts. an anyone help regarding which bill first, which I can pay reduced amounts on etc? I really don't know who to turn to at the moment - have done our debt planner and the figures just don't look good! Thank you in advance

laingn

Hi

Not good to hear about your situation.

Can I ask do you rent your home? If so is your rent upto date? have you contacted your local council and applied for Housing benefit and council tax reduction?

Tixy

Hi

In terms of payments you need to pay priority payments before any unsecured debt.

So priority costs include rent/mortgage, food, council tax, gas & elec etc

Catalogues, credit cards and unsecured loans are not priority costs. If you cannot afford repayments on these then you can offer reduced payments on all of them. You may want to speak to one of the debt advice charities to get some advice on your situation and see if reduced payments is the best option for you. See here for places to contact for debt advice https://forums.moneysavingexpert.com/discussion/4228011
If you want to do a self-managed DMP (debt mangement plan) then this link will help you with working out repayments/template letters to creditors etc - https://nedcab.cabmoney.org.uk/dmp.asp

kappachino10

Thank you so much I have a mortgage on my house...we can make those payments and the priority payments just, but the catalogues etc are what's really worrying me...causing sleepless nights - thank you again for the link I have to do something before it becomes even worse...