Advice on how to proceed on paying back debts

NickDesigner

Hi all,

I have just under £9,000 or debt through a few lenders and agencies and would like to start paying this back. Some of the debts date back to 2009. I am not on any debt program and never have been (nor have I ever been bankrupt). I am currently working with a company on a heavily reduced salary for the first few months to see how things go (this is down to their financial situation not mine!) so I have a very limited amount of cash to live on at the moment (£100 per week).

I understand that these debts even when paid off will stay on my credit report for a long time but I am resolved to paying off what I owe, or at least putting a plan in place that begins them being paid off.

Can anyone advise on what best to do? I have PDF of my credit report I can send for analysis.

Many Thanks

Nick

Zerdi6

Hi Nick :wave:

if you post a SOA, the wise people here can see the best route for you

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

dancingfairy

It's always worth going to someone like Stepchange or National debtline or your local CAB for help setting up a payment plan but you may struggle at the moment due to your low income. You may have to make token payments of say £1 to each of your creditors until things pick up work wise.
If you owe under 15k you may find that a DRO is suitable for you (it's like a mini bankruptcy) but one of the debt charities will be able to chat through all the options available to you.
Best of Luck
df

Dobbibill

Hi Nick,

As Zerdi said post a SOA, many good people on the forum will come along and advise about better deals on certain commitments (like mobile/broadband etc) or advise you to increase your earnings or as dancingfairy suggests, maybe speak to one of the free debt charities.

I would not recommend sending anyone on here a PDF copy of your CR. While most people will support and help you, it is an internet forum and therefore everyone is anonymous, you do not know who anyone is and this will make you vulnerable to ID theft/fraud. You don't need to take this risk to get help and support on here.

Good luck

DB

National_Debtline

Hi Nick

Good to hear you are looking to get these debts dealt with one way or another. While you are working out an SOA, just make sure that you have the use of a debt/overdraft-free bank account to pay your salary into. This will start you off on the right footing.

If you have resolved to pay off the debts that's great, but I would just say keep an open mind as far as your options are concerned.

We'd be happy to hear from you. If it's not convenient to phone, you can get tailored advice by visiting www.mymoneysteps.org any time.

Good luck

Dennis
@natdebtline