In so much debt don't know what to do?

financial_ombudsman_representative

Bttf2015 wrote: »

Hi,

I am in so much debt and don't know what to do, this is due to gambling addiction which am getting help for. I currently earn £2550 after tax each month, I owe the following and want to know what is the best way to tackle this?

£10,000 - Cooperative credit card
£8,615 - Barclaycard credit card
£4,000 - Virgin credit card
£4,300 - Barclay overdraft
£1000 - Sunny loan
£990 - Quickquid loans
£780 - 118118 loan
£300 - Cooperative loan

I pay each month the following

£200 - cooperative credit card (minimum payment)
£180 - barclaycard credit card (minimum payment)
£130 - Virgin credit card (minimum payment)
£110 - overdraft charges
£260 - Sunny loan (minimum payment)
£236 - Quickquid (minimum payment)
£177 - 118118 loan
£101 - Cooperative loan
£29 - Car insurance
£47 - Mobile phone bill
£52.50 - Sky account
£8.50 - travel pack fee (barclays)
£5.99 - netflix
£250 - petrol/food/other


I've moved back to my friends house and he said that I don't have to give him any rent but can only be there for 6 months as he is moving to Australia then? I cannot ask my family as I they have nothing to lend. Any ideas? I also need to get a car by April due to my car allowance as they have a new policy where the car cannot be older than 6 years. My current car value is about £2600 so I will need to either do a car lease or a car that fits in this age range? But worried about getting credit for this as I have poor credit history 350 points equifax. I have never missed a payment but I owe so much debt is reason why.

I feel suicidal but would not go down that road just want some help advice please!?

Thanks

Hi there,

Coping in this situation must be very difficult. I wonder if you’ve ever thought about speaking to the Samaritans about what you’re going through? You can speak to them any time of the day. In case you do their telephone number is 08457 90 90 90

You are doing the right thing by confronting your debt head on and asking for help.

If you speak to the companies and let them know about your situation we would expect them to not apply any further interest and charges to the outstanding balance.

We would also expect them to set up an affordable repayment plan and complete an income and expenditure form with you.

If you’re still having trouble with this and feel that the lenders are not being sympathetic to your situation then please get in touch to see how we can help.

You can contact us at [EMAIL="paydayhelp@financial-ombudsman.org.uk"]paydayhelp@financial-ombudsman.org.uk[/EMAIL]

Kind regards
Sarah