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Advice wanted please, stick at it or Debt Management/IVA/Bankruptcy?
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Leesw
Posts: 1 Newbie
Hi,
First time posting here hopefully this is the right place to ask for advice.
Basically to cut a long story short, I am at a crossroads with what to do. My debt levels have been spiraling for a few years now, I have been trying to manage it, but with one thing or another cropping up and distracting me it has now basically gotten to the point where its quite serious.
I have taken all the tips available on this site, transferring to 0% interest rate cards, clearing the mess up with loans etc. Due to my own stupidity, and a healthy dose of head in the sand syndrome i'm now stuck.
As it stands, my debt is 28k unsecured. The lions share of it is 2 separate loans i pay on a monthly basis, but 10k of that is on credit cards, the majority is interest free, but it is getting close to the end of that period and i'm aware the interest is going to be quite awful when it kicks in.
I don't get paid an awful lot a month, but i have been managing to keep on top of them all (currently 5 ccards active...). no missed payments or defaults etc. I have just got to the point where when this interest starts, the amount i am paying off a month is going to be eaten up by it.
Combined the loans are a little over £300 a month. This leaves me with roughly £300 left to pay off my cards, which i'm aware isnt enough.
I still live with my parents, I do want to move out with my G/F and we were planning to around June time. But i honestly have no idea how or where i would get the money to pay off these debts if i do that. And to be clear, i'm no longer in my 20's so it's getting to be quite an issue
Does anyone have any idea on how to proceed with this? I'm reluctant to "give up" and get an IVA/Go bankrupt since i've never missed a payment, and it feels wrong to do it. After checking my credit rating this morning which is apparently all but destroyed anyway now, i'm not sure if im being too proud to just admit defeat and go under as it were.
Sorry for the long post, i've been trying to sort this out for the past few months and i am now at a loss.
Thank you.
First time posting here hopefully this is the right place to ask for advice.
Basically to cut a long story short, I am at a crossroads with what to do. My debt levels have been spiraling for a few years now, I have been trying to manage it, but with one thing or another cropping up and distracting me it has now basically gotten to the point where its quite serious.
I have taken all the tips available on this site, transferring to 0% interest rate cards, clearing the mess up with loans etc. Due to my own stupidity, and a healthy dose of head in the sand syndrome i'm now stuck.
As it stands, my debt is 28k unsecured. The lions share of it is 2 separate loans i pay on a monthly basis, but 10k of that is on credit cards, the majority is interest free, but it is getting close to the end of that period and i'm aware the interest is going to be quite awful when it kicks in.
I don't get paid an awful lot a month, but i have been managing to keep on top of them all (currently 5 ccards active...). no missed payments or defaults etc. I have just got to the point where when this interest starts, the amount i am paying off a month is going to be eaten up by it.
Combined the loans are a little over £300 a month. This leaves me with roughly £300 left to pay off my cards, which i'm aware isnt enough.
I still live with my parents, I do want to move out with my G/F and we were planning to around June time. But i honestly have no idea how or where i would get the money to pay off these debts if i do that. And to be clear, i'm no longer in my 20's so it's getting to be quite an issue

Does anyone have any idea on how to proceed with this? I'm reluctant to "give up" and get an IVA/Go bankrupt since i've never missed a payment, and it feels wrong to do it. After checking my credit rating this morning which is apparently all but destroyed anyway now, i'm not sure if im being too proud to just admit defeat and go under as it were.
Sorry for the long post, i've been trying to sort this out for the past few months and i am now at a loss.
Thank you.
0
Comments
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Hi,
28k unsecured debt, that would take a long time to repay via a DMP, you could go for an IVA, but again, that's a 5/6 year job.
How old are the debts, i`m guessing not to old, do any accounts predate April 2007 ?
Honestly, with you living at home, already having a trashed credit record, and the prospect of years of struggle ahead of you, i would just go Bankrupt, and have done with it.
Chances are you could be discharged within 2 years, you may possibly have to make contributions, depends on disposable income.
For best advice go look on the Stepchange or National Debtline website, its free unbiased advise, you need to think carefully about what to do.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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