HELP! Bad credit.. high debt

Tmm

Has anyone got any advice on how to put all my debts together with a poor credit rating. I only need £3000 but at the minute it is smothering me! I have 4 dependants, I work and I struggle... really struggle. I owe family, friends and have a very high interest providential loan!
Advice please!! X

DCFC79

Default and enter a DMP, call payplan and deal with them, its a free service. Maybe go in and enquire at your bank but don't get your hopes up.

Your credit rating doesn't exist as lenders dont see it, what's actually on your report matters so what is on your report.

Got anything to sell ?

Maybe post a statement of affairs on the debt free board.

Tmm

Default and enter DMP??

Tmm

What's the debt free board, thank you for your advice but I'm confused!

DCFC79

Tmm wrote: »

Default and enter DMP??

Before you default setup a new bank account and transfer across any direct debits eg gas and your wages.

Wait till the morning and see what other responses you get and call payplan and see what they suggest.

Debt free boardboard, try the second in the dfw board, might help.
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Foxy-Stoat_3

Is your current debt £3K, whats the interest rate?

Whats your annual salary?

How much is your car worth, can you down value it to pay a chunk off?

Pixie5740

My advice is for you not to try and consolidate your debts. If you have a bad credit history that would indicate that you are not good at borrowing money and paying it back on time meaning that anyone willing to lend you money will do so at horrifically high interest rates and are best avoided.

There's a section of the forum called Debt Free Wannabe. You're likely to find help and advice posting there.

It would also be a good idea for you to put together a Statement of Affairs to get a clearer idea of your financial position.

SOA Calculator

If you're stuggling with debt I recommend you contact one of the debt charities such as CAP or Step Change.

poppasmurf_bewdley

Tmm wrote: »

Has anyone got any advice on how to put all my debts together with a poor credit rating. I only need £3000 but at the minute it is smothering me! I have 4 dependants, I work and I struggle... really struggle. I owe family, friends and have a very high interest providential loan!
Advice please!! X

I honestly think your problem is your own attitude to your debt. To say you 'only' need £3000 when you evidently haven't got any money at all but do have a poor credit rating sums it all up.

DCFC has suggested defaulting and entering a debt management plan, which is probably sound advice in your situation. But you need to put your mind in gear and change your attitude to debt - ie don't get into it again.