Desperate times, I see no way out of debt

bexster1975

Good morning. I'm sorry it all seems so hopeless to you.

I know it sounds drastic but could you consider bankruptcy? Based on what you, and others have said on this thread it seems a viable option. Try to remember that any debt is not worth damaging your health.

Bexster

katsu

How much longer until you finish the loan? Do you know what it and the other debt went on, so you are happy you can genuinely usually now live on your wages?

Do you have a local credit union? They offer people loans often so you can have a loan from them to repay instead of a payday loan at higher interest. You can find them with a simple Google search.

Would your flatmates be up for reducing bills like electric?

Every month you get closer to freedom. You really can achieve this.

Good luck with it all.

Acheron

Know how you feel... My current DMP says I'll be debt-free in 26 years. And with a new debt of £4,800 from the taxman looming, I fear I'll never be sorted.


I posted this in wrong section before... my mind's all over the place with worry about it... hope you can help...


Don't know what to do... If I'd done an IVA when I'd first gotten in touch with Stepchange (CCCS), I'd have been debt-free a long time ago. I'm reduced to paying the bare minimum because my reduction in salary dictates it which means my debt will not be paid off for another 26 years. Very depressing. I wrote to all of the companies to ask them to write off the debt - just one out of six replied saying "no". Another wanted a letter from my doctor to get it even looked at (I laid it on about stress etc.) . The rest simply didn't reply/ignored the letter.


My job means I cannot go bankrupt - if I did, I'd lose my job which is just not an option. Is an IVA the right way out of this? Is there anything, given I've been paying for last seven years with no visible sign of it being over, I can do to get it wiped so I can rebuild my life again?


Thanks in advance.


A.

japmis

Hey Archeron you should probably start your own thread and post an SOA so people can offer advice.

rockm87

Can't you write to everyone you have debt to, and offer them a £1 a month due to financial difficulty?

I think there are templates on this website.

Just in the short time, while you sort yourself out.

ThreetwentySeven

If I didn't have multiple debts and just the 1 payment to consolidate them, I would be fine on my current wages. I had to get them the first to move out, pay flat deposit, my job back then paid less so needed money to live on too. Each month I had less and less to myself, until I eventually had nothing, so got another, once I realised how easy it was to get credit, I thought I would check if I could get a credit card, andvwas accepted for 3. I know it's silly, but when you're desperate you go for the quick fix without thinking. These companies prey on people like me and know that we'll jump on it.

bankruptcy is not an option for me unfortunately and even if it were, I couldn't afford it.

Credit union can't help, I need to save with them for 3 months first, but I have nothing to save.

We have reduced our electricity already, we only have electricity no gas.

ThreetwentySeven

I've already asked my creditors to reduce payments, or have a payment break, but like Archeron, I was ignored by most of them and a few said no.

Time_to_face_the_music

Hi ThreetwentySeven

Sorry to hear things are so rough at the moment but this can be sorted.

First a couple of questions:

Who is your current account with and do you have any debt with that bank?

Do you feel confident dealing with your creditors yourself or would you rather someone else did this for you?

TTFTM x

ThreetwentySeven

I am fine dealing with creditors myself.

I am with Natwest and have a £2000 overdraft

rockm87

I'd open a new basic bank account, get your wages paid into that and treat your natwest like another debt, and just pay off a little each month.

that way you wont keep using your overdraft.

keep a budget , or a spreadhseet to track all your debts and payments to make it more manageable.

the creditors who ignore you, stop paying them, they will soon get in contact to arrange suitable payment.