What option is best

Gavin234

Hi all I would really appreciate some advice please.

I have been trying to pay the min on a few credit cards but have fallen behind, I have now defaulted on a few, also large overdraft I just can't seem to make headway.

We are a couple with kids, I'm self employed but not much profit, thinking of going back on jsa again.

Total debts are less than £10k and everything else makes me qualify for a dro, but I would like to consider other options before that as a last resort.

I'm wondering about any debt consolidation options where I could put three different credit card debts and an overdraft in together, then have one payment every month that I could keep on top of?

I have a few defaults showing now, so no matter what my credit rating is shot for six years.

I want to find the best debt consolidation option please.

fatbelly

Gavin234 wrote: »

We are a couple with kids, I'm self employed but not much profit, thinking of going back on jsa again.

I'm wondering about any debt consolidation options where I could put three different credit card debts and an overdraft in together, then have one payment every month that I could keep on top of?

And how much would it be that you would be able to pay each month out of your JSA towards your 10k debt?

You do realise you've posted this in the DRO section of the forum?

Gavin234

I will find a job soonish, even min wage full time I should be able to pay it of.

I'm thinking about an iva or some other option, would love it if someone could suggest something great?

I will try asking them if they will settle for less, or just do a dro?

fatbelly

You've mentioned a consolidation loan, IVA, DRO and a settlement deal. If you throw debt management plan and bankruptcy into the mix, you've got the six major strategies. Which is most suitable will depend on your situation (debts, surplus income, assets) when things are stable.

For example a DRO might look like the best option now but if in a few months you are in a stable job with lots of surplus income, the DRO will be revoked and you can only have one every six years.

So the best thing for now is to concentrate on getting that job, and post a statement of affairs when you do.

debtfree2016

Could be worth speaking to credit card company explain your situation ask them to freeze the interest on the cards and set up a min payment until you are able to increase the payment. Without seeing a statement of affairs it's tricky to advise.

Gavin234

Looking like I will be going for a dro,