Not sure where to go?

JM88

Without going into too much detail ( I find it difficult enough just typing this ), I'm in debt to the tune of roughly £7000 on credit cards.

I'm in a DMP with Stepchange but as I can only afford £42 pcm, It'll take about 13 years to be debt free.

I've budgeted and looked at finances, I just don't earn enough to pay more.

I'm only 27 , but 13 years is still ages. I don't drive and only rent a room in shared accommodation.

It makes me feel sick just thinking about it and have started looking into DRO's and even bankruptcy has crossed my mind a couple of times.

I really don't know what my best option is. I'm not too worried about my credit rating as it's awful anyway.

Just didn't know if anyone here had any ideas / tips / /solutions or anything else ?

Thanks, Jake.

splodgethefirst

Hi Jake,

A quick thing to do would be to complete a statement of affairs and see if the nice people here can find you any hidden money.

As I understand it if you don't have any assets (includng a car worth more than £1000) you can file for a debt relief order. you should contact StepChange or Money Advice and see what they suggest.

Splodge

PS here's the link for the SOA
http://www.stoozing.com/calculator/soa.php

sourcrates

DRO may be the way to go, stepchange or National Debtline are the places to go for advice on your options :

http://www.stepchange.org

https://www.nationaldebtline.org

TakeAwayKing_2

Keep going with the dmp.
It may be calculated at 13 years at the moment, but that's assuming you only ever pay the £40 a month you're paying at the moment.
As you earn more, you will pay more, and it won't be anything like 13 years.

andyfromotley

Make it your life mission to increase your income. Plan your career, work hard, get ahead, get skilled, get promoted, work second jobs, even a third job. Do any and everything to boost your income.

Every £504 extra you earn is a year less on your DMP.

Sharon87

Agree with the above 2 posters. Think of the dmp £42 a month as a temporary measure. Your circumstances will change. Now you're not accruing anymore debt you can focus on paying it back, like making extra money, cutting back on things. Any extra money you do save or earn can go into a pot/savings account ready to pay a lump off of your debt

Post a statement of affairs and see if anyone can suggest changes.

Some extra ways to get income are ebaying items, surveys online for cash or vouchers (can even get supermarket vouchers). Go to the 'Boost your income' board for more suggestions.

Carry on, no need for bankruptcy for 7k. I have more debt than you and 7k really isn't a sum for bankruptcy.

National_Debtline

Hi,

As the others have suggested, posting a SOA is a good idea.

There’s not necessarily a right or wrong answer on the best option to take, it’s really a case of weighing up the pros and cons.

While you may potentially qualify for a DRO there can be some serious implications in terms of affecting certain types of jobs and some private rental tenancy agreements. On the other hand, you may see it as the fresh start you need.

You’re welcome to give National Debtline a call to discuss your situation in more detail.

James
@natdebtline