Help, outgoings are more than incoming :(

Janice_E

Hi I feel your pain. I am in a similar position, although my husband is ill so it falls on my shoulders to earn more/spend less to clear the debt.
My advice to you would be to set up a repayment plan. There are letters available on debt management sites for the wording. Write to each one. Make a budget plan, making them offers pro rata and asking them to freeze the interest. That way everything you pay will be clearing the debt.
The downside is that there will be defaults on your credit score for 6 years so no more borrowing.
This is what I have done and have found the credit cards/loan companies to be very understanding.
We are clearing £3000 a year off our debt this way. Will probably take 8 years to clear it completely.
Also sell everything you don't need. I made £1000 last year selling stuff on ebay.
Good luck
Janice E

gembo69

Janice_E wrote: »

Hi I feel your pain. I am in a similar position, although my husband is ill so it falls on my shoulders to earn more/spend less to clear the debt.
My advice to you would be to set up a repayment plan. There are letters available on debt management sites for the wording. Write to each one. Make a budget plan, making them offers pro rata and asking them to freeze the interest. That way everything you pay will be clearing the debt.
The downside is that there will be defaults on your credit score for 6 years so no more borrowing.
This is what I have done and have found the credit cards/loan companies to be very understanding.
We are clearing £3000 a year off our debt this way. Will probably take 8 years to clear it completely.
Also sell everything you don't need. I made £1000 last year selling stuff on ebay.
Good luck
Janice E

Thanks Janice. So are you going through a company or just doing the payment plan yourself?