Advice on large debts please

3 Posts
Hi everyone,
I just wondered if someone might be able to give me some advice on what I can do please. Five years ago my husband left very suddenly and completely out of the blue leaving me with my two daughters who were six and three. Over the last few years I have not been as careful with money as I should have been and have also used cards to fund some renovation work which needed doing to the house. I am so ashamed of the mess I have got myself into and wish desperately I hadn't used credit cards as often as I did. Currently I owe 34,000 on credit cards and am at a loss as to what to do. My income is £1800 per month and in the summer I remortgaged the family home into my own name. At the moment all my credit cards are on 0% deals however these end in springtime and if I cant switch them over to other 0% cards the repayments will be impossible for me to make. I'm already struggling and using cards to pay for petrol now which I know is a vicious circle. I phoned step change earlier this afternoon and was on hold waiting for my call to be answered for quite a while by which point I lost my nerve and put the phone down. Any ideas would be so much appreciated. Thank you.
I just wondered if someone might be able to give me some advice on what I can do please. Five years ago my husband left very suddenly and completely out of the blue leaving me with my two daughters who were six and three. Over the last few years I have not been as careful with money as I should have been and have also used cards to fund some renovation work which needed doing to the house. I am so ashamed of the mess I have got myself into and wish desperately I hadn't used credit cards as often as I did. Currently I owe 34,000 on credit cards and am at a loss as to what to do. My income is £1800 per month and in the summer I remortgaged the family home into my own name. At the moment all my credit cards are on 0% deals however these end in springtime and if I cant switch them over to other 0% cards the repayments will be impossible for me to make. I'm already struggling and using cards to pay for petrol now which I know is a vicious circle. I phoned step change earlier this afternoon and was on hold waiting for my call to be answered for quite a while by which point I lost my nerve and put the phone down. Any ideas would be so much appreciated. Thank you.
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Be strong and get back on to StepChange, as it seems as though a solution is required for when the promotions on your cards expire. It may be possible that one or more of your cards will offer you a new 0% BT promotion sometime soon.
Would you be able to post your SOA up in this thread? You will then receive far better advice, guidance and support.
http://www.stoozing.com/calculator/soa.php
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Save £12k in 2023 Challenge #8 £12,000/£5700
The 365 day 1p Challenge 2023 #1 £670.00/£72.00
The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£300
Save £12k in 2023 Challenge #8 £12,000/£5700
The 365 day 1p Challenge 2023 #1 £670.00/£72.00
The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£300
With £175 surplus a dmp would take 16 years.
An IVA should be over in six.
I think they would say it's about what is considered a 'reasonable period'
The benefit to stepchange would be similar with each solution but of course they get their money sooner with an IVA. I wouldn't suggest going with them without talking to another insolvency practitioner or two.