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In £11k worth of debt. What are my options?

greasedlightning · 2019-02-12 21:34:11

Hello MSE, Familiar story, went off the rails due to 'muh depression' and racked up a ton of debt :( I owe approximately £11k in total to credit cards and unsecured loans. Aquacard £3.5k Barclaycard £2k Paypal Credit £2.6k Capital One £300 Then there's a payday loan I'm repaying at £133 pm until November 19 Two more loans…

Comments

fatbelly Posts: 23,819 Forumite

13 February 2019 at 8:31PM

With 10k of debt and £280 per month available I'd say a debt management plan is the most suitable strategy. Clears the debts in 3 years which is perfectly reasonable.

Recommended providers are stepchange, payplan of d-i-y, perhaps using Nedcab resources.

If you can earn extra, save it somewhere unconnected to your debts and try full & final settlement later.

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