Fresh Start

Singlemum47

So after the fallout from a divorce and suffering from anxiety and depression I have managed to get myself into £39k worth of debt. I've spoken to Step Change and made a monthly budget and thankfully my daughter and I have enough money to live off each month and a roof over our heads. I've contacted my creditors and offered reduced payments on my credit cards and Next account. Hitachi loans have accepted the offer of reduced payments on my loans for 6 months. My tenancy agreement ends in early January and I will be moving in with my mum so i can concentrate on paying these debts off.

I am worried about getting a new tenancy agreement if my credit rating is affected which it obviously will be. I cant go bankrupt or IVA as i work for a bank and it could affect my job.

I feel better for having sorted this or at least taken the first steps. Looking forward to being debt free one day. The affect this has had on my mental health is shocking and i never want to go through that again.
Please send me your thoughts and support.:money:

Singlemum47

I’m new here so any support welcome.

Honeysucklelou2

You've made the first important steps and worked out a plan...well done because often facing these things is a huge step.

You'll find lots of support and advice here, which is invaluable.

Single mum here too, so cheering you on!

Singlemum47

Thank you so much. How badly do you think my credit rating will go?

savingholmes

Good luck on your journey.

Singlemum47

Thank you so much. Feels good to be trying to get this sorted.

beanielou

Great start

Keep plodding

monz

You can do it xx

Toni'sfriend

I was in a similar position to yourself albeit many years ago now. I stayed with my mother for six months and was then offered a flat by the Local Authority. I'm still here. Lovely little flat, great neighbours and new partner. Would a Local Authority property suit you? It's much cheaper than renting privately. It might be worth looking into.

What I do want to say is that you can and will work it all out, It seems daunting at first but stick to it and I promise you you will get there. xx

Karonher

First of all good luck. I imagine there will be a hit to your credit score. The below is taken from checkmyfile but other sites may give more information.

Beware – a few lenders record this on your credit report as an arrangement to pay which has serious consequences on your credit score and chances of getting credit for 6 years – ask for clarification on how this will be recorded on your credit report before you take advantage of it.

Singlemum47

thankyou - how long did it take you to get debt free?