Time to face the music

confused10101

Hi everyone.

Ive been reading through this forum for a few days now, and was hoping to ask a few questions. Sorry if you feel like your repeating yourselves. My salary take-home is £1400 and my debts are,
NWest loan £184 (monthly payment 39)
NW loan £4624 (139)
NW loan (133)
NW loan £1860 (82)
NW CC £3100 (75)
NW CC £2300 (45)
NW Ovedraft £3000 (50)
Paypal credit £4000 (110)
Sunny £550 (115)
On Stride £200 (100)
Rent and bills soak up the rest.

Ive been riding it out for too long, making payments then taking out more credit and its got to the point now where i get paid on the 20th and by the 23rd I don't have a penny in my bank without buying any shopping, food, petrol, ect. So more credit and round it goes. Ive been running away from it for too long now, and after spending the night searching online suicide websites I decided Its time to take control of the situation.

Ive been trawling this forum for a few days now and think a DMP would be my best plan. Ive set up a separate current account with Stalling, just waiting for my card. Shall I get this months wages paid in to it and just leave my Natwest account empty, obviously id move any direct debits such as car insurance and tax to Stalling. Then start contact with Stepchange after 2 months so I have a emergency fund built up, or contact them now?. Do I contact my creditors straight away?, not to tell them my plan as such, just to say im struggling and won't be making payment or wait till I start a DMP? Hope this all makes sense.

Also what volume of letters can I expect, this has all been hidden from my partner and im genuinely terrified. I thought of getting my post redirected with royal mail to my mums for 3/6 months till its all settled down. The phone calls don't bother me as my mobiles always on silent so could ring any creditors back in my own time.

Thanks for any advice.

sourcrates

Hi Confused,


Welcome to MSE.


I have moved your post to a new thread, in the general DFW forum, where you will get more help.
First step is to complete an SOA, link here :


https://www.stoozing.com/soa.php

confused10101

Ok, thank you

confused10101

I've just gone through my sunny account. £5100 across 20 loans Ive had with them in 2 years. What a mess.

monetxchange

A SOA would be great to see where we can all advise you.

One thing I would advise you to think about is telling your partner about your debt. I’m sure they’d understand - especially since it’s seriously affected your mental health. They’ll much rather take the shock now than see you get to the point of considering harming yourself, I’m sure. I wouldn’t get the mail redirected to your mum either. You’re so close to getting a way forward out of this and you don’t want to bury your head in the sand again.

There’s always a way forward when it comes to debt.

danfreestone

My first advice would be tell your partner i buried my head for years whilst hiding debt and a gambling addiction its really not the way forward come clean say you have been struggling with money and you need help.

My wife was really understanding and took things a lot better than i expected considering i was in £38,000 of debt my major regret is not telling her sooner before it got that out of hand

Together if you can tighten your budgets down as much as possible you could clear the debt without effecting your credit score more than you have to.

Personally when clearing my debts i took every minute of overtime i could to bring in some extra cash do you have any options to bring in any extra money each month even £200 would make a huge difference in clearing the debts faster

Willing2Learn

Do you feel that the 20 loans you have had from Sunny could be an example of irresponsible lending? Maybe you could reclaim some money back...

https://debtcamel.co.uk/payday-loan-refunds/

sourcrates

Willing2Learn wrote: »

Do you feel that the 20 loans you have had from Sunny could be an example of irresponsible lending? Maybe you could reclaim some money back...

https://debtcamel.co.uk/payday-loan-refunds/

Beat me too it W2L.