Persistent Debt

Naomim

I agree with @SandyShores this time last year my cc debt was £33.5k and I was getting persistent debt letters. I ignored the letters.  I used Martin's budget planner on here and managed to sort out a proper budget so I wasn't spending on the cards and built up some funds for future purchases.  I set all the direct debits to about £5 over the minimum apart from the highest interest loading card and threw all the spare I had - not a lot at that every month.  The 0% transfers soon started to come back round and after about 9-10 months they were all on 0% so now every penny is clearing debt.  I'm now throwing excess at the card that has the 0% interest rate run out first.  

If you post an SOA - the link can be found in the sticky post at the top - we can offer some help of where you can make some savings and where best to direct any overpayments.

Naomim

MalMonroe

If I were you I wouldn't ignore the letters at all but I would contact one of the debt help agencies. They really do help. We on here are just amateurs really. 

I used StepChange, they helped me so much and have the authority to set up officially recognised (by credit card companies) plans for you. Link here -
https://www.stepchange.org/

You won't regret it. 

rosiesposies

MalMonroe said:

If I were you I wouldn't ignore the letters at all but I would contact one of the debt help agencies. They really do help. We on here are just amateurs really. 

I used StepChange, they helped me so much and have the authority to set up officially recognised (by credit card companies) plans for you. Link here -
https://www.stepchange.org/

You won't regret it. 

If someone has the ability to pay down 1200 a month on a 25k debt they just need education not a dmp! 

enthusiasticsaver

mattyj3nks said:

My debt was run up by stupid decisions and living beyond my means.
I have now sorted my head out as i want to move forward in a relationship with my partner and ideally live together in 2 years time to enjoy life.
With how the situation stands now i would have roughly 1,200-1,300 per month to pay off my debt. I have a loan which is 240 per month and that runs out in April next year.

In that case contact the credit card companies and tell them you are in a position to clear it within 2 to 3 years.  Make sure you have done a budget though and the arrangements you make are affordable. Consolidation would be a big mistake. 

sourcrates

You don’t get out of debt by borrowing more money, consolidation is not the way forward.
All you need do is increase your monthly payments by say 25%, or whatever is affordable.
You are deemed to be in persistent debt when you only make minimum payments for long periods of time, so look again at your budget, make the changes you need to make, and inform your creditors of your intentions.