Help

Floss12

I literally don’t know where to start to help myself and I’m in a complete spin. Coming here for advice is a start. 

Any advice is welcome. 

Have several 0% credit cards and am now struggling to pay them off each month. Not defaulted yet but am getting in to deeper debt. 

I considered consolidating my debts by remortgaging but I think that’s crazy in the long term. 

I’m worried I’ll lose my home and can’t downsize because it’s a flat. 

I’ve been reading MSE’s website but any additional help would be really appreciated. Sorry, not very specific. Just a cry for help. 

enthusiasticsaver

First of all do  not consolidate by remortgaging.  There are various ways of sorting out debt but consolidation rarely works and certainly you should not risk your home by putting unsecured debt on a mortgage. 

I would start by doing a soa (there is a link on the DFW sticky) 
Has the debt occurred through overspending or lack of income? 
Are all the debts at 0%? 

The priority is to see whether you can actually afford to repay the debts at the current rate and if not you may need to consider a DMP or similar. The clue is if you are still using credit to live and you have cut everything to the bone then you will probably need to go onto a DMP or consider an IVA.  Only by you doing an soa though can we see which is best.  Have you contacted stepchange or payplan or one of the other free debt charities? 

sourcrates

You won’t lose your home, credit card debts are unsecured borrowing.

An SOA is the first step, if you are struggling, then consider stopping payment.

There are various stages to debt collection, and it can take many months or even years, so nothing will happen quickly.

fatbelly

Yes, as above - this is called non-priority debt.
The link is here. Format the soa for mse and post it on this thread

https://www.lemonfool.co.uk/financecalculators/soa.php