Help! Frozen with doubt, don’t know where to start to get out of debt.

BadHareDay6

I’m getting tied up in knots trying to figure out what is the best course of action to shift the debt I have.  Just want to know if anyone has a clear cut method of sorting it out.  I’ve looked at a debt consolidation loan, not sure I’ll be accepted for one.  Money transfer credit cards, same problem.  Should I talk directly to the credit card companies, Paypal and my bank to sort out something out with them individually?  I’m just going round and round and not getting anywhere.  If anyone can help set me in the right direction that’d be great.  Many thanks.

Pixie5740

BadHareDay6 said:

I’m getting tied up in knots trying to figure out what is the best course of action to shift the debt I have.  Just want to know if anyone has a clear cut method of sorting it out.  I’ve looked at a debt consolidation loan, not sure I’ll be accepted for one.  Money transfer credit cards, same problem.  Should I talk directly to the credit card companies, Paypal and my bank to sort out something out with them individually?  I’m just going round and round and not getting anywhere.  If anyone can help set me in the right direction that’d be great.  Many thanks.

And breathe….

You cannot borrow your way out of debt so can the consolidation loan and money transfer cards. Get your bank statements and put together an honest SOA. 

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

There will be a solution but it won’t involve opening new lines of credit. 

EssexHebridean

As Piixie says - stop, breathe, have a cuppa....

No to consolidation. 0% cards (balance transfer variant) might be useful but the first stage is to get the full picture clear and set out in front of you so you know what you're dealing with.

Generally speaking the clear cut means of sorting it will involve stopping using credit altogether for general spending, and then paying down the debt you have perhaps via a Debt management Plan, but there are other possibilities too - if you get that SOA done and post it in here we can have a look and advise further. You need to make the SOA honest and open, and it must reflect your current situation, not what you "think" you ought to be spending, or what you imagine we expect to see. 

BabyStepper

Just wondering how you're getting on putting your SOA together? 

sourcrates

There are various methods and options for dealing with debt, they start with a simple debt management plan, then there are the insolvency options, such as Debt Relief Order/Individual Voluntary Arrangement/and Bankruptcy.

Which option you choose depends on a number of things, your housing status, your income/expenditure, how much debt you have, what you can afford to pay towards the debts, an SOA will give us the answers to these questions.

We need to see that before any individual advice can be given.