Over £12,000 in debt - struggling!

Annisele

Sparkleon said:

My credit isnt the best (although I am trying to build this) but I am still getting quite high interest rate loans.

It sounds as though you have a goal of improving your credit score, but I think it might help you to let go of that goal and instead focus on improving your life. I don't know if a DRO would be suitable for you - depends in part on your assets, and particularly if you have a car - but I suspect insolvency proceedings of some sort would come as a great relief to you. You'd have more money on a monthly basis to spend on both you and your kids, and it's likely you'd find that life was just easier.

I might think differently if your circumstances were about to change though. For example, you don't say exactly how old your kids are - but if one is 18 and about to start full time work while still living with you, I might think the answer involved him paying his own way.

(And in any event, counter intuitively it's possible that the quickest way to get a decent credit score might be to trash it temporarily. A DRO would give you a fresh start, and the mess will drop off your credit file eventually. If you keep consolidating, then having to take new consolidation loans because you couldn't afford earlier ones, then your credit file will just get worse and worse over time - until you get to the point where you literally can't consolidate anymore and you have no choice about the insolvency proceedings.)