Advice

Jwsunny371

Hello hopefully I have put this in the correct forum but I was looking for advice on what other people would do. Bullet points to stop me rambling on 😅

> Broke

> Meeting all minimum payments but having to live on the difference between minimum payment and interest deduction.

>numerous persistent debt letters although when the companies are contacted can’t offer help as I haven’t missed a payment.

> living away from home for job means I have to travel 500 miles for doctors appointments etc…

>Can’t afford to rent in job location as not enough money left over for rent and bills. Currently rent a small room all bills included.  Can’t use it as registered address as it’s cash in hand. 

Ideally I want to move closer to home but the cut in my salary means I don’t have enough money to cover my bills has anyone been in a situation like this and how did you manage it? I imagine it’s easier if fired or made redundant as it’s not a voluntary drop in income. Advice would be appreciated thanks. 

fatbelly

The whole point of Persistent Debt rules is to assist people like yourself who are (a) keeping up with cotractual payments but (b) not getting out of debt.

Ultimately firms are required to assist. Have a look at this

https://nationaldebtline.org/get-information/guides/persistent-debt-ew/#dealing_with_persistent_debt

However if you're not at the 36 month point you may have to take matters into your own hands.

Stop paying and give us a statement of affairs

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

sourcrates

Meeting min payments on what exactly? credit cards/loans etc??

You do know those are all none essential debts right, and if things are tight moneywise, you just don`t pay them?

Stopping payment, and having the debt default opens the door to debt management, and other debt solutions as well.

Don`t struggle on being a martyr to your debts if you can`t afford it.

The only down side is your credit report will suffer, but on the up side, you can afford to live again.

Jwsunny371

Thanks for getting back to me. I should say that the debt is on credit cards and I have PCP on my car which is in negative equity so I can’t offload it. 

Is it possible to stop paying the credit cards while still paying my vehicle payment as being without a car isn’t going to be very easy. 

Also my main address is in Scotland does that affect the main advice of just stop paying? 

Thanks 

sourcrates

Scottish law is different, as are the debt solutions available, but you can continue paying the car, and stop paying all else, yes.

I suggest you take a look at National Debtline (Scotland) its: www.nationaldebtline.org

Its the best place to read about debt solutions relating to Scotland.