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As someone who is recently debt free , I would highly highly NOT recommend a loan to clear debt. A debt management plan is most likely best, more affordable/manageable repayments. As much as I was very much like you, just wanting it gone, there’s no quick fix and no one is going to swoop in and pay it. Slow and steady repayments win the race, wish there was a better answer but just gotta pay what you can afford until it’s gone! Good luck my love xxx
Debt free April 2024 !!
dfd:https://forums.moneysavingexpert.com/discussion/6510394/champagne-supernova-s-debt-free-to-savaholic-diary/p
2025 savings goals:
£1000/£1000 emergency fund
£0/£1000 Rainy Day2 -
Bit concerning that you owe £5-3000 (why don’t you add it up and get an accurate figure?) But are sure you want to borrow £5000. What would you do with any extra amount of borrowing?
You could keep a spending diary and see where your money goes and see if there are any non essentials you can cut out until you are out of debt. But do an honest statement of affairs as others have said, and people here will have helpful advice in addition to that already given.0 -
thank you all for the repsonses, very helpful, i will look to complete a soa shortly i am speaking with someone to arrange a plan to pay monthly to slowly clear my debt0
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Please only speak to one of the debt charities like Stepchange, national debt line, CAP, CAB or some like Payplan who do not charge a fee.
And avoid anyone who suggests an IVA, as the fees are higher than your debt.If you've have not made a mistake, you've made nothing0 -
Dfarkas0 said:thank you all for the repsonses, very helpful, i will look to complete a soa shortly i am speaking with someone to arrange a plan to pay monthly to slowly clear my debt
With whom are you speaking about this "plan"?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates said:1
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Stepchange are fine. Think of a DMP as being like a 0% consolidation loan that you won't be refused for. One single monthly payment that can be varied up or down if your situation changes.2
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