I have about 28K debt

armouredbeast

Hello 

I have been struggling with debt for most of my 20s, and now I am 33, but still struggling to cut down on my debt. 

I need serious help.  I cannot get consolidation loan as my credit score is pretty bad as you can imagine due to my outstanding credit cards and a huge personal loan. 

Here is a breakdown of my debt 
1. CREDIT CARDS

Virgin Money - Oustanding balance as of 10th August is £5,971.06
MBNA   - Outstanding balance as of 10th August is £2,629.82
Fluid credit card - Outstanding balance as of 10th August is £2,788.05
HSBC credit card - Outstanding balance as of 10th August is £493.21 
Halifax credit card - Outstanding balance as of 10th August is £479.73

2. Personal loan 

HSBC personal loan - Outstanding balance as of 10th August is £15,585.75

TOTAL OUSTANDING DEBT IS £27,947.62

My income is £2400 per month.  

I am currently living with my elder brother whom I pay £500 every month as rent. 

This leaves me with £1900 to live off and pay towards the debts, but I am really struggling. 

Should I consider DMP? Any advice and guidance welcome! 

elsien

You need to complete a full SOA to be able to get any meaningful advice. There is a link at the top of the page somewhere.  That needs to include rummaging out the interest rates on all your current debts. 

The link and some tips are in the first couple of posts on here.
https://forums.moneysavingexpert.com/discussion/6496941/in-debt-and-wannabe-debt-free-first-steps#latest

Also, do you know why you have run up so much debt? Big purchases, life circumstances, regular over spending that has slowly crept up? Not a criticism, just a comment one of the first steps has to be understanding that. On the face of it, 1900 quid after accommodation, isn’t a bad amount to be going on with. 

Looking at your posting history, you’ve been here before and previously consolidated but then not  followed through and things have ballooned. 

So understanding what is going on and why would seem to be very relevant for you?

fatbelly

Who are you banking with and are you overdrawn.

If the answer is HSBC, you will need a new account not with them or Halifax.

I can't suggest anything else from the info so far, but have subscribed

Andyjflet

Hopefully the OP will come back soon for more advice after the kind forumites have posted helpful replies.......