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Debt Management Plan. Where To Start
snapp88
Posts: 2 Newbie
Hi All.
I'm looking for some advice. I've got 44k worth of unsecured debt in the form of credit cards and loans.
I'm struggling to keep up with the monthly payments at the moment.
I haven't defaulted on any of the accounts as of yet. To which seven in total.
I'm looking at getting a DMP but I really don't know where to start.
Can anyone offer me some advice?
I'm looking for some advice. I've got 44k worth of unsecured debt in the form of credit cards and loans.
I'm struggling to keep up with the monthly payments at the moment.
I haven't defaulted on any of the accounts as of yet. To which seven in total.
I'm looking at getting a DMP but I really don't know where to start.
Can anyone offer me some advice?
0
Comments
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In Debt and Wannabe Debt Free? first Steps to take are here, please read, then ask questions. — MoneySavingExpert Forum
You are in the right place for support and advice, have a read through the above and work on a Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php to post here for the very knowledgeable folk on here to advise the best course of action.Debt Feb 21 - £51,388.81 May 25 £22,743.91 55.74% paid off
HSBC Loan £14,106.85
Link Financial £6,898.17
Tesco CC £901.19
PRA £837.70
NCO Paid!!
Next Paid!!
Klarna Paid!!1 -
Yes read through the thread Welsh pointed you to.
If you can't afford to pay the unsecured debts then stop paying them. Nothing terrible is going to happen if you don't pay them.
Concentrate on the important ones rent/ mortgage, council tax, utilities, etc.
The information you give us on your SOA will help us to advise you on the best way forward.
If you go down to the woods today you better not go alone.1 -
Thank you for your responses. I've just read through the first thread and it is very informative. I'm going to work on my SOA and post this shortly. Again thank you for your help. I've never been in this situation before and it all feels very over whelming.0
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The main thing is not to panic.
It can be a bit over whelming to start with but take notice of what people tell you on here.If you go down to the woods today you better not go alone.0 -
It can feel overwhelming initially but a lot uf us have been there. I got into the same amount of debt and had all sorts of questions and what ifs. I soon got to grips with it and before I knew it I started to feel on top of it and was on here advising others how to get started.
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The important thing is to learn how to deal with matters, and stay in charge of things.
Lots of questions will go through your mind, we will do our best to supply answers.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 -
Hi, I would like to ask if your HSBC loans are still managed by internal collections team? Thank you.Ex_welsh_borrower said:In Debt and Wannabe Debt Free? first Steps to take are here, please read, then ask questions. — MoneySavingExpert Forum
You are in the right place for support and advice, have a read through the above and work on a Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php to post here for the very knowledgeable folk on here to advise the best course of action.0
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