Times running out.

Bargainhunter2024

Hi,

I have a couple of loans and a few credit cards with approx £35k outstanding. Cards are already at very low rates or on 0% deals. Currently I am on top of these payments with none missed and my credit file is in good shape, however this wont be possible for long. My income is about to take a heavy drop and my new salary will not cover my outgoings. I have no possessions as such to sell and I am a tenant so no property to fall back on either.

I have never been in this situation before and don't know how to proceed with this, I am very worried there are no options left that wont affect my credit going forward.

Help and advise gratefully received.

Thankyou     

sourcrates

Bargainhunter2024 said:

Hi,

I have never been in this situation before and don't know how to proceed with this, I am very worried there are no options left that wont affect my credit going forward.

Help and advise gratefully received.

Thankyou     

Well is that a bad thing?

Your 35k in the hole and your worried about your credit worthiness? 

You should be more focused on how you are going to get yourself out of this, its obvious if your income falls, and your expenditure can`t be reduced to match, that some form of debt solution will be required, well its just common sense right?

Debt management is the most likely choice, where you pay what you can afford to your debts, instead of the contractual monthly repayments, yes you may get defaults, late payment markers etc, but you will be dealing with the debt, and that should take priority.

fatbelly

Depends on the surplus income.

It felt like the OP was describing a classic Debt Relief Order situation to me

Unless the op has a car worth more than 4k

Post a statement of affairs for more detailed guidance, probably using the new income figure