What is my best option going forward?

Workedpiano56

Hello all! I recently decided to make a change to my circumstances and want to be debt free. I’m not sure where to go. I have 3400 in credit card 7600 in a car finance, 1000 on store cards. 8800 in a personal loan. They were all very silly expenses I didn’t need but being young a dumb I just didn’t care. 

I looked at my options and come across a DMP - is this a good option? I understand it’s not binding but seems like a very good option. I only just survive on what I make so it’s very difficult to keep making the payments.

RAS

There's not enough information to give you any clues

Ideally, fill in the Statement of Affairs so we can work out whether you need a debt solution or just to reorganise your finances.

Workedpiano56

RAS said:

There's not enough information to give you any clues

Ideally, fill in the Statement of Affairs so we can work out whether you need a debt solution or just to reorganise your finances.

Unfortunately the link does not work for me.

Hermann

Workedpiano56 said:

RAS said:

There's not enough information to give you any clues

Ideally, fill in the Statement of Affairs so we can work out whether you need a debt solution or just to reorganise your finances.

Unfortunately the link does not work for me.

Try this one which is often recommended on the forum....

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

Also worth reading this thread to help get started....
https://forums.moneysavingexpert.com/discussion/6496941/in-debt-and-wannabe-debt-free-first-steps-to-take-are-here-please-read-then-ask-questions

PralineParis

I think this is hard to know without knowing your income and other essentials you need to spend on. You could call your local Citizens Advice (telephone and in-person appointments). They have advisors who can assess you for and Income and Expenditures report. Then you can determine whether you can keep up make minium patients or go for an alternative.

EssexHebridean

As above - first step is the SOA as you are going to need that in place whatever turns out to be your best route from here anyway. 

well done for taking that first step - acknowledging that you have an issue and looking to fix it!