Help with my debts please

System

This discussion was created from comments split from: Struggling with debt? Ask a stepchange debt adviser a question.

Polkadots369

Hi everyone, I’m currently in around £24k of debt spread across 2 overdrafts, 4 credit cards and 3 personal loans.

I’m behind on some payments but haven’t been issued any defaults yet, but I really can’t afford all the minimum payments and want to start a DMP after being advised by Stepchange.

My only concern is that I applied for the loans very recently within the past few months, and on the applications I massively underestimated my budget and didn’t disclose all my debts. If I start a DMP it would be obvious to the loan companies that I lied because my budget will be given to them. How likely is it that they will put a CIFAS marker on my name? 

The loan companies are CashASAP (£450.52 owed) Lending Stream (£913.44 owed) and Mr Lender (£524.75). 

Thanks in advance for any advice 😊

sourcrates

Don`t overthink these things, they don`t look that deeply into why you don`t pay, the majority of the process is automated, you`ll just be treated exactly the same as any other defaulter.

Debt management is usually brought about by a change in circumstances, so they would likely be more suspicious if your situation hadn`t changed, just do what you have to do and don`t worry about it.