Where to start?

copper12345

Hoping for some advice I have spiralled in to debt through loans and credit cards I don’t no what’s I have spent the money on as I have nothing to show for it i Have listed what I owe below and just don’t no how to tackle it I’m loving month to month due to high interest rates and trying to keeping them paid without going to miss payments or defaults but I just can’t afford it. No excuses for the loans I took short of money took another one short again so took another and so on. 

I’ve looked at ivas and seen they have been missed sold I don’t own a home and have no savings and I’m not sure I want to do it as credit would be negative for 5 years and I’m hoping of a solution that won’t take as long. My credit is terrible due to the loans and I can’t get any more or balance transfer cards to put them all in to one. 

loan one £2,740
loan two £2,790.26
loam three £400
loan 5 £600

credit card one £200
credit card two £1,100

El_Torro

One potential option is to cut your spending and use the money you save to pay off the debt. Easy to say of course, often not easy to do. If you fill in a statement of affairs and share it here you will hopefully get some good guidance from people https://www.lemonfool.co.uk/financecalculators/soa.php

If there is no way to keep up with the debt repayments then I don't see a way to handle it that doesn't involve giving you a bad credit rating. There are people who frequent this board who know a lot more about the subject than I do though.

I suggest you start with the SOA and take it from there.

ManyWays

As your credit is already "terrible", then you probably have to face up to reality and let them default. But post a Statement of Affairs, including the lender names and interest rates and a realistic set of expenses, and we can talk about your options.

Brie

The SOA is the best way to start so you can realistically see what you have coming in and where it's going from there.   You need to be honest.  And accurate.  You can't say "about £50 a month on XXX".  You need to look at your bank statements for at least one month and see how much you spend.  Likely there will be things you see that you don't need or can do without at least for a while - like TV subscriptions.  You can sense check if you are overpaying for things like phones, broadband, etc.  

If you post it back here people can comment and offer ways to make savings.  And then after that comes the debt solutions.  Bankruptcy is one end of the scale and I'd guess is too extreme an action given what little you've said so far.  IVAs can be difficult.  Debt Management Plans (DMPs) are popular if you have the money and discipline to continue with them long term.  A Debt Relief Order (DRO) is simpler and sometimes quicker but will definitely trash your credit history in the short term.  

But you've already done the hardest bit which is to admit there's a problem that needs solving.  Keep at it and you'll get it sorted eventually.