Debt Help Needed

SnatchedKing

Hi,
I am currently in a situation where my loan payments take up nearly 60% of my monthly wage. Then having to pay Credit Card payments on top of that leaving me with roughly £200/300 to get me through the month. I feel like I’m losing grip on everything and getting into a hole that I don't know how to get out off. Any advice would be greatly appreciated.

Avante_2

Hi SnatchedKing,

Fairly new here myself, the experts will suggest you first complete a SOA (statement of affairs) basically an income and expenditure so they can see your finances in black and white and guide you from there.

Here is a link: Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

I also recommend you go read the sticky page "In debt and wanna be debt free?" it has good steps to follow SOA being one of them.

Soon somebody with more knowledge and experience will come along and guide you but do the SOA first so you understand your situation financially.

Grumpelstiltskin

Snatched welcome to the board, you are in the right place here.

First thing is to realize is if you can't afford to pay your unsecured debts then stop paying them. As long as you pay vital things, rent or mortgage, council tax, utilities etc. then don't pay loans, credit cards etc. then you will be OK
As Avante says completing a honest SOA is the way forward.

Make sure you have monthly repayments, balances and interest rates.

tigergambit

SnatchedKing said:

Hi,
I am currently in a situation where my loan payments take up nearly 60% of my monthly wage. Then having to pay Credit Card payments on top of that leaving me with roughly £200/300 to get me through the month. I feel like I’m losing grip on everything and getting into a hole that I don't know how to get out off. Any advice would be greatly appreciated.

So stop paying unsecured debt. Take a deep breath and look into how you got to this point. Complete an SOA and post it up for advice. And relax, sorting out debt takes a while, everything moves very slowly but coming on here is the correct first step. Well done!