Help please 🙏

needtosortmylife

Hey, so I defaulted on £28000 worth of debt just over 2 years ago. I’ve set up plans with companies myself paying £90 in total a month for 5 debts. I’ve stupidly got myself into more debt since. I have a Vanquis credit card with £1190 & a Very account with £1140. I also have gotten 2 small loans which I pay £250 in total a month. The loans are fine I suppose as fixed payment, but the Vanquis & Very just seem never ending with the interest. My question is shall I just default on them as well or is this is a silly idea as I am 2 years down the line. Thank you 🙏

fatbelly

II think you need to ask what happened and why. £90 per month is a 300-month plan and clearly that was set too high as you still incurred a lot of extra debt. You don't say how much you owe on the loans.

is this a gambling issue?

Yes, it's nonpriority debt and if you can't afford it, you stop paying. You should look at insolvency of one form or other, and try to formulate a balanced budget

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

If you want detailed help.

needtosortmylife

I was & still am planning to save some money to then hopefully pay off a reduced settlement offer.

No, it isn’t gambling, I’m a single mum with 2 teenagers at home. I work full time & pay all my priority bills on time but then not a lot left over so I’ve slipped back into living on loans/CCs etc. I know I am an idiot but it is what it is.

What do you mean by insolvency of one form or another? Bankruptcy?

I will look at the budget planner.

Thank you 🙏

fatbelly

I had a look at your thread from two years ago when you were starting your debt management plan. Your debt has increased.

Yes, I noticed there that you rent so bankruptcy would be an option. You may get an Income Payment Order for 3 years but then that would be the end of it.

A statement of affairs would be useful.

ManyWays

I think a new SOA would help.
The previous one was confused when you put in £100 a week for groceries in as monthly , everyone said £100 a month was too little but then we didn't really focus in £400 a month also being too low!

So a new one with realistic figures for groceries, clothes, kids costs, presents… And all the defaulted debts (put defaulted after the name plus the new ones.

needtosortmylife

Thank you both. I’ve had a talk with myself & just need to suck it up & deal with it. I’m obviously spending more than I can afford & can no longer get any credit so no chance of getting in more debt at least.