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    • Stressedmummy
    • By Stressedmummy 2nd Jul 18, 6:53 PM
    • 26Posts
    • 20Thanks
    Advice please!
    • #1
    • 2nd Jul 18, 6:53 PM
    Advice please! 2nd Jul 18 at 6:53 PM
    Good evening everyone!
    So, due to various reasons I have found myself drowning in debt again
    I have finally gotten myself out of the ďdebt spiralĒ and am no longer using credit cards. My various minimum payments however are just crippling me. I set out at the beginning of the month with the best intentions, I had set myself the ďsnowballĒ challenge and have cleared the smallest debts. But I canít even meet all my minimum payments anymore and itís the classic case of robbing Peter to pay Paul.
    I have switched utility providers and set myself a budget, I am not overspending anywhere, I just simply donít earn enough to cover the debt payments.
    So whatís the best solution? I donít really want to go down the DRO route if I can help it.... is there another way of just bringing down my minimum payments to a manageable amount? Or reducing the interest? I am not eligible for any balance transfers.
    I get paid tomorrow, and one credit card minimum payment is £137 and another is due the same week for £90 and thatís just this week! The following week I have another for £157.... I canít carry on like this, and at the moment Iím just thinking of giving up this juggling act and just defaulting on everything.
    Does anyone have any advice please?
    Thanks in advance, a very stressed mummy
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    • Stressedmummy
    • By Stressedmummy 5th Jul 18, 9:11 AM
    • 26 Posts
    • 20 Thanks
    You owe Halifax money on a credit card so they can use their right to offset and take any money that is paid into your current account.

    I'm beginning a DMP at this moment and had to move my current account away from Barclays for exactly that same reason.
    Originally posted by DMP_Tiger
    Ohh I see,
    • fatbelly
    • By fatbelly 5th Jul 18, 7:37 PM
    • 13,736 Posts
    • 10,801 Thanks
    What happens if I just stop paying for the time being? I am going to get the letters printed out today that you previously linked to. I'm just feeling very nervous right now, hate not paying things on time
    Ahh also, I completed the "debt remedy tool" on stepchange, and the only solution they gave me was bankruptcy, with an activation fee of over £500
    Originally posted by Stressedmummy
    Debt Remedy is a bit of a blunt tool and no replacement for the brain of a good adviser. I presume it's saying bankruptcy (£680 fee btw) because of the car. But you do have other options as I set out earlier.
    • Stressedmummy
    • By Stressedmummy 5th Jul 18, 9:27 PM
    • 26 Posts
    • 20 Thanks
    Thank you, Iíll give them a call tomorrow if I can
    • DMP_Tiger
    • By DMP_Tiger 6th Jul 18, 8:16 AM
    • 182 Posts
    • 585 Thanks
    Stepchange calculator advised me bankruptcy. But as fatbelly says, it is a very blunt tool. It also said that a DMP would take 30 years but with salary increases, additional income, F & F's and my daughter getting older so my wife can work a part time job, I am looking at 7 years maximum - hopefully less.

    But even at 30 years, SC didn't have a problem with me going ahead with a DMP. You do whatever works best for you.
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