Paying off debt support

[Summer2011]

Hi everyone
New to this thread. Like others I have racked up some debt, I think currently I’m around 13k made up across 6 very high interest credit cards, next and very accounts.
I am paying somewhere between £600-£750 a month in minimum payments. While I’m treading water and managing, the debt isn’t coming down as I use almost all my disposable income paying minimums and 2 weeks into the month have to spend on the cards again.
I inherited some money unexpectedly that could have paid it all off but of course was worried about doing so didn’t and now I’ve spent the money and still in debt (with nothing to show) I have detached my feelings from this now as it’s happened, let’s move on.
I can’t do a 0% balance transfer as my applications are rejected, I have no way of debt consolidation.
I would at some point like to buy my own house and I do also work in finance so declaring myself bankrupt isn’t really an option.
is there anything at all I can do, even if I scrimp every penny and manage to pay them off in 18 months, the interest that I pay will be over 16k which is insane as it’s more than the balance.
im happy to pay the debt, but it just feels so unfair. Does anyone have any suggestions or things I can do to improve my situation.

 

[If i told you …]

Hi everyone
New to this thread. Like others I have racked up some debt, I think currently I’m around 13k made up across 6 very high interest credit cards, next and very accounts.
I am paying somewhere between £600-£750 a month in minimum payments. While I’m treading water and managing, the debt isn’t coming down as I use almost all my disposable income paying minimums and 2 weeks into the month have to spend on the cards again.
I inherited some money unexpectedly that could have paid it all off but of course was worried about doing so didn’t and now I’ve spent the money and still in debt (with nothing to show) I have detached my feelings from this now as it’s happened, let’s move on.
I can’t do a 0% balance transfer as my applications are rejected, I have no way of debt consolidation.
I would at some point like to buy my own house and I do also work in finance so declaring myself bankrupt isn’t really an option.
is there anything at all I can do, even if I scrimp every penny and manage to pay them off in 18 months, the interest that I pay will be over 16k which is insane as it’s more than the balance.
im happy to pay the debt, but it just feels so unfair. Does anyone have any suggestions or things I can do to improve my situation.

This is exactly the situation I found myself in. I rang money wellness their reviews on fefoo are very good. They were the most helpful people and went through absolutely everything with me in terms of my debt and lifestyle. I have a car on finance and needed it for my job. So an DRO or bankruptcy wasn’t ideal for me. They recommended a debt relief management. Im now 7 months into it It is the best thing that I did. Every step of the way as been positive. I can’t take out any credit moving forward whilst I’m in the program but it is now teaching me to think carefully about money and live within my means. Good luck with your journey

 

[GiftedNotFree]

Hi everyone
New to this thread. Like others I have racked up some debt, I think currently I’m around 13k made up across 6 very high interest credit cards, next and very accounts.
I am paying somewhere between £600-£750 a month in minimum payments. While I’m treading water and managing, the debt isn’t coming down as I use almost all my disposable income paying minimums and 2 weeks into the month have to spend on the cards again.
I inherited some money unexpectedly that could have paid it all off but of course was worried about doing so didn’t and now I’ve spent the money and still in debt (with nothing to show) I have detached my feelings from this now as it’s happened, let’s move on.
I can’t do a 0% balance transfer as my applications are rejected, I have no way of debt consolidation.
I would at some point like to buy my own house and I do also work in finance so declaring myself bankrupt isn’t really an option.
is there anything at all I can do, even if I scrimp every penny and manage to pay them off in 18 months, the interest that I pay will be over 16k which is insane as it’s more than the balance.
im happy to pay the debt, but it just feels so unfair. Does anyone have any suggestions or things I can do to improve my situation.

Contact StepChange (if you’re in the UK) and see what they’d suggest. They are a charity and it’s a totally free service.

 

[conrea37]

Hi everyone
New to this thread. Like others I have racked up some debt, I think currently I’m around 13k made up across 6 very high interest credit cards, next and very accounts.
I am paying somewhere between £600-£750 a month in minimum payments. While I’m treading water and managing, the debt isn’t coming down as I use almost all my disposable income paying minimums and 2 weeks into the month have to spend on the cards again.
I inherited some money unexpectedly that could have paid it all off but of course was worried about doing so didn’t and now I’ve spent the money and still in debt (with nothing to show) I have detached my feelings from this now as it’s happened, let’s move on.
I can’t do a 0% balance transfer as my applications are rejected, I have no way of debt consolidation.
I would at some point like to buy my own house and I do also work in finance so declaring myself bankrupt isn’t really an option.
is there anything at all I can do, even if I scrimp every penny and manage to pay them off in 18 months, the interest that I pay will be over 16k which is insane as it’s more than the balance.
im happy to pay the debt, but it just feels so unfair. Does anyone have any suggestions or things I can do to improve my situation.

Debt management plans are the best way. They will try (although can’t guarantee) to freeze interest and you can build a budget so that all your monthly costs are covered. And most reputable ones are completely free.