Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By boyley2004
#3690 :( im in way over my head, i earn over 13k a year but this is gone with the debts ive got, im managing now, got a poor credit history really low

What do i do now if i cant afford to carry on the way i am?

whats the best plan i could take
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By JaneClack
#3693 You say you are in way over your head but you have taken a big decision - you want to do something about it.

No-one can really advise until all the circumstances are known but you are earning money - what you need to find out is how much money you have available to offer your creditors when all your priority debts such as rent, council tax, utilities, food, clothing and transport have been paid for. If you are living on your own there will be less available than if you are living at home with your parents. (Cheapest place to live my kids say!)
Once you have done that you can look at the options available to you and these could range from budgeting advice, a debt management plan (with a non fee-charging company), a legally binding arrangement or even bankruptcy. So you see there is light at the end of the tunnel.

What you need to do now is contact your local CAB or give NDL, FCL/Payplan or CCCS a ring. They will all give you free and no obligation advice and you can then think of the next step forward.

Go for it - then by the time you are 23 you will be in control! :wink:
By jcarver
#3697 Dude, listen to me. Sort it out NOW! I had similar to you at exactly the same age. Been hiding for 17 years. It totally prevented me from doing anything with life, mortgages, credit, certain jobs, etc.

Sort it out now, even if that means bankruptcy, which is a hell of a lot better than it sounds.

You cound be "clean" by 24!
By Diorbabe
#3716 Hi I was 25 and in £40k plus of debt and earning £17k a year and was getting more and more in mess! I went Bankrupt in Oct last year and it was the best thing for me to do. I have more money now then I have done...... No one knows I am bankrupt..not my work or who I rent from... I was allowed to keep my car and I earn about £900 a month take home and unless it goes over £1000 they are not interested in setting up a IPA for me...I worked out I would still be 50 and paying off debt....... by Oct next year I can go get a mortgage and I have even saved money which is some thing I have never been able to do!!!! good luck on what you decide to do!!
xx :D