I am now 30 days GF, The next step for me is to clear my debts.
I have been thinking about going bankrupt. I currently owe around 30k. 10k on one credit card, 2.5k on another, 5k overdraft, 10k loan and 2k on payday loans. Would going Bankrupt be the best thing to do?
I will be contacting StepChange shortly to discuss my options but just though id seek some advice from users in here first.
Any advice/help would be appreciated.
Good morning,
I think Bankruptcy is a very last resort and can make normal day to day living difficult re money management.
IMO you should consider a Debt Management Plan (DMP) with Stepchange.
They will look at your incomings and outgoings and decide with your creditors a reasonable sum to pay back monthly. U pay Stepchange. They pay the creditor. In addition stepchange will ensure you have a good sum of money to live on each month.
Generally all interest and fees are frozen and calls and letters will cease re your debts.
Your credit rating will take a hit but if u r using payday loans it probably isnt too good anyway.
On a positive note you learn to live without credit and through time your rating will improve.
Give them a call - got nothing to lose.
Best wishes
I’ve commented on another one of your posts but essentially it is the same as bal says.
Good luck,
Sarah
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