Ask for financial help or ride it out?

Stepchange area amazing but it may not reduce your monthly payment. They will ask for all your incomings and outgoings and will work out a plan to allow you to pay your debts with one manageable payment. This still might mean you are tight for the month. My payments went from a very unmanageable approx. £2k a month to £1k. For my situation this was much needed but still left me very tight for the month. If you are managing the current payment, then you may find Stepchange also think you can manage the same payment. You can definitely discuss it with them though.

If you cant see an end in sight, Stepchange will be the way forward. Stopping interest is amazing (although sounds like you have that covered), but it does impact your score, and I found some creditors defaulted me every month as I wasn't paying the full amount, only the amount agreed with Stepchange so my credit score took the hit, and will do for a few years yet. Without Stepchange I would still be paying off debt though so I would rather have my score impacted for a few years and be debt free, than struggle on for years in debt trying to keep a good credit score. 

Best advice I could give is to contact them and chat things through. They are very helpful and will talk you through options. They may even suggest you tough it out, depending on what they get from your financial situation.

I'm debt free 6 weeks now and its the best thing I've ever done. Stepchange saved me financially so I'm a big advocate of them but it really does depend on your situation.

Best of luck mate.

@p6z38njbqm Thank you for the advice Weirdfish. 
extremely helpful as always. 
I might just call them and see what they say.

To my mind riding it out has to be the preferred option, I am assuming given that you are on the Gamcare site that your debts are the result of gambling losses (apologies if I am wrong).   I am assuming that given that you are continually able to obtain 0% balance transfer cards that your credit record is good, the question is how much you value that credit record and how long you can keep obtaining those cards, before you get hit with 20% interest rate.

The other question of course is how any stepchange would impact on your ability to remortgage in the future if there is significant change in interest rates.

I am sure you have all this covered in your brain and this is just me thinking out loud.

@mg43i8s0te Thanks for the advice. What happens is that when I clear a debt from a card when the 0% interest rate runs out, after  a few months it will then generate a new offer. 
Therefore I always have a backup card to move them to as they all have different 0% end dates. The only thing is that I get a 4% transfer fee applied to do a new balance transfer.

@c17ort That's pretty good planning and well managed.   You seem to be pretty well organised

Hi there @king, we would always advise folks to speak to stepchange about their debts.

Good luck with whatever you decide

Jane

Forum Admin

Hi King. I think I said from the off, to get in touch with Stepchange as your mind was ever consumed with the amount of debt you have/are paying back each month. Take some of the pressure off yourself and give them a call.  I have been with them for a number of years and have nothing but positive comments to make about them.

You can do it all online and set up your payment plan/budget each year so you are in control of that. Initially they will want to speak to you to set the first years payment plan up probably but they are very understanding and will only have your best interests/concerns at heart. Even over the years when I have had a few personal issues, they have let me have a six month payment break so they really do try to take the pressure off you.

Wishing you the very best and just ask on here if any more advice is needed.

Take care.

Pink Lady 🩷🍎.

@j5a6meyr4z Thank you PinkLady. It’s a big step and I am very concerned about my credit score being impacted for 5-6 years. 
I guess I would have to come clean to my partner about this if I went with stepchange as she is on the mortgage also. 

Maybe my only option is to ride it out because I cannot tell her 

Hi King,

I’m in exactly the same position as you with debts of 50k and paying a minimum of  1300 a month with leaves me very little to get by with.

It’s depressing but I suppose we should look at it as our punishment for being idiots and getting sucked into to this world of a gamblers pain.

Step change isn’t for me as the impact to my credit score and mortgage would be significant. My advice to you would be to suck it up and continue to chip away each month and time really does go quickly. I’m 442 days into a 5 year goal to be debt free. It seems a long time but with every month the better off I become.

Stay strong and good luck.

G

Hey King

I decided to ride it out. Paying off big chunks of debt as soon as I can and living on a budget (for me). TBH, I’m actually enjoying having to budget more. I literally plan every single dinner so there’s no waste anymore etc.

im trying to see it as a bit of an adventure and although spending so much on repaying debts every month is hard, it’s holding me accountable. 

Everyone’s financial situ is different and I’m sure you’ll make the right decision based on yours.

Em x

@g100 Thanks G100 I really appreciate your input as always. 
It’s nice to know we are in the same boat with this and we can beat this 👊🏻👊🏻👊🏻

I just need to get my mind in the right place because I struggle mentally fighting the debt. Not having a bet isn’t a problem. It is the debt that hurts the most 

Hi King,

It will be on your mind everyday but try and focus on things that make you happy. I spend more time with my family and friends and try to take my mind off it. That money has gone and there is no choice but to repay and gradually get straight. I’m looking forward to that time when I’m debt free and spending that hard earned money on myself and family or even saving which as compulsive gambler I have never been able to do in all of my adult life.

Stay strong and good times will come my friend.

G

I can understand the debt situation as it was getting me down and reminding me about the debt each time money went out the account fortunately i didnt owe huge sums of money and got rid off within 9 months it was also a trigger for me at first i thought it was a good thing then the regrets came after so i started paying extra  im glad it gone so i totally understand how u are feeling