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Advice on debt management options
£6,000 credit card (maxed out) £134/m payment - held for 3 years +
£4,250 credit card (maxed out) £95/m payment - held for 3 years +
£4,000 loan (£2,900 left to pay) £91/m payment - held for 3 years +
£1,500 loan (acquired this week) £80/m payment
£800 into my £1250 overdraft.
earning £1850 / month after tax (partner works 1 day a week), always struggled to make payments and raise 3 children and pay £245 / month CSA for a child I was alienated from by a lunatic ex just for breaking up with her which is where most the debt originated from. Solicitors fees and house move. I’ve started gambling to try get out of debt but realise this is not wise but with the price of living constantly rising, I’m finding it harder and harder each month and I need to sort it now rather than later for a better standard of living. I have a car on finance that I would like to keep. I purchased the car with bad credit score so wasn’t the best move but I’ve always paid roughly the £239 I pay now for a car and have always budgeted fine for it before the debt. That’s my situation and I’m almost certain don’t want to enter into a debt management plan or an IVA. I’m think a DRO or bankruptcy but looking for any advise before I go ahead. Thanks in advance for any words of wisdom.
£4,250 credit card (maxed out) £95/m payment - held for 3 years +
£4,000 loan (£2,900 left to pay) £91/m payment - held for 3 years +
£1,500 loan (acquired this week) £80/m payment
£800 into my £1250 overdraft.
earning £1850 / month after tax (partner works 1 day a week), always struggled to make payments and raise 3 children and pay £245 / month CSA for a child I was alienated from by a lunatic ex just for breaking up with her which is where most the debt originated from. Solicitors fees and house move. I’ve started gambling to try get out of debt but realise this is not wise but with the price of living constantly rising, I’m finding it harder and harder each month and I need to sort it now rather than later for a better standard of living. I have a car on finance that I would like to keep. I purchased the car with bad credit score so wasn’t the best move but I’ve always paid roughly the £239 I pay now for a car and have always budgeted fine for it before the debt. That’s my situation and I’m almost certain don’t want to enter into a debt management plan or an IVA. I’m think a DRO or bankruptcy but looking for any advise before I go ahead. Thanks in advance for any words of wisdom.
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