Struggling late and missing payments

[mrneedshelp]

For The last 6 months now I have been struggling patting credit cards overdraft and a bank loan .I have have more than 10 late payments on my credit file although I have tried my best but it has come to a point where I can't keep up anymore. Just wondered what my best options are and have I now damaged my credit for six years also.

Any help would be appreciated my debts total is around 8K

[james_law]

You need to speak with your creditors first about paying back this money. You need to explain your circumstances to why you are struggling etc and will fill out an affordability assessment and then will hopefully be placed on an affordable repayment plan that is mutually beneficial for both parties.

Definitely contact your creditors and tell them your struggling.

[Amethyst]

I would firstly get on to the national debtline and/or stepchange to see what they advise, and possibly make an appt with citizens advice. You may be able to restructure things to make it more manageable without destroying your credit file - but someone will need to look at your overall situation and circumstances. We're not regulated debt advisors here at all so can only try and assist with limited information.

Are your priority bills being paid okay ? Mortgage/ rent /council tax / utilities ?
Debt Camel

[Debt Camel]

The two most important things here are first to not borrow any more money - that just postpones the problem for another month or two - and to sort out what your priority debts and bills are, as Amethyst says.

Priority debts: https://debtcamel.co.uk/start/priority-debts/

After that your options will depend on how much money you do have available for your credit cards and loans after you have paid for all the essentials every month. If there is a fair bit and the problem is the interest that keeps being added, a debt management plan https://debtcamel.co.uk/debt-options/guide-to-dmps/ where interest is frozen may be best. If that would still take too many years to clear the debts as you have little spare income, a Debt relief order could work for you, see https://debtcamel.co.uk/debt-options/dro/.

National Debtline can help you explore these options on the phone.

[Amethyst]

Thank you Debt Camel - you're an angel xx