Hi all Im new to the forum and am looking for some advice on my situation.

I have like many/most here run up a larger than affordable debt over a number of years, as a result of stupid student days and a few errors of judgement!!

Until recently these debts were just about serviceable (as in after my outgoings I still had a small amount of money each month from my salary to enjoy) however as I work in finance I have had to face the inevitable problems faced by many a business over the last 18 months. A situation arose where it was either take a substantial paycut or lose my job, obviously i took the former!

Because of this I have found the last few months very very difficult and although I have avoided any defaults on any of my credit, so far, I can see it is only a matter of time as the credit cards I have near their limit (I have had to spend around £100 p/m of the remaining credit limits just for living expenses since my wage cut three months ago!)

I am in rented accomodation and have no assets (car, savings etc.) with which to raise any capital and I do not want to run up any defaults, ccj's etc as this could affect my carreer.

So basically what I am asking is what are my options? has anyone had similar situations where something can be done before the inevitable default occur? Is there a way to prevent the problem of defaults before they happen?

I have tried getting evening / weekend employment to supplement my lost salary however the agencies I have enrolled with just do not have anything going and there is certainly nothing more attractive in my sector at the moment??

Any help would be greatly appriciated!!

Hello welcome to the CAG.

Think i would write to them offering token payments for the time being due to your situation.Sounds like things have certainly deteriorated in your proffession.Hopefully but im not optimistic things may improve in a few years.Have any of your workmates found themselves in the same situation.How are they coping.Is your salary now so low you could apply for any council tax or housing benefit help.I am sure someone else will come along and advise you further soon.Will check later and look for further help for you.Relax there are many clued up people on here advice will come.Tawnyowl

You could also try speaking to one of the debt charities to see if they have any suggestions. National Debtline are supposed to be very good.

It might be a good idea to visit the letter templates on this site, there are letters there for sending to creditors explaining the change in your circumstances, asking the creditors to stop the interest etc.