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£27K unsecured - what should i do?


aldezine
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Hi,

 

I have £27K+ in unsecured debts to 7 different accounts and also owe considerable sums to other more dubious lenders who demand payment :|.

 

I am unable to make the minimum payments and am wondering what to do...

 

I have no assets except my car that needs desperate attention. I need my car to get to work.

 

At the moment I'm earning about £1200 a month after tax and even though this is a good wage I'm living on the poverty line and still unable to pay all these debts. I can barely afford to eat and my existence is miserable, I cant see a way out.

 

Can anyone help please?

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Best advice would be to contact one of the debt charities such as;

 

Free Debt Management company | Payplan

CCCS - Free Debt Advice from the UK's Leading Debt Charity

National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000

 

They offer free advice on how best to manage this issue and will help you setting up a Debt management plan.

Be VERY careful whose advice you listen too

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I agree - They will go through all of your options in detail after getting a more detailed view of your circumstances. You would certainly find it useful to do the linked budget sheet as a starting point - it asks you to list income & ESSENTIAL outgoings only ( nothing towards creditors ). When you deduct your living expenses from your income the result is usually what you split between your creditors ( if you agree you owe the debt & no charges disputes etc )

 

Best of luck :)

 

 

National Debtline England & Wales | Personal Budget Sheet

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Have you had a go at completing a financial statement?

 

This will allow you to create a snapshot of your finances and consider reasonable payments to your creditors.

 

I think a call to one of the charities (cccs or ndl) would be worth doing.

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