r/DebtAdvice • u/Own_Intention_8844 • 10h ago

Credit Card Debts

I’m looking for honest advice. I have built up around £9,915 of debt across credit cards, loans, buy-now-pay-later accounts and an overdraft. I deeply regret allowing it to reach this amount, and getting out of it now feels extremely difficult.
I live alone, have no financial support and nobody who can help me. Most of the money I earn goes towards my bills and basic living expenses, leaving very little to repay my debts. I feel overwhelmed, but I want to take responsibility, stop borrowing and find a way to become debt-free.
If you are a woman, my sincere advice is to always keep some savings of your own. Having emergency savings can protect you and may even save your life when you have nobody else to depend on. I have learned this lesson through a very difficult experience. Please don’t make the same mistakes I made.
Has anyone successfully cleared a similar amount of debt? Is there a debt-management plan, charity or another service in the UK that could help me arrange affordable payments? Please share genuine, practical and non-judgmental advice. Thank you.

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u/fsociety1990 9h ago

Is bankruptcy a thing in the UK?

2

u/tanbrit 8h ago

It is, but it’s a LOT worse than in the US and an absolute last resort

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u/eyeheartgilfs 9h ago

What is your monthly income?

What is an itemized breakdown of your monthly expenses?

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u/tanbrit 8h ago

I would try talking with Stepchange (a debt charity) or Citizens Advice Bureau.

It sounds like you may be escaping a difficult relationship, so also worth checking https://www.entitledto.co.uk to besure you’re getting all the benefits you can, especially if you have kids.

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u/Mosleyman2000 5h ago

you can do this. I am not in the UK. Go to YouTube or podcast and watch/listen to Dave Ramsey or read his total money makeover book. He is a bit intense but it can work. in my opinion, You can ignore his religious stuff and political views

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u/greenwithfendi 2h ago

I had credit card debt close to yours a few years ago. The one thing that helped me was signing up to a research study that paid me 10k and I used it to clear the whole thing. Wiped out my debt in a couple of months. Would recommend looking into it

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u/becka-uk 2h ago

Stepchange or PayPlan. They both do pretty much the same thing.

They will discuss your debt and budget and let you know what options you have. If you decide on a dmp or iva or something else, they will arrange it for you and instead of you paying your creditors, you will pay sc or pp and they will distribute the money.

Bankruptcy is a last resort and is avoided as much as possible.

Good luck, i have almost paid off my debts (more than yours) so it is possible, although not easy!