So much debt...what can I do?

[GunslingerPie]

Sorry, posting for traffic for quick help

I have acquired about £2k in debts over the last few years, mainly thanks to having a waster of an exbf who never helped me out financially. I have a few payday loan lenders chasing me for about £300 each, plus a credit card for £400.

I really want to start a clean slate and have heard about companies who can lump all my debt together and take one monthly payment from me which would be distributed amongst the lenders but I don't know anything else about this, where to start, will it cost me anything...

Basically I am fed up of having this hanging over me and I'm desperate to sort it out

Don't take out more credit to clear debts.
You may find that CAB have a debt counsellor who can give you advice.

I don't think you are in enough debt strange as that may sound.

Consolidation loan?

I would have a look at the Stepchange website to start with, where you can complete a self assessment questionnaire. This will ask you for all of your income and outgoings, and advise how they think you should proceed. They can facilitate debt management plans too (where you make one monthly payment, which they distribute to your creditors). They do this without any fees, so everything you pay goes towards what you owe. I used them a couple of years ago and they really helped get everything under control. Good luck OP

Spotted I wouldn't be able to take any more credit out even if I wanted to, my name is absolute mud. Credit score is very poor

That's no debt. You can pay that off with a bit of belt tightening.

Get in touch with stepchange. They are really good, and they are free. Many debt management companies take a cut from each payment for themselves.

And as Spotted said, don't take any more credit - it'll spiral before you know it!

Do you actually have any money to pay off a lump sum? If not you might be eligible for a debt relief order. Speak to citizens advice who can advise you either way.

Thanks freddos I will take a look at that today! Thanks all.

Kat I'm afraid it isn't as easy as tightening my belt or I would have done it by now. It may not be a lot of debt to you but trust me, it is for me.

I am a single mum working p/t with sweet FA leftover every month, which is why I was taking out payday loans.

Luckily I have the 30 free hours childcare in Sept so can up my hours at work, which is the income I want to use to pay off my debt.

If it makes you feel better, I have about 13k in debt which my debt advisor said was "nothing". Debt advice charities are very very helpful

Sit and work out what you can afford to pay. Call each creditor up and explain you are having a hard time financially and you are willing to pay £** each month. I have done this and they all agreed and now it's all paid off as they froze the interest and I paid one off at £10 per month and one off at £15 per month
Honestly just phone them the sooner you do it the better mine was with Satsuma and Mr Lender. All paid off now and I will NEVER have debt again

God no! You don't want a debt relief order for 2k! Or any kind of debt management plan. It will trash your credit rating and make things really hard if you want to get ANY form of credit in the next 6 years.
And it doesn't wipe your debt either just holds the interest.

Definitely not worth having your credit history trashed for 2k!

Any a consolidation loan isn't the answer either, despite good intentions it will most likely lead to MORE debt and more stress. But I'm guessing if you had to resort to payday loans then you won't be offered a loan at a decent rate anyway.

OP, try not to worry, 2k isn't a lot of debt on the grand scheme of things. It's easily sorted.

THe best thing you can do before reaching any final decisions is to Head over to the money saving expert "debt free wannabe" page they are really great at advising how you can clear the debt in the most cost effective way possible. Please go there and post what you've posted here!

forums.moneysavingexpert.com/forumdisplay.php?f=76

ineeda again that will result in the OPs credit history being trashed so maybe not the best idea unless the OP really can't afford to sort it out without doing it "properly".