So, I've managed to (over the course of a year, and with large bills in the last couple of months) managed to get myself in quite the mess.
I haven't missed any payments yet, but starting this month my outgoings will be about £250 per month more than my income, on the most bare-bones budget possible.
I have around 30k debt, paying around 1800 per month.
Whilst I am desperate to keep on top of things and not let my credit slide, I know this is no longer possible. I'm leaning towards looking into something like a debt management plan (Stepchange, for example), if I can't make an arrangement directly with creditors. (Unlikely, at least to the tune I need.
I'm aware that this will ruin my credit rating for 6 years, potentially longer.
My two biggest issues with this are:
- I have a car on finance, and can't afford to lose this as public transport costs would be significantly higher.
- My bigger issue is that I work in a finance position. It's an accounts position for a small/medium-sized company (300 employees) so generally doesn't entail credit checks, however we are looking to open several new bank accounts, of which I will be an authorised signatory online. I'm assuming a debt management plan would have an impact on this?
Is there anyone who has experience or knowledge of similar situations, or any advice?