Debt advice info

[ShadowWeaver]

Hiya, I'm in quite a lot of debt and it's a vicious circle, can't afford to buy because I'm paying debt, so get it on credit etc.
The things I have are quite high interest store/credit cards/catalogues. If I contacted a debt help place what would they do exactly? Will they ask for interest to be stopped so I can clear them? I usually can make the minimum payment but it only takes about £12 off the balance once the whack the interest on. Or is it just a case of they suspend your account until you clear it (but still add interest?)
Thanks.

A lot of debt companies (the ones who advertise on the radio ect) will charge a fee, so make sure you contact stepchange, who dont charge.

They will advise you the best way to tackle your debt based on your situation.

You could enter a debt management plan (DMP) where stepchange ask all your debtors to freeze your interest and then you work out how much you can afford to put towards your debts each month until they’re all cleared.

However, a DMP doesn’t wipe the debt and having one will trash your credit record and you prob won’t be able to take out any credit for at least 6 years, in fact the terms of the DMP forbid it.

If your debt isn’t a huge amount and you can afford to pay it off through budgeting and cutting back, then it’s prob best to avoid a DMP.

As a first port of call I’d go to the money saving expert website and visit the “debt free wannabe” page. The posters are really helpful and non judgemental, they will be able to give you some really excellent advice.

A dmp would be a perfect solution except from the not being able to get any for 6 years. I would need the safety net in case my washer etc packed up. Even though most of my stuff is from catalogues, it's the cheapest ones so not likely to last 6 years.

Thank you for replying. There's not much more we can cut back on, though we do pay £60 for our TV/broadband it's our only luxury, we don't smoke, drink or go out anywhere (cinema etc)
£18 for my contact lenses (need them for work as I get sweaty and my glasses slip)
Then the usual gas/electric/rent etc. Spend approx £80-£100 a week on food for 5 (plus pets-not an option to get rid of them)
I'll check out MSE too. Thanks

Definitely post on the debt free wannabe forum on MSE! They will help you conduct a statement of affairs which shows all your debts, your incomings / outgoings and the best way to tackle your debt.

You can always get white goods second hand from Gumtree / Facebook ect, but yes if you take out a DMP part of the agreement is you can’t take out any new debt.

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