Debt?

[notenoughbottletonight]

I've got around 15000 in debt, I'm paying about £180 a month in interest. I'm paying a bit extra to try and clear some of the actual
amount owed but finding it really difficult. Can't balance transfer or get a loan to consolidate. the only option is an IVA but I don't want to go down this route as I know it'll write me off for six years plus the time extra it'll take for me to rebuild my credit rating. I'm 33 so want a mortgage at some point when I start working. Currently unable to due to lack of childcare/caring for my DD who has ASD. Any options I've not thought of please? Thanks

Have you had proper debt advice from CA, Citizens Against Poverty, Stepchange etc.

Take advice from Stepchange before getting into an iva. I'm doubtful the interest is only £180 a month.

Do some financial housekeeping. Make a list of all the credit cards, the amount you owe on them, the limit you have on them, and the interest rate you're paying. When you've done that, you'll have a better picture. Can you do that? If you post it here we should be able to help you.

Please don't take this next question as a criticism, it really isn't - the only reason i'm asking is because I need to look at why I live beyond my means also - the question is, what did you spend that money on? You don't have to answer if you don't want to.

An IVA doesn’t automatically stop you from getting a mortgage. And your credit rating can start improving as soon as the Iva has finished.

A family member is on one and has loads written off and pays around £100 a month which is a massive drop to what she was paying

Can you realistically say you can clear that debt in six years with out doing an IVA?

I'd go for the IVA. It's by the by getting a mortgage when you're working when a) you're not now b) you'd still need to save a deposit AFTER paying off all that debt and c) by that point, you'll be into your 40s.

I've never really been hugely good with money, about £5000 is from me being stupid and overspending. The rest is from making stupid decisions with ex's, one only contributed a minimum to our living costs and the other I mainly supported while he was at uni meaning I was putting rent on them as I could no longer get help with housing costs. I spent £1000 putting an outdoor office in for him because he said he needed it 🤦‍♀️ It's just the interest that is killing me. My current bf is in a good financial position and I suppose I've tried to hide my finances from him as not to put him off. The problem is step change say I have too much coming in anyway and should be able to cover it all, just my budgeting is really bad.

If your budgetting is poor the problem won't go away with an iva. That is just a short term fix. You need practical help on reducing expenditure and managing money.

Also have a debt collector chasing me for 2.5k for gas and electricity

Wow. That's nearly £18K. Honestly, I think getting a mortgage is pretty pie in the sky right now because depending on your income, you're straying into bankruptcy territory with that level of debt if you're struggling to even service it. It's a pity the need to be in a relationship with a man lead you down this path, but it's honestly time to really examine these patterns of spending.