I’m drowning in debt

[usedandabusedx1000]

I have been for years. Or rather, I’ve been avoiding it all for years. I don’t even know anymore what I owe and to whom. I’ve tried step change, they can’t help unless I can tell them this info. I heard I could find this info by using Experian but whatever I do, they can’t seem to verify me. I’m lost. I’m stuck. I can’t face any of it anymore. I don’t know what to do or where to turn.

Have you been on the money saving expert forums? My friend got herself out of massive debts by posting on the debt free board. There are some very knowledgeable people, many of them have been in the same position.

They will help you look at income, outgoings and can advise from there.

I was going to suggest the MSE Credit club or maybe try another one other than Experian?

@lunar1

Have you been on the money saving expert forums? My friend got herself out of massive debts by posting on the debt free board. There are some very knowledgeable people, many of them have been in the same position.

They will help you look at income, outgoings and can advise from there.

I second this. There are lots of helpful people on there and there is loads of useful information on the site.

If you've been drowning in debt for years you may as well go bankrupt. Especially if you can't afford to repay.

Don't get into repayment agreements you can't afford (even if some may think you should try on a "moral" basis), or cause yourself panic by trying to contact every creditor.

There's loads of Debt advice out there, do you not read it?! Ultimately if you really want it dealt with then you have to speak to organisations such as "Step Change" who will sort everything with you and take your stress away.

Debt Relief Orders are for debts amounting to up to £30,000 (DRO's used to be for up to £20,000 debt only but this is in process of being updated). It's a much cheaper version of Bankruptcy.

If your debts are above £30,000 then it's Bankruptcy, which costs a lot more but you can pay in installments. Application will go ahead once you've finish paying bankruptcy fee.

Sign up online with "Totally Money" you can see your credit details there. Use as a starting point of information when you speak to or contact Step Change online.

Thanks all for your responses.

@DeeCeeCherry yes I have read many many things about Debts, but finding out whom my debts are with when I can’t seem to get verified by online companies offering the service, is not information I have been able to find - hence posting here.

I clearly said that step change cannot help me without this information - “did you not read” the OP????

My Debts are below 30k. A DRO would be perfect, but again, I need the information that I can’t seem to gather in order to be able to get this help.

On the stepchange website there's a spreadsheet you can use to work out what you owe, spend the next month working it out. How to sort it out depends on the total amount and what you have within your means to increase income or decrease outgoings. Payment plans can be brutal but for smaller balances have less long term consequences

You will need to fig around in your paperwork, online etc to work out who the debts are with

I dunno. But start by posting on money saving expert forum. Someone will point you in the right direction. Failing that - citizens advice.

I’m not sure responding rudely to people who have tried offering useful advice is going to help you much.

@usedandabusedx1000

Thanks all for your responses.

@DeeCeeCherry yes I have read many many things about Debts, but finding out whom my debts are with when I can’t seem to get verified by online companies offering the service, is not information I have been able to find - hence posting here.

I clearly said that step change cannot help me without this information - “did you not read” the OP????

My Debts are below 30k. A DRO would be perfect, but again, I need the information that I can’t seem to gather in order to be able to get this help.

Thanks my going to get you very far is it.

Why don't you know, have the debts been sold on? Are you not getting tons of letters?

Citizens advice helped me to set up a Debt Relief Order. They were brilliant, don’t know how it is with them at the moment with the world the way it is but do get in touch with them, they are really helpful.

I get the frustration but try not to vent at people who are trying to help.

You know yourself that without identifying who you owe money to, you wont be able to put any kind of plan together so your first step is to try and do that.

Start by listing what you do know, the who and the how much. I was in an awful lot of debt and stuck my head in the sand for years until the bailiffs came to my door and forced the issue. Its hard. Really really bloody hard but you have to take a first step.

Surely your creditors write to you at least monthly? Or have you moved around a lot?

Pressed too soon, but the first step is asking for help. Have you any letters that have been sent to your home? Start filing them together so you can get an idea of where your debts are.

Citizens advice were a bit rubbish with me but I found a Christian debt advisor through my local playgroup (bit hard to access in lockdown though) It was a church run debt advisory service and they were honestly brilliant, held my hand through the whole process and were completely free.

I dont know if other areas have similar, its worth an ask

Why can’t Experian verify you?.

Get a notebook or a spreadsheet and treat it like detective work. Start with what you do know, and then start tackling the harder stuff.

Why don’t you know? (That’s a question, not a judgement.). Do you not have the paperwork? Can you not find it but probably have it somewhere? Has the debt been sold on so you don’t know who it is with? Do your creditors send letters or email you? As I say, these are questions not judgements.

I’m not just “responding rudely” I’m responding in the manner in which I was spoken to, what’s the point in basically saying to someone who’s asked for help “have you not read the internet” - made worse by then showing the op hasn’t been read. 99% of questions asked on mumsnet could easily be answered elsewhere, but this is a forum which I frequent, why can’t I ask
For advise here to?

I have moved around a lot, so no, I’m not getting letters.

I have zero idea why Experian can’t verify me, perhaps because of the moving around a lot, all my dates are muddled, I have no idea where I have been and when, I can’t figure it all out

I was drowning in debt. If you are like me you will be ignoring letters. My advice to you is to put every single one into a bag. I was going to say take it to your local debt advice centre but doh! It won't be face to face.
Still put them all in a bag and you have all the scary stuff in one place. Then what Worst said, start being detective. If the debts have been sold on they usually say who they are collecting on behalf of.
Once you have your tally, have a little weep and once you have contacted the debt charity the only weeping you will be doing is tears of relief.
I had an IVA. I now have a line of credit which I only have to boost my credit (I really did learn my lesson). I never imagined that I would be debt free but i am.

Yes I read the OP actually and have never heard of Step Change bring unable to help, hence I mentioned.

You just didn't read where I said, signing up with Totally Money would list details of your credit debts.

But fucking hell, your style is abrasive where someone's at least trying to help/advise so...good luck with your plight n all that have fun getting into words on MN it'll get you far🙂

I'm a CItizens advice volunteer in our debt dept. In order to verify debts we are able to access Experian trans union and equifax credit reports. This can be a good starting point but don't include debts like rent arrears ( although landlords are coming up now) council tax, tax credits etc.

Most creditors sent annual statements and so then we can contact them for up to date amounts. We can send letters to 'guesses' of who you might owe to gather information. Some companies, such as lowell buy debts and often hold multiple debts for a client.

Please try and gather as many letters and statements as you can.

Then try citizens advice. I am aware that sometimes service can be a bit patchy.
But you need to make that call. Clients that we can help to get their debts under control and allow them to have a fresh start have a very heavy burden lifted.

Do you mean that you have not been registered at addresses that you have lived at? And you’ve moved between places and stayed with friends etc? If so I think you need to work out where your registered addresses would be (presumably you didn’t have bills etc registered at every address?) and roughly how long you lived at each place.

Hi OP, I think you have faced some unwarranted rudeness, so I do understand your responses.

I had issues with Experian - I had to add various different versions of my address in order for them to be able to marry up all my financial history. Sometimes it can be a tiny discrepancy that results in these issues.

Have you been at the same address for a long time? Do you know how you accrued the debts? Store cards? Loans? I know you can't confirm providers etc.

Apologies - I just read your update that you have moved around a lot. I think you will have to sit down and piece that together - I know how difficult this can be.

You just need to take a breath and write everything down.

Can you use your phone photos to piece together where you were living when?

It’s overwhelming, but don’t let the fact that you don’t know all your debts, stop you from starting to make in roads.

You know the ones that you are currently paying off, and you know the ones that are sending you letters and scaring you as you haven’t started to deal with those yet.

Focus on them. Don’t worry (for now) about any others. Get a repayment plan together based on what you know, and adjust it as you find others.

From those debts that you know about, look online or speak to Stepchange again (or another debt advice charity) to be clear which could go into a DRO, and make sure that you prioritise paying those that can’t, now.

That should get you into a better, less panicky head space. Which is a better place from which to start working out those old addresses and searching debts.

Do you also need advice about current spending habits, or is this all historical debt?