Paying off debt

[Seasonschanging1]

I’m looking for some advice if possible please.
I’m in a situation where I’m in around 24k worth of debt across credit cards and a loan. Realistically I’m unable to pay all of this, however I have around a spare £300 each month I could offer. I’ve looked into the IVA route - however I’m a little sceptical as I’m a homeowner (with two children) so I can’t risk losing our home at all.
There’s one credit card with just under 10k on and then the rest are split across 5 other credit cards / loans ranging from 2k - 5.5k.

My credit has taken a hit and I’ve had some default notices as I’ve been putting it off but I will seek some advice tomorrow

I have no advice but I wish you well.
Hope you get the help you need from the professionals.
Just reaching out is a massive step in the right direction.
Good luck x

Head over to the debt free wannabe pages on the money saving expert forum - they'll ask you for a lot of info but you'll get some fantastic advice from some very knowledgeable people who have been through their own debt experiences and come out the other side

You need to contact them all and ask them to freeze interest and accept reduced payments. Hopefully they all will.

You could consider remortgaging your house, not one to be done on a whim!

Do you know why you're in debt? Can you really live within your means with £300 to soare?

The Debt snowball calculator on the Money saving expert website is really good. It shows how quickly you can pay your debts off and what order to do it in.

£300 isn’t going to help pay it off without some other intervention as I think from your post you’re aware.

speak to a free debt advice charity - I like stepchange, but there are others, just don’t hand over money to get debt advice.

the debt free wannabe forum on MSE is excellent for this sort of help. Go there before going to stepchange for help with things like your budget, timing, how to deal with creditors.

and lastly - be kind to yourself, it’s easier than you think to get in this situation. The important thing is to address it and understand how it happened so you don’t repeat it in the future. Good luck 🤞

It sounds like you are facing up to it all - good luck. Agree with getting some help from Step Change.

Good luck with everything, this is a horrible place to be and I’ve just come through it myself.
If you already have default notices, you’ve got the beginnings of a self-managed DMP. Just be careful of any debt to HMRC, council tax or credit unions. Keep paying these as you can’t stop without too much bother with these guys.
Head over to the MSE debt free wannabies site, they have a huge amount of info.
It’s also worth considering if any of your debt was unaffordable and possibly lent irresponsibly. Have a look at the Debt Camel website to see what you think. If you win affordability claims then you still repay what you owe but without interest and damage to your credit file.
I used the Get the Hell out of Debt method (podcasts, book and there is a course) and this worked!
I wish you all the luck with this x

Step change or Christians against poverty are good ( don’t need to be a Christian).
Don’t pay for advice or a plan.
IVA , they go through what you can afford and negotiate with your creditors. It’s usually fir a fixed period eg 5 years.
Are you up to date with mortgage / rent?
ETA Step Change don’t charge, make sure it’s the right one as there was a company similar on Google searches who charged.