Welcome to the forum.
I agree with Melanie- I suggest you look into Informal Debt Plan option with the level of debt you have.
An Informal Debt Repayment Plan is simply an agreement with your creditors to reduce the amount you pay to them each month so that the payments fit within an affordable monthly budget. The plan is known as “informal” because it is not legally binding on your creditors. It is simply a “Gentleman’s Agreement” made between them and you to reduce your debt repayments.
The amount you can afford to pay to your creditors each month is known as “Disposable Income”. This is calculated by taking your total monthly household income and deducting all reasonable living expenses. The money left over is called Disposable Income. This is the amount which is paid to your creditors each month.
An informal Debt Repayment Plan can normally be managed for you so that you are able to make a single affordable monthly payment which will cover all of your creditors. Using this solution will enable you to start repaying your creditors without having to borrow more and constantly “Rob Peter to pay Paul”.
Kind regards,
Julia
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