I am 55 and have about 40k of debt.....some was to settle a divorce and I have a net income after tax of about 2800. My payment to loans, credit cards totals about 1600 per month leaving me 1200. My rent is 1250 and then there is shopping, gas, water, phone, etc, etc, so as you can see I have more going out than coming in. I am thinking about another loan to pay off one small loan and clear the credit cards but I really do not want to do this.
You need to seek some expert advice. I would recommend speaking to a company who will give free advice initially. Speak to either Andy Davie or Vincent Bond who will point you in the right direction.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Welcome to the forum. You have a number of options open to you and taking professional advice now before taking on any further consolidation loans may be an opportunity to clear your debts once and for all. In five years time your debts may be cleared if an iva is an appropriate route for you. Other options exist too so have a chat with two or three companies before deciding which way to turn
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You appear to be insolvent as you cannot meet your contractual payments each month without incurring further credit. Seek free insolvency advice and there will be a solution for you.
Just popped on the forum which is something I don't do as often as I used to and read your post. Your situation sounds very similar to mine about 3 years ago. I only wish I knew what I know now back then and I would have certainly stopped taking out loans to cover bills years ago. Don't do it and seek advice as the other posts have suggested. Good luck:-)
