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the_whole_arsenal t1_iy3cmtb wrote

Without knowing any bankruptcy laws in the UK/Scotland, I'd say you need to start cutting everything but the necessities and give an honest overview of what you have you can sell to help rectify the issue.

If you cut TV, Xbox, Spotify and other non-necessities You could save ~$75/ month, but you don't have the income to support the loans and necessities. Do you have a car you could sell to eliminate the insurance cost and ride bus or train?

I'd focus on the loan with the smallest balance or the highest APR loan first in either case. You need breathing room, and the smallest balance will create that when you pay it off. The highest APR makes sense as it will limit the amount of interest charged.

Does your significant other know about the extent of the financial difficulties you are facing?

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StarlordsTrees OP t1_iy3ejqq wrote

I think cutting down on every non-essential is the way to go to start with. Thank you. I will also start to sell anything I may not need. I need my car for work due to working from early morning, but It is not an expensive car to run thank goodness.

I will also target the biggest loan. As £150 is taken from the £215 I pay each month in interest, otherwise it would probably have been paid off by now. Thank you for some great tips

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NOPNOFNOG12 t1_iy3gut4 wrote

My 2 cents - keep the Xbox sub if you really love it. 11/month for entertainment when you need to slash all other spending is a good price to not go crazy.

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StarlordsTrees OP t1_iy3h8og wrote

Its actually for my partner, she loves the sims but im sure she could play offline

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bros402 t1_iy3p8oj wrote

If it's through Gamepass, she won't be able to play it after Gamepass is gone

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taraobil t1_iy3gg56 wrote

Maybe selling your car and buying a cheaper one and use the difference to pay debt. No idea what car you have but if it’s something decent and you buy a second hand one it could make sense. Desperate measures

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StarlordsTrees OP t1_iy3h759 wrote

Much appreciate the advice but my car is from 2008, cant get much cheaper 😂

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