Welcome to the forum bunnybandit.

You must be very worried. Do you anticipate that this major salary drop will be permanent?

Are you able to cover your household bills and expenses (excluding the debts) from your new salary?

Hi bunnybandit

That's a big drop and would cause anyone a problem. Presumably you are facing up to a bit of a lifestyle change even leaving the debts aside.

The good news is that there are various solutions that may be available to you for dealing with the debts, however a lot will depend upon what your budget looks like now and how you anticipate your circumstances panning out in the future.

You've come to a good place for answers and we'd be happy to help you to make sense of what your options might be - both short and longer-term - but we'll need a bit more information on your overall picture to be able to advise better - eg do you have a partner/children/mortgage etc?

Hi bunnybandit,

As TDA has advised it must be a stressful time for you give the major change but try not to stress and worry too much regarding your debts. The main thing you want to do is prioritise your essential expenditure payments such as rent/mortgage, council tax, gas/electricity etc.

When it comes to your debt payments, you don't need to try and maintain your contractual repayments if you are financially unable to do so. To deal with your debts you have a number of plans that can reduce your debt payments per month into one affordable monthly payment which you can pay after you have paid your essential living costs.

Like Kevin has said, if you could give us more of an idea about your situation that will help us give you further advice. A good advisor will be able to sit down with you, look at your income, what your budget is like and help you to restructure your finances.

The positive thing to remember is that you will have solutions to help you deal with the change in your income and it will also help you with your debts.