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## Financial Struggles and Debt Woes

I find myself in a dire financial situation where everything seems to have gone downhill. I currently owe $12,000 for a personal loan and another $10,000 on my credit card. Despite making the minimum payments and covering my essential expenses like rent and phone bills, I am left with a mere $21 for the entire week. At this rate, it won’t take long for me to exhaust my limited reserves.

## Considering a No Asset Procedure and Seeking Advice

Given my circumstances, I am contemplating opting for a no asset procedure to alleviate my financial burdens. However, I am unsure of what to expect from this process and would appreciate any guidance or alternative solutions that may be available.

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View Reference


  • steamylee

    I went NAP when I was young due to a variety of reasons.
    It was actually really good for me. Forced me to learn new habits and made life liveable again.

    I now own a house and have no other debt. I stay far far away from it.

    I have a family member who went NAP and then immediate went and got into even more debt when the seven (?) years was up so I guess it can go either way?

  • AndrewWellington7

    I would read the following:


    Perhaps one way would be to consolidate the debt and arrange lower payments, while trying also to increase your income.

  • Uvinjector

    I went through it due to some unfortunate circumstances just over 15 years ago. It was one of the best things I ever did, it cleared a massive chunk of stress out of my world and also helped me form much better habits. Apart from a mortgage, I haven’t taken on any debt at all since and I don’t think I ever will if I can possibly avoid it

  • throwawaysuess

    Before considering a NAP, you could ask a budget advisor to intervene on your behalf to re-negotiate the minimum payments and hopefully get the interest lowered or removed entirely. CAP is one provider of this service and you don’t have to be into church stuff to use their service.

    There’s also another service called a Summary Installment Order (I think) where you make payments for a set time and then the remainder of the debt is written off.

  • CamHug16

    What’s your income? – ballpark is fine. Are you making the payments or are debt collectors involved? Do you have a car or anything that could be sold?

  • Superb_Competition26

    My friend went NAP at 24. He got himself together and eventually was able to co-own a house. He’s still shit with money and basically lives just above the poverty line but pays mortgage instead of rent. I think the owning vs renting keeps him in check and slightly more responsible.

  • Bright-Housing3574

    22k isn’t that much debt. I don’t know if I’d waste an NAP on that kind of debt.

  • Newbi_Bumper

    I did it when I was younger. Best thing I ever did.
    Was completely off my record after 5 years and didn’t negatively impact me at all.

    I’m now really good with money, debt etc

  • Equivalent-Copy2578

    There’s a new debt consolidation company [Money Sweetspot]( that look like they actually care, could be another option as with lower payments you could avoid NAP

  • Even-Face4622

    I know someone that did it and it fucked him as far as getting back into a corporate job was be er going to happen til time over. He prob owed 100k and I don’t think it was worth it he should’ve just manned up and paid it. If you can get a decent job 20k isn’t the end of the world. If you go through what affect will it have on your job prospects.

  • PerspectiveGloomy102

    just run away from it, move to aus and start again. fresh credit score, no debt.

  • rayzahfifa

    Time to joined the common churros mate 🥲

  • second-last-mohican

    Can you get another job or work more hours?

    You can work 60-80 hours if you must, and may aswell do it while youre young and smash the debt out of the way.
    Use the paying back debt as a new habit, and once its cleared start budget and save some cash

  • Antman2017

    As others have said, the max of NAP is around $40k? I wouldn’t waste it on $20k.

  • Telepathe

    Sorry to hear about your situation bro – everything will be ok – you got this 🙏