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  • FIRST POST
    • heidiprincess13
    • By heidiprincess13 14th Jul 17, 1:08 PM
    • 99Posts
    • 8Thanks
    heidiprincess13
    help with debt
    • #1
    • 14th Jul 17, 1:08 PM
    help with debt 14th Jul 17 at 1:08 PM
    Hi all.

    I am hoping someone can help me and get my debt gone!!

    I was coping ok, but now I am a carer to my son and I am not working. I am constantly in my overdraft and I am only paying the min payment on 3 credit cards.

    I have just applied for a loan with my bank (tsb) and computer said NO.

    I have just opened an basic current account so I can see what money I get and not seeing it being eaten up by my overdraft all the time.

    What options have I got??? for example I owe £1600 on a credit card and the only card I can be accepted for is Aqua and I can do a balance transfer but the limit on the aqua is £900 and now I'm just so confused.

    any help would be much appreciated as this is really getting me down now. TIA
Page 1
    • Guest101
    • By Guest101 14th Jul 17, 1:24 PM
    • 15,143 Posts
    • 14,757 Thanks
    Guest101
    • #2
    • 14th Jul 17, 1:24 PM
    • #2
    • 14th Jul 17, 1:24 PM
    Debt Management Plan?


    Are you claiming everything your entitled to?
    • sourcrates
    • By sourcrates 14th Jul 17, 1:37 PM
    • 11,973 Posts
    • 11,462 Thanks
    sourcrates
    • #3
    • 14th Jul 17, 1:37 PM
    • #3
    • 14th Jul 17, 1:37 PM
    Hi,

    Forget about balance transfers and further borrowing, thats not the way to deal with your debts.

    As your not working, i assume your only income is benefits, if thats the case you should cease all non essential credit payments straight away, or reduce them to £1 each per month.

    Make sure your essential bills are paid, essential bills are classed as :

    Mortgage/rent
    Council tax
    Utility bills
    Food
    Any other essential payments.

    Bottom of the list comes unsecured credit payments.

    Have a look on the stepchange website (address is in my signature)
    see which options are open to you, for example, if a non homeowner, a DRO (Debt relief order) may work for you, otherwise a DMP (Debt management plan) may be in order, depends on your debt level and your personal circumstances.

    Have a look and see, in the meantime, post up an SOA (Statement of affairs) dont forget to format for MSE, and you will get more advice relative to your situation :

    http://www.stoozing.com/calculator/soa.php
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • StopIt
    • By StopIt 14th Jul 17, 1:46 PM
    • 903 Posts
    • 829 Thanks
    StopIt
    • #4
    • 14th Jul 17, 1:46 PM
    • #4
    • 14th Jul 17, 1:46 PM
    You need to post a full SOA, and then work from there.


    From previous posts, you had an issue with a potential CCJ and your partner had a work limiting injury and you were looking into ESA? Has either of these been progressed.
    • DCFC79
    • By DCFC79 14th Jul 17, 10:07 PM
    • 29,975 Posts
    • 18,980 Thanks
    DCFC79
    • #5
    • 14th Jul 17, 10:07 PM
    • #5
    • 14th Jul 17, 10:07 PM
    Post an SOA and you will get help.

    What I will say is you need a strong will to stick to the plan, not buying stuff you can do without.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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