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  • FIRST POST
    • Alibabaras
    • By Alibabaras 4th Oct 17, 9:42 PM
    • 4Posts
    • 0Thanks
    Alibabaras
    Credit Card Debt out of control
    • #1
    • 4th Oct 17, 9:42 PM
    Credit Card Debt out of control 4th Oct 17 at 9:42 PM
    Hi, I am new to this forum! I need help urgently, I have a credit card debt which has now reached its limit at nearly £14,000 with over £300 a month minimum payment. I have had my card 10 years and over the last 3 years I have got made redundant and had a child with childcare costs that take over half my wages "I work fulltime" but finish early and make up the hours at home as the childcare costs would just take 3/4 of my wages. I go to work for nothing as I started using my card as my income doesn't last each month. I do not know where to turn. I cannot declare myself bankrupt as I'm scared that will try and take the money from the house which is not much and there is still 20 years mortgage on it. I have tried to apply for other cards but have only got offered for 1 which was for £1000 only.
Page 1
    • DCFC79
    • By DCFC79 4th Oct 17, 9:46 PM
    • 30,093 Posts
    • 19,049 Thanks
    DCFC79
    • #2
    • 4th Oct 17, 9:46 PM
    • #2
    • 4th Oct 17, 9:46 PM
    Post up an soa.

    An soa is a breakdown of your debts or debt in your case.

    What you mean take money from the house if you go bankrupt ?

    Link in reply number 3 here may be of use

    http://forums.moneysavingexpert.com/showthread.php?t=5720967
    Last edited by DCFC79; 04-10-2017 at 9:58 PM.
    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.
    • fatbelly
    • By fatbelly 5th Oct 17, 6:59 AM
    • 11,353 Posts
    • 8,517 Thanks
    fatbelly
    • #3
    • 5th Oct 17, 6:59 AM
    • #3
    • 5th Oct 17, 6:59 AM
    The stoozing site soa calculator appears to be back!

    http://www.stoozing.com/calculator/soa.php

    There are maybe a dozen strategies for dealing with debt. Just because you can't use one of them isn't a particular cause of concern.

    You will however be needing to put your income into a bank account that isn't connected to your debts, so that is your first priority, to protect your income.

    If you can't afford to pay the minimum payment then stop. It's a non-priority debt. We can give more advice when we see the soa (so pleased that one's back)
    • Alibabaras
    • By Alibabaras 8th Oct 17, 5:25 PM
    • 4 Posts
    • 0 Thanks
    Alibabaras
    • #4
    • 8th Oct 17, 5:25 PM
    • #4
    • 8th Oct 17, 5:25 PM
    Can they ask for money to be taken from my actual mortgaged house?


    thanks
    • EssexHebridean
    • By EssexHebridean 8th Oct 17, 5:28 PM
    • 8,013 Posts
    • 41,421 Thanks
    EssexHebridean
    • #5
    • 8th Oct 17, 5:28 PM
    • #5
    • 8th Oct 17, 5:28 PM
    Rather than worrying about that, deal with the practicalities - so get that SOA done and posted here and let's take a look and see if we can help you get sorted, shall we? At the moment you're focusing on the question of the house rather than looking at ways of tackling the problem.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£544.67 (17/10/17)
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