Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • KON02
    • By KON02 8th Jan 18, 12:43 PM
    • 3Posts
    • 0Thanks
    Lost and in a debt loop
    • #1
    • 8th Jan 18, 12:43 PM
    Lost and in a debt loop 8th Jan 18 at 12:43 PM
    I am looking for support to become debt free, and am completely lost as to which direction to go. I currently have £9000 of debt on a credit card which is about to finish its 0% period. I consolidated my debt on to this card some time back, not realising that the high amount I was accepted for now means I'm stuck with no other lenders accepting a limit this large. I have spent time looking at other credit card options, but seem to be getting turned down, or only offered around £1200 limit.

    What would be my next best option? I'm unsure whether to approach my bank for a personal loan or whether to split my debt across multiple 0% credit cards. I can pay around £200 a month, living completely frugally with determination for the next 2 and a half years. I'm losing sleep, it's affecting my relationship, and any advice would be much appreciated.
Page 1
    • fatrab
    • By fatrab 8th Jan 18, 1:40 PM
    • 145 Posts
    • 287 Thanks
    • #2
    • 8th Jan 18, 1:40 PM
    • #2
    • 8th Jan 18, 1:40 PM
    You need to stop making applications straight away. The more applications you make within a short space of time the less likely you are to be accepted by any lender, including your bank.

    When does the current 0% deal end?
    Wannabe debt free by 31/12/2022 - Wannalose 3st in the process - 8lbs lost so far
    10 x £2 coins (#32) - 8/12 NSD in January
    • sourcrates
    • By sourcrates 8th Jan 18, 2:16 PM
    • 13,066 Posts
    • 12,378 Thanks
    • #3
    • 8th Jan 18, 2:16 PM
    • #3
    • 8th Jan 18, 2:16 PM
    You should probably consider debt management, you cant go on consolidating debt, its a temporary stopgap for most people, not a permanent solution.

    Your balance could easily be controlled via a debt management plan, with interest and charges stopped.

    All you have to do is ask the creditor, a more permanent arrangement can be made via the debt charity stepchange.

    Note : any kind of debt management will be reflected on your credit file.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see :
    • enjoyyourshoes
    • By enjoyyourshoes 8th Jan 18, 2:19 PM
    • 945 Posts
    • 1,161 Thanks
    • #4
    • 8th Jan 18, 2:19 PM
    • #4
    • 8th Jan 18, 2:19 PM
    Why didn't you assess affordability of the £9 K CC calculating what you needed to repay every month before the 0% period elapsed.

    What indeed did you pay off ?
    Debt is a symptom, solve the problem.
    • fatbelly
    • By fatbelly 8th Jan 18, 4:24 PM
    • 11,793 Posts
    • 8,888 Thanks
    • #5
    • 8th Jan 18, 4:24 PM
    • #5
    • 8th Jan 18, 4:24 PM
    Rather than make speculative applications for credit you should have been using pre-application eligibility checkers.

    It could well be that you have come to the end of the line for debt juggling and you may have to bite the bullet and go for a dmp. £200 per month will take 4 years to clear your debt, which is long enough
    • pennystretcher
    • By pennystretcher 11th Jan 18, 9:12 PM
    • 341 Posts
    • 1,369 Thanks
    • #6
    • 11th Jan 18, 9:12 PM
    • #6
    • 11th Jan 18, 9:12 PM
    What's your income? Can you save anywhere else even temporarily and use this towards the debt? Let out a spare bedroom etc?
    MFW Jan 2018 £190 (almost there!!!)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

920Posts Today

7,776Users online

Martin's Twitter