Can someone help please !!!!

mullymust

Hi there

I am new to this forum - thought I would try it as I dont really know what to do and starting to panic. My money situation is not great.. Let me give you a brief outline...

Overdraft limit £1000.00 currently £715.00 overdrawn

Halifax Mastercard balance £1815.00 / Limit £1850.00

Mint Mastercard balance maxed out at £2500.00

I tried today applying for a Virgin CC to transfer balances but was declined.
I was told that because I have a new mortgage (just recently changed as term had expired) and a new HP (changed car in march) and because i am in my overdraft (as I always am!! - current acc never in credit) they (MBNA Group) would not offer me any more credit.

What do I do ?? I have a personal loan fro A&L I got last year which I pay back about £100 per month - is it worth trying to increase this to pay everything off and get my bank account in the black.

I really would appreciate your suggestions as I am not good at this

juliejuly4

Hi there

Question is, can you afford your repayments as they are, not whether you can get more credit?

If you can afford it, try paying extra into the overdraft and get rid, or paying on the cards if they have higher APR's.

Can you ask for higher limit on the card with a BT?

bethanyrayne

Think you need the DEBT FREE WANNABE BOARD where they will be able to give you good advice on how to get to grips with your finances.

bethanyrayne

Sorry, but beans on toast for a few months springs to mind. Sounds like you are living beyond your means.

bigbloke45

If you paid off your overdraft with a personal loan, would you then run up your overdraft again? I think so.

If so, I agree with bethanrayne. Believe me, once you get used to not spending it becomes (almost) enjoyable.

Good luck and try and pretend you're giving advice to your best friend on what she should do in your situation then stick to it!