Scared

RAS

Please do not get involved with any debt companies; apart from Payplan they are a load of sharks using your money to pay their fees as much as your debts.

Speak to CCCS or NDL ASAP.

Jesthar

Hi Burv,

Well, that's good news about the Balance transfers! Don't ease up, though - you need to plan what you are going to do when the interest free period runs out so it doesn't come as a nasty shock!

Oh, and if you can avoid spending anything else on a credit card (especially your Balance Transfer card), that would be a VERY good thing.

Question - where do your benefits get paid into? If this is into your Natwest account, I strongly suggest you set up another bank account with an unassociated bank instead, in case Natwest decide to take the money when it is paid in. You can then make your payments out of your new account - be sure to keep it in credit!

As RAS says, whatever you do, DO NOT PAY MONEY for a Debt Management Plan. They just take your money for doing no more than you or a debt charity would/could do for free!

Hope that helps,

~Jes

Burv_2

*Please Ignore*

Burv_2

Jesthar wrote: »

Hi Burv,

Well, that's good news about the Balance transfers! Don't ease up, though - you need to plan what you are going to do when the interest free period runs out so it doesn't come as a nasty shock!

Oh, and if you can avoid spending anything else on a credit card (especially your Balance Transfer card), that would be a VERY good thing.

Question - where do your benefits get paid into? If this is into your Natwest account, I strongly suggest you set up another bank account with an unassociated bank instead, in case Natwest decide to take the money when it is paid in. You can then make your payments out of your new account - be sure to keep it in credit!

As RAS says, whatever you do, DO NOT PAY MONEY for a Debt Management Plan. They just take your money for doing no more than you or a debt charity would/could do for free!

Hope that helps,

~Jes

Hello,

I have thought about what happens when my interest free period on balance transfers ends with MBNA, and decided that I'd ask either Aqua or M&S for an interest free period, so I could transfer it to them. Failing that, I'd settle for whoever offered me the lowest interest rate.
I haven't spent anything on credit cards for a couple months. It was difficult at first, not so much because I was spending more than I had, but because I needed to spend very little the first month to get myself out of the circle.

My benefits are paid into a Barclays account. I haven't got an account (that I can use) with NatWest anymore.
As an aside, I do still have a credit card with NatWest, but I'm unsure whether or not it has been cancelled. Not that I have any intention of using it.

I should have been clearer about the debt company I spoke to; they didn't offer me any kind of 'deal' at all. Just basic advice. I wouldn't pay for a company to buy my debt, though I can understand the appeal.

lauzjp

you're doing great by being on here and trying to deal with it.

Burv_2

Should I send my creditors a balance sheet, offering them the tiny amount I can afford, or should I just wait and let them take me to court?

Jesthar

Burv wrote: »

I should have been clearer about the debt company I spoke to; they didn't offer me any kind of 'deal' at all. Just basic advice. I wouldn't pay for a company to buy my debt, though I can understand the appeal.

Thanks for the info, but I'm not sure that's quite what we meant, or even if you can 'sell' your debt' in that sense.

Our point was that there are a lot of companies out there who will charge you administration fees for running a debt management plan for you, and you would avoid that - all it means is you are needlessly giving them money that could be going towards your debts! Debt charities like CCCS and PayPlan offer exactly the same kind of help as companies which charge an admin fee, but for free.

~Jes

Burv_2

Jesthar wrote: »

Thanks for the info, but I'm not sure that's quite what we meant, or even if you can 'sell' your debt' in that sense.

Our point was that there are a lot of companies out there who will charge you administration fees for running a debt management plan for you, and you would avoid that - all it means is you are needlessly giving them money that could be going towards your debts! Debt charities like CCCS and PayPlan offer exactly the same kind of help as companies which charge an admin fee, but for free.

~Jes

Yeah, it's alright, I know what you mean.

TotallyBroke

Take a look at https://www.whatsthecost.com there is a snowball calculator bit there. Put in all your 4 debts with total payment as £239. This will show you which one to pay off first to clear debts asap. It's going to take a good few years but can be done. Try doing online surveys for spare cash and doing daily clicks etc. Take a look at "up your income forum"
Good luck

lauzjp

Burv wrote: »

Should I send my creditors a balance sheet, offering them the tiny amount I can afford, or should I just wait and let them take me to court?

it is up to you - a lot of people would reccommend that you do send a token payment, until your dmp is worked out (or however you are going to do it) - as it at least shows that you are making an effort.