always going over overdraft limit and using credit card - i need your help

m0neymatters1

I have a real dilemma on my hands.

I have never defaulted on any type of payment, have an excellent track record with paying bills etc and do not have any CCJ’s ( I have checked this on experian to make sure)

However, with the credit crunch rearing its ugly head I have been going over my overdraft every month( and getting charged) and have had to use my credit card just to keep up with my payments and make ends meet.

My 2 credit cards are almost maxed out and I am now worried. I went to the bank today to try and get a consolidating loan and I get refused – I have been back to my bank HSBC 3 times now to ask them to help me and each time I get refused, so I’m using my credit card more and more and just getting into more dept. The bank have even told me to use my credit card. Its almost like the banks wont help because they want me to pay these extra charges!!! The assistant at the bank basically told me that I had no score – when I asked her what that meant she said it meant that I had no credit history – Surely when I’ve made past payments on mobiles, etc this is a credit history??

Does anyone have any advice on how I can get out of this no win situation that I am in.
I’m just getting more and more indebt and there seems to be no light at the end of the tunnel.

thanks

doodledo_2

Hi and welcome to the forum you have definately come to the right place.

To change this current circle of spending on credit cards to live you either need to up your income or reduce your outgoings.

The best place to start is to post your SOA (statement of affairs) listing all monies in and monies out including debt repayments and APRs. Here is a link to a SOA calculator which then gives you the option to copy and paste on to here www.makesenseofcards.com/soacalc.html

Once thats posted you will get lots of lovely advice.

Good luck

skintandscared_2

I am in exactly the same boat. I filled out an online form with CCCS and they have recommended a debt management plan which would mean me sending them £515 a month which they will spread among my creditors. I then have a budget for covering all the other monthly expenses. It'll be tight, but I know we can do it and we will be paying things off at last. I'm just keeping everything crossed that my creditors agree to freeze/reduce my interest payments though...

fudgecat

The bank assistant told you that you had no credit history? But you have two credit cards? If you have checked that you have no CCJs with Experian, you must be able to see if any form of credit (and the lack of late payments or defaults) is recorded on your credit record?
Please post a Statement of Affairs as quickly as possible, as not only does it help you to see areas of overspending yourself, but the helpful people on this thread will be able to point out areas to cut back or make savings.
Good luck.