Cant make a decision - help please!

dmcd06

I am unsure whether to go to National Debtline for help with my debts (I have personal loan/credit cards mainly built up over 10 years (about 25,000) I only work part time and cannot work more hours due to family circumstances. I am hesitating about getting help as I can just about meet the monthly payments (but it is a struggle getting through the month/buying food etc) or whether to try Martin's advice - moving credit about/balance transfers etc. The problem with the second option, is I have moved a couple of transfer balances amongst my cards but ended up then with about 6 credit cards and only a bit less debt. My worry is that if I go to National Debtline or any other agency that I wont have any credit card in the future and as I have no savings, I am worried that I wont have any way of paying for an emergency. Any advice please?? thanks

Justicia

Firstly, you could post details of your monthly income and outgoings here so that the great residents can see what help they can offer. I am no good with the calculator myself, but it's amazing what I have seen achieved in this forum in regards to money saving!!

Secondly, I have no experience of Debtline BUT if you are concerned (which you definately appear to be) then either contact them (if they are recommeded in the posts that are sure to follow) or go to your local Citizen's Advice Bureau for free and confidential advice. They will not do anything without your agreement and will only assist with the areas that you ask them to, although of course you would need to be honest about all of your current debts for them to have an overview of the situation.

If, as you say, you are having problems even meeting the minimum repayments then you need to seek assistance IMMEDIATELY and you will feel better for it.

Once you start getting help you will find that things gradually get easier and the end becomes closer in sight

ryanjbow

the moving around of debt via balance transfers, etc isn't meant to lower your debt. The purpose is mainly to consolidate your debt to the lowest interest rate available to you. Consolidating will also make it more manageable so you are only making 1 payment instead of 10.

keith_lard

Give CCCS a call speak to an adviser, this WILL NOT affect your credit rating.
Get the best advice and path to choose.

We are all diferent in Debt here, get whats best for you!

If your not sure ASK! It wont cost you a penny!

K.

johannamse

I know what you mean, and I understand your reservations. You sound like you are just coping and you seem pretty sensible.

If you have not read Martins book, get down the library and get a copy out and digest. There are a thousand ways to cut back, that you may not even have thought of and if (as others have asked) you post your outgoings on here, we will be able to help you out. Why don't you have a real go at cutting back and getting organised for the next few weeks, and if it doesn't work out you can call National Debtline.

Reorganising the debt among 0% credit cards is a good idea, because it reduces the INTEREST you are paying and that means MORE of your money is going on reducing the debt. It doesn't matter if you have the debt spread over 10 cards, as long as you are utilising as much low rate % as possible. One payment out a month, may seem attractive, but you will pay back more over time. If you get mega organised, you will be debt free really quickly. Do you want one monthly payment, or do you want to be debt free asap?

taplady

We had the same worries when we started our IVA - what would we do in an emergency without the credit card but now we havent got a choice.We have to budget for an emergency fund and live within our means.no other choice.

It is very scary at first but also kind of reassuring that we cant get into any more debt.The credit card makes it all too easy to get deeper in debt!

dmcd06

Firstly, thank you all for your kind comments and help. Here are my details:-
Income £1855 per month (£227.93 of this is my sons disability allowance he is under 16 so it is paid to me)
Outgoings:-
Entertainment (for my son, not me) £100
Savings/birthdays - £50
Insurances (life/buildings/contents) £52
Council Tax £98
Electricity and gas £58
Fuel for work/rented garage cost £72
Home phone and Mobile - £77.84
Credit card repayments £384 (total for 6 cards)
Housekeeping (2 adults/one child) £300
Tv License £10.49
School meals £40
Bank loan £227.92
mortgage (I own 75% of the house) 447.46
Total Outgoings £1830

novice_money_saver_2

Could you make lunches for your son for school perhaps?

Your phone bills look quite high too - do you have a mobile phone each? If so, do you really need them? Are you on contracts? When they come to an end perhaps you could look at Pay As You Go.

Hang in there, you can do it! Baring your soul on here is really brave and you'll get loads of help!

Good luck.