were next for debt

befree

hope u can help
i have lots of cards ect all over i have tried applying for non secured loans to pay them off but no one seems 2 understand i will not have these outstanding if i round it into one payment the banks (halifax egg lloyds) say because i have been a card tart it has affected my score! i have never missed any payments on any and up to now have paid ok iwould just like to round em up a bit.
my goal would love to be 2 pay it all off in 5 years here goes!
egg loan 5years £8ooo 7.7apr
lloyds loan 4yrs £5ooo 9.9apr
cap one card £ 3500 12.5 apr credit limit 1OK
american express blue £4800 5.9 apr for life invitation only for transfers!
american exp necter £1700 apr 5.9 for life cred limit £2000
lloyds tsb cred card £3700 apr 6.9 for life at £40 one off payment cred limit £5000
please help me sort this mess out.i have no bills to pay as my partner pays them all .i earn £6oo a month and im paying out 550 on this although i can do it its getting a struggle . i will not take out a secured loan on my property i just would like someone to help me get straight i know i have to pay it and yes ive overspent due to circumstances .i need to get rid of cards close the accounts and try to be debt free i need to see a light at end of tunnel please please help

tomstickland

Have you closed all of your unused cards? ie: have written confirmation that each card is closed.

befree

yes as im moving them im closing them

tomstickland

Ok, that's £26,700 of debt there. Ignoring interest for a moment, that's 48 months of £550 per month. ie: if 0% interest then that would be 4 years of paying off.
If the average rate is 7% gross PA then it will take you more like 60 months ie: 5 years to pay it off.

befree

yeh but havin several dropping on my mat is doing my head in! plus cards are always so tempting any ideas on best way to go?

novice_money_saver_2

can you move the Capital One debt spread between the lower balance transfer rates and close that card?

befree

yes i could its annoying though as i have 10k limit on this but they will not offer me a lower balance transfer i want to get rid of cap one do u think thats a good idea

jellycat40

hi there

I would definitely pay off the Cap 1 as I am currently doing an IVA and they do not join in. They are real rottweillers.

Maybe you should approach a debt management company who will see how much you have and then pay the creditors for you. Payplan is free and you can find them at https://www.payplan.com. They may get the interest frozen and may get some of the debt written off for you.

It's nasty to have all this worry but try and keep it in persepective, you are not in any trouble yet and you can sort it out.

Best Wishes Louise :santa2:

befree

thanks for that im just worried that once i go down that road thy will come after my house i hav no debt with that. i read somewere that non secured credit can now be put on ur house. i just wish some one would take me on board under one roof say pay 400 a month

befree

thanks jellycat it helps to know other people on here can give u some guiders,its great of u all to help i supose im not as bad as some i can keep afloat just but im not sleeping ect so its time to admit my problem thanks again

JCL

befree wrote:

yeh but havin several dropping on my mat is doing my head in! plus cards are always so tempting any ideas on best way to go?

Well ultimately you are in control - just rip them up. However, if you lack the self-discipline to do that the you can sign up for the Mail Preference Service, which may help reduce the amount of junk mail and "tempting" offers you are receiving.