Debt Advice

Toon

Hi

I never thought I would have to post in here but I thought I would ask for people's advice as I'm sure I could be saving loads here.

I have a small business which pays the bills but due to a problem I had a few months ago I had to buy stock on personal credit cards and now they're all pretty much maxed out. Here's what I have:

Mortgage: Approx £50k outstanding
Nationwide CC: Approx £9.5k 13.9%
Virgin CC: £1.5k 18.9% (some BT at 8.9%)
Halifax 1 CC: £1k 12.9%
Co-op CC: £1.5k 8.9%
Loan: Approx £5k oustanding at approx 6%
Overdraft approx £2k

Balances and interest rates are approx as I don't have the exact figures to hand and most cards only have approx £300 spare at the most.

Because of the debt I can no longer get a loan or CC even though I've never missed any payments etc. I could always ask parents/grandparents if they could be a guarantor for me. What do you think?

roswell

Approach Co-op to increase your limit so that you can BT to them :-) Im sure as they will be getting more money off you they will be happy to do this, The transfer what space is left on it from the Virgin and Halifax CC, If there is any room left transfer from Nationwide.

Close any cards you get clear and give it a few months then apply for a 0% or life of balance card.

Toon

I might just do that - I think they would only give me an extra £500 or so if anything. But failing that I think I'll ask my nana to get me a loan :-)

roswell

Or beeter still get her to get a life of balance CC :-) just makesure you make the payments by DD

lottie26_2

I agree try and get an increase off the co-op then at least you can shuffle a bit