Help! £15000 credit card debt

debrag

if you're being turned down for loans at the moment i cant see any company giving you a card for £15000 even with high interest

Nargleblast

Don't forget that every time you apply for a loan or a credit card, whether you are accepted or refused it goes on your file and some lending institutions are put off lending to people who are frequently applying for credit.

guinness9

Many thanks to everyone for their help, it is so reassuring that there are other people out there who have been in the same situation, and will not judge.

I am not too worried about the secure debt as the main loan is coming to an end in 6 months (I have made 54 / 60 £297 payments). It is the credit cards that are really worrying me and are making me lose control of my finances.

The exact balance and APR are as follows:

Description Debt(£) Monthly(£) APR(%)
Virgin Card 4450 130 30.3
First Direct 4996 140 29.7
MBNA 2482 90 30.3
Flybe 3004 120 29.9
Unsecured Debt totals: 14,932

Realistically I would love a 10 year payment plan rather than chipping away, but it would seem this is not an option for me due to bad credit. Does anyone else have any suggestions?

Thanks!

debrag

Monthly Budget SummaryAmount(£)
Total monthly income 2,600
Monthly expenses (incl. HP & secured loans) 1,924
Available for debt repayments 676 - you have this each month to pay off your debts
UNsecured debt repayments 480
Amount left after debt repayments 196 - if you don't know where this goes each month starts a spending diary
well in 6 months you will have 297 to play with adding this to what you currently have and cutting back will help loads

St0lli

I took out consolidated loans to pay off credit cards and then managed to rack up the cards again. MSE never advise people to take out loans to pay off loans. Please learn from my mistakes and contact either CCCS or Payplan and see what they advise. If you can't contact them via the phone there is a questionnaire you can complete on line which will point you in the right direction.

But please please please don't take out another loan.......

debrag

I still think the OP can do it himself, if he has enough to pay the min then I can't see creditors accepting less and stopping credit.

CUT BACK, the way to go even if only for 6 months till the secured loan finishes.

Find out where the £196 goes as well

Mellika

I agree 80 per month on food for one person is not particularly high but it can certainly be reduced. Have a look at the Old Style forums, they have good tips and recipes to save you lots on food.

debrag

I send £50-60 a month

Mellika

That's excellent, then you must have lots of good ideas and tips to reduce OP's groceries expenses.

It can be hard at first, as can mean changing habits, but overall it's not that difficult and the savings are great.