Heads Still Just Above Water

MeeBroke

Ok, I first came on here a few weeks ago as our situation had become pretty much unmanagable. I was advised to DMP by the CCCA but was reluctant in that we have never been so much a late on any payment before-ever.

I got various bits of advice (my thanks)but have actually done nothing but seriously look at our spending and adjust our lifestyle. I'm happy to report that we have shaved a massive £400 off our monthly outgoings consistantly now for 3 months and for the first time in probably 7 years did not go into our overdraft at all this month. A huge success on that front. We know we can live without CCs and will never use them again.

Now, we are still just ticking along paying the minimum on our CCs which is the debt killing us at the moment. We have three cards and the total is around £30,000-which is costing us around £700 a month. Two of the CC companies were very nice on the phone and have more or less frozen the interest. The third, and by far the biggest at £18000 (Virgin) will not budge.

We could roll it into our mortgage accept we are on a fixed rate and to change any of the terms the Abbey wants £5000 cash out of us. This has another 10 months to run.

What sshould we do? Try to get through to the end of the term on this mortgage or DMP? Or something else?

lxpeanut

I wouldn't advise adding it to you mortgage as you will pay far more in interest than you ever would just paying it off. As you can pay the minimum payments a DMP is possibly not the best option however if you are struggeling then it would be.

MeeBroke

lxpeanut wrote: »

I wouldn't advise adding it to you mortgage as you will pay far more in interest than you ever would just paying it off. As you can pay the minimum payments a DMP is possibly not the best option however if you are struggeling then it would be.

This made me smile. So, you don't know either? :rotfl:

scaredy_cat

MeeBroke wrote: »

Ok, I first came on here a few weeks ago as our situation had become pretty much unmanagable. I was advised to DMP by the CCCA but was reluctant in that we have never been so much a late on any payment before-ever.

I got various bits of advice (my thanks)but have actually done nothing but seriously look at our spending and adjust our lifestyle. (i think this is the crux of things -well done for the £400 saving but if you are still only just managing then you need to adjust your spending AND lifestyle.) I'm happy to report that we have shaved a massive £400 off our monthly outgoings consistantly now for 3 months and for the first time in probably 7 years did not go into our overdraft at all this month. A huge success on that front. We know we can live without CCs and will never use them again.

Now, we are still just ticking along paying the minimum on our CCs which is the debt killing us at the moment. We have three cards and the total is around £30,000-which is costing us around £700 a month. Two of the CC companies were very nice on the phone and have more or less frozen the interest. The third, and by far the biggest at £18000 (Virgin) will not budge.

We could roll it into our mortgage accept we are on a fixed rate and to change any of the terms the Abbey wants £5000 cash out of us. This has another 10 months to run.

What sshould we do? Try to get through to the end of the term on this mortgage or DMP? Or something else?

If you manage to save even more and have some excess money each month, you could save it til you have enough to off a F&F settlement to a CC. Then that would be one less payment and more to give to the others to finish them sooner.

RAS

Any PPI on ANY accounts over the last 6 years? Any late charges at all?

Anthng that you can sell on e-bay, amazon or at a car boot sale?