DMP or approach creditors? Opinions very gratefully received

jessibell

*updated* I tried the Virgin card and they said:
Thank you for applying for a Virgin Credit Card.
We're sorry, but we are unable to give you a card on this occasion. We’ll write to you soon to confirm this.
We can however suggest another option, which you may want to consider. We are delighted to introduce you to the aqua card from SAV Credit Limited.
An aqua card has a 35.9%APR typical (variable), no annual fee and up to 51 days interest-free on purchases as long as you pay your balance in full each month.
To apply or find out more, simply click on the link below*.

Thought they might, miserable sods, though I can't say I blame em! At this point I think I'm left with prostitution or selling my soul

Jesthar

jessibell wrote: »

Thank you for applying for a Virgin Credit Card.
We're sorry, but we are unable to give you a card on this occasion. We’ll write to you soon to confirm this.
We can however suggest another option, which you may want to consider. We are delighted to introduce you to the aqua card from SAV Credit Limited.
An aqua card has a 35.9%APR typical (variable), no annual fee and up to 51 days interest-free on purchases as long as you pay your balance in full each month.
To apply or find out more, simply click on the link below*.

At THAT interest rate (:eek:), I ruddy well BET they're delighted! Profiteering scrooges... :mad:

Don't really have much else to add, jessie, but didn't want to read and run. *hugs* Remember, at the end of the day it's only money, and the welfare of you and your child come first.

Definitely visit the Old Style boards, and the Up your Income boards might be worth a look, too. There's also an excellent thread in this forum by EagerLearner about making free cash from cashback sites (it's a long term thing, but it does add up). And you'll be amazed what sells on eBay... maybe even your smashed iPhone if they don't want it back! (you'd have to be honest about it being broken, of course, but hey - if you can list it for free... )

~Jes

GeorgeUK

I don't get that.
Why would Virgin be offering you a card issued by Halifax?

Did you apply via the Virgin money website?

Last ditch attempt i suppose would be to phone Virgin to enquire why you have been turned down, but not sure if they'd give you the credit limit you need if they did change their minds.

Was there anything on your credit file that might flag up a problem or they don't have you listed on the electoral roll?

jessibell

Hi George

Yup it was the virgin website. I think that its just becuse I have high balance cards that are up to the limit. There's a massive chance they could take on the debt just in time for me to default so I don't blame them. It did go on to say that Aqua is nothing to do with Virgin but there must be some backhanders going on somewhere!

I'm definately on the electoral roll and I don't have any defaults or anything. I think I just score poorly due to high levels of debt. I got a call a bit ago of Natwest to 'review' my bank account etc and when they looked at rescheduling my loan they could only offer me something at 12+% when the exisiting loan is only 9%. I reckon it's painfully obvious I'm over extended and the only way anyone will give me credit is at a high premium. Oh the joys of being toxic!

GeorgeUK

Still worth giving them a buzz IMO - even if it's just to confirm that they think you may be overextended. If it's something else, you'll want to know asap.

I'll have another look after work and see where this leaves you.

jessibell

You know what? It really brings me to tears the way everyone supports each other on here. I hope in 12 months/50 years time I'll be able to help someone else with my scrooge like magical money saving abilities! I've been having a good chuckle at all the ladies fooling their OH with 'fake' cornflakes. If I still had one I'd be doing it...wonder if someone will sneak some coffee into my nescafe jar for me?

Circling_the_Drain

I'm pretty new to this site but apart from the invaluable help from other members it's just great to see that I'm not the only person who has huge debts.We've come to have debts for our own various reasons.Mine being head in the sand syndrome with creditors throwing cash at me till I need it the most.:mad::rolleyes: We'll get through this & live to tell the tale.

GeorgeUK

Right, it looks like you can't get that extra credit that may have allowed you to keep your credit record intact. A few questions.

Is the mortgage sorted? I know you were going to move on to interest only, but once you start missing payments, it could get a bit out of whack for about 18 months after you get everything back on track. Just because you are paying an agreed amount does not mean it will show as an ontime payment on your file.

Are you in Scotland or England? There are a few variations between the 2 with regards what you may be able to do next.

After this, you should probably have a word with one of the free debt charities - CCCS or Payplan. They will be able to help set up the DMP if that is what is advised.

jessibell

Hi CtD I know what you mean... Mine was being somewhat head in the sand as it was always left to me to deal with everything from finances to what socks to wear and I got fed up of it always being me. So I stopped. BIG mistake! lol

George - (thank you yet again!) I'm in Englad, I haven't changed to interest only yet as I was hoping it would be my lil parachute/squirrel money if I went on DMP. As of the end of this month I will be out of term and at SVR of 4.95% (i think). I was hoping that I would not have to go into arrears on mortgage if I can either juggle everything else or do the DMP thing.

I'm now thinking DMP is not the right thing right at this moment. I have Saturday morning aside this week to call round other unsecured creditors and see what they will do for me. My wage has gone in to the bank and will be all gone on direct debits by the 4th. The only thing I'm short of this month is petrol/food money. Other bills will get paid!