The walls are closing in.....

defaultworry

getmore4less wrote: »

Check if you can suspend the gym

Sorry, not sure what you mean?

getmore4less

defaultworry wrote: »

Sorry, not sure what you mean?

If they won't let you cancell can you suspend payments for a few months, then restart to finish the contact.

Anything that gives a bit of breathing room and helps pay off the high rate debt. A couple of months Gym with the existing surplus and regular payment would clear the EGG CC %26% freeing up £40pm

defaultworry

getmore4less wrote: »

If they won't let you cancell can you susspend payments for a few months, then restart to finish the contact.

Anything that gives a bit of breathing room and helps pay off the high rate debt. A couple of months Gym with the existing surplus and regular payment would clear the EGG CC %26% freeing up £40pm

Good plan!

What's the best approach to this? I obviously have high % of credit used - should I commit money across the board to reduce the amount owed on all my accounts or focus on one at a time? I want to be in a position to get things shifted onto 0% cards ASAP.

getmore4less

defaultworry wrote: »

Good plan!

What's the best approach to this? I obviously have high % of credit used - should I commit money across the board to reduce the amount owed on all my accounts or focus on one at a time? I want to be in a position to get things shifted onto 0% cards ASAP.

Snowball the highest interest debts first, there will be plenty left to move onto a 0% card if you get one.

Can you explain the land line cost in more detail?

defaultworry

getmore4less wrote: »

Snowball the highest interest debts first, there will be plenty left to move onto a 0% card if you get one.

Can you explain the land line cost in more detail?

I'm worried about clearing one card but there still appearing to be high balances on the others. I have a feeling that is why I have been rejected recently.

I pay 33 for B/Band and line rental just now and get £25 off my rent a month. I'm only paying roughly £8 for it just now but it would be the same as outlining my rent as £275 and b/band/line rental as £8........if you get what I mean.

dancingfairy

Personally I don't think your situation is dire. Yes you owe 15,000 which is a fair amount - however I have seen a lot worse, secondly you have been without a job and have now secured one (well done), thirdly you have a surplus every month and fourhtly you want to get the debt paid off as soon as possible.
O.k it isn't great that you owe money and have to pay interest but it's not the end of the world either.
Perhaps have a word with the bank and see if they can help offer you a repayment plan at all? maybe explain that things have been tough recently and you were without a job but now things are back on track you want to pay it back.
Have you tried negotiating on the mobile and trying to go down a package? this would be especially handly if you can approach them and say company x,y,z are offering more minutes and texts but only charge 30 pounds a month - what can you do, also say if you've been a loyal customer ie I've been with you for x years. How long have you got left on the mobile?
Anyway - best of luck
df

defaultworry

dancingfairy wrote: »

Personally I don't think your situation is dire. Yes you owe 15,000 which is a fair amount - however I have seen a lot worse, secondly you have been without a job and have now secured one (well done), thirdly you have a surplus every month and fourhtly you want to get the debt paid off as soon as possible.
O.k it isn't great that you owe money and have to pay interest but it's not the end of the world either.
Perhaps have a word with the bank and see if they can help offer you a repayment plan at all? maybe explain that things have been tough recently and you were without a job but now things are back on track you want to pay it back.
Have you tried negotiating on the mobile and trying to go down a package? this would be especially handly if you can approach them and say company x,y,z are offering more minutes and texts but only charge 30 pounds a month - what can you do, also say if you've been a loyal customer ie I've been with you for x years. How long have you got left on the mobile?
Anyway - best of luck
df

Hi df - thanks for the feedback.

Realise that, compared to others, the debt isn't a massive deal. It was such a shock when I added it all up (I thought I owed 10k and I actually had money to pay stuff back but never). I guess it always is.

Yesterday I phoned all my credit card companies and asked them all to a) reduce the interest and b) up my credit limit so I could transfer balances at a more favourable rate but none budged. It was extremely demoralising. I have tried most of my contracts (phone, BT) but they were unsympathetic as well. I didn't try the gym but will (even though I enjoy it immensely). My main problem is that I took out all these contracts when I was employed and had money. Mobile contract runs out next June - it is an 18 month iPhone one (hence the price).

Guess I'll have to bite the bullet and speak to the bank though.

defaultworry

I've slung a couple of hundred pound at two of my credit cards since my last update. :j That overdraft expiry date is looming large though....

Quick question - a relative has offered to apply for a loan and give me the money to pay off a few credit cards. A few settled accounts on my credit report would look better and I would be able to apply for 0% cards ASAP and get the rest of the debt shifted onto these. The loan repayments are less than the total minimum repayments on my CC's and it will take roughly the same time to clear the loan as it would for the CC's.

Is this a good idea?

Tixy

The problem with this idea is should anything unforseen happen, such as you lose your job or become ill, you may have to take more serious action with regard to your creditors. If you ended up on a DMP you would not be able to favour the relative by paying 100% of that debt and reduced payments to the other so the relative would either have to try to pay the shortfall themselves or would have their own credit rating tarnished.
The same thing would apply if you had to use an IVA or bankruptcy.

Generally it is always suggested you avoid this type of loan (even between married couples).

Well done of the extra credit card repayments.

defaultworry

Tixy wrote: »

The problem with this idea is should anything unforseen happen, such as you lose your job or become ill, you may have to take more serious action with regard to your creditors. If you ended up on a DMP you would not be able to favour the relative by paying 100% of that debt and reduced payments to the other so the relative would either have to try to pay the shortfall themselves or would have their own credit rating tarnished.
The same thing would apply if you had to use an IVA or bankruptcy.

Generally it is always suggested you avoid this type of loan (even between married couples).

Well done of the extra credit card repayments.

Hi Trixy,

Sorry for the late thanks, but thanks!

I've decided against this. Another £100 paid to my credit cards though :beer:.

An off topic question: On my Experian credit report it says I have had 3 searches on my account in the last 3 months but I can only see one credit check in total. The rest are over 3 months, unrecorded enquiries and Experian related checks.

Anyone got an explanation for this?