Some advice please!

nick33_2

Hi all,

Came across this site by accident while trying to sort out my debt but it seems to be an incredibly friendly and helpful place

Me and my partner are in quite a bit of debt on credit cards and personal loans. I have read through alot of information on this site but i dont think some of the options are available to us as our credit score is pretty poor.

Is it possible to write to your lender and request for example that they lower the interest rate on my credit card etc, or freeze it until the balance is at 0? We are struggeling to keep up with the minimum payments at the moment and ive read about the dangers of just paying those!

I have also read a little about PayPlan and DMFs (i think thats what you call them). Do you recommend these? I really dont want to enter in to a IVA as i currently work for the company that my mortgage is with and i dont know how that would affect my job

Thanks in advance for any advice.

Nick

lynzpower

Nick

Why not post up your SOA, and we can have a look at where any savings can be made ( i gurantee it, we always find something!) and offer suggestions on how to get on top and out of debt as fast as possible EDIT- look at southern scousers sticky post "first time posters"

You are right this is possibly the freindliest forum on the whole of the internet, you are most welcome here

:wave:

isgman

Welcome to DFW, it will be worth putting your SOA here, you will then get some good advice, you can try the CAB they will also give you some help and advise as to the best way to go.. Good Luck,

nick33_2

Hi lynz

Thanks for your reply. I am going to do a SOA but i need to phone up a few leders to get my exact balance. I thought while i contacted them i might as well ask about things like reducing the interest rate etc. I just wanted to make sure they wouldnt laugh in my face!

heybigspender2006

I would like to know the answer too if anyone knows.

Baggiebird1nil

When my OH and I found ourselves in big debt after he was made redundant I wrote to all our creditors explaining the situation and enclosed a SOA. The majority of them were brilliant and all but 2 of them froze the interest. We trundled away like this quite merrily for another couple of years and then he was made redundant again. I wrote to them all again and explained the situation and again all but 2 of them (Barclaycard) just asked for a nominal payment for a couple of months. When he got another job I wrote to them all again enclosing a new SOA. Again we went another couple of years but there was never anything left at the end of the month for anything so I contacted a company I'd seen advertised in the national press and we went down the IVA route. Now we know our debts will be paid off in exactly 4 years and now have a little money that we can use to go out once in a while. These IVA's only work on unsecured debts so it doesn't affect your mortgage.
Hope you work things out the best way for you. Just trying to show you that there are several ways and the people on these boards are great. Look at their advice and then decide what is best for you.

Kate

lynzpower

You can only try.

I had a card at 17% that was empty, and when I called them to close it, they offered me 0% on it.

You say your credit rating is poor, have you checked this. I havent checked mine, but I get cards no problem. you might be refused cards as you have "too much" debt at your disposal, have you got any other, "empty" cards anywhere, if so close them down, it will help

nick33_2

Well we applied for all sorts of loans and got turned down so i guess that killed my credit rating. Put that together with my partners unpaid catalogues as well!

No i dont have any empty cards, i would definatly consider balance transfer cards but again i have been rejected in the past.

I might as well try writing to them and see what response i get. Hopefully positive.