Huge credit card debt

kingston_2730

Hi has anyone ever heard of anyone who has had 100,000 + on credit cards and come out of it without going bankrupt?

ThrowingStonesAtYou

Not if they don't have a big salary.

Oneday77

If you entered into a DMP and could pay £850 it would be clear in 10 years. I suspect unless this amount was run up in only a few months then payments of £850 a month would be affordable as the income unless suddenly stopped short would be high enough to even attain such credit.

kingston_2730

Thanks. What would you consider to be a big salary?

kingston_2730

Hi thanks for your response. I am so frightened about discussing this. Household income is roughly £66,000 per annum gross. Interest rate for mortgage at minute is really low so very low mortgage payment means we are about 200/month short of making minimum payments on ccs. Some ccs are on full interest, a few on O% offers.What is a DMP?

kingston_2730

Sorry forgot to say £850 a year would be fairly easy for us to do but what is a DMP and how does it affect your life ie,can you still own your home, how does it affect your credit rating etc..

timmmers

kingston_2730 wrote: »

Sorry forgot to say £850 a year would be fairly easy for us to do but what is a DMP and how does it affect your life ie,can you still own your home, how does it affect your credit rating etc..

It's a debt management plan , and sadly he meant 850 a month on one very likely.
Basically agreeing with creditors what you will pay them per month and sticking to that figure.

It would help you (and anyone of the brilliant guys and girls here) if you went and read this thread, and slightly into it you'll find a link to a SOA (statement of accounts) calculator ...that will show what you can afford or not.

t

Bismarck

kingston_2730 wrote: »

Sorry forgot to say £850 a year would be fairly easy for us to do but what is a DMP and how does it affect your life ie,can you still own your home, how does it affect your credit rating etc..

the folks on here will need a full picture to be able to give you the options...there are options and you do need help but there is always hope....when I had my lightbulb moment I swore to myself that if I did go down, it would be after a hell of a fight....

Nearly three years on I'm still getting up....but not that far off....

And I'm a lot wiser!

take care

kingston_2730

Whooops sorry I meant to say 850 per *month* would be quite easy for us! How does the DMP affect ones life and how easy is it to obtain?

Oneday77

More qualified answers will be along soon. However look to www.CCCS.co.uk for an example Debt Management Plan (DMP) program. Just go through their little wizard and view the report at the end.

LandyAndy

We had £75k on credit cards and an £8k loan. Took us about 5 years to pay it off. Big salaries helped.:rolleyes: