Im struggling with credit cards.

twoleftfeet

I think this is where I need to post,this is my story.

I have run up credit card debts of £20,000 due to leaving the family home a few years ago,I am now back home but struggling to repay the cards.

I have my own house and I have a 50% share in a good business but cant remortgagae the house as I did this to get the loan to buy the business!

Every month is a struggle to pay the cards and I know what sleepless nights are.
I always pay my mortgage and other household expenses but the credit cards are a real struggle,I just seem to be paying interest and I cant seem to make a dent in them.

I dont use the cards anymore but I need some advice on what I can do to get rid of the debt.

Any advice would be really appreciated to help me get things back on track financially.

Thanks.

fawinds

It depends on how your credit file looks like, but you could try to apply for one or more 0 balance transfer credit card and transfer part of your current balances.

This would give you at least some sort of release as your payments will be applied to your debt and not just interest.

Getting £20,000 worth of 0 balance transfer credit cards will be difficult though but anything you get will help.

Probably other people will advise best on what cards are the best to apply for.

euronorris

Hi there twoleftfeet!

Why don't you head over to the Debt Free Wannabee board. You will receive lots of advice and suggestions from people who are in the same situation or have been.

brownmx

Be careful of which card you use.I have just had a query with a 0% balance transfer with Virgin,yes its 0% interest on the transfer until August 2010 but the payment allocation is that any money you pay off your card goes against the balance transfer and only when that balance transfer is paid off in full does any future payments go against you purchase balance which will in the meantime be subject to monthly interest.Therefore dependant upon the size of your origonal balance this deal from Virgin(mbna) may not be so beneficial,check the small print on payment allocation.

euronorris

The balances are not wiped. The creditors are simply no longer able to enforce the agreement (ie collection of repayments).

This has a negative effect on your credit score and should not be done so light heartedly.

However, there are threads on this forum about it and template letters available. I suspect that Sapnin works for a company who charges a fee for this service, when you can do it yourself for free.