Help CC Advice needed please!

jen_br

My DH and I both have Criedt C'ards and through various things job loss, over spending, etc etc etc me being off on ESA etc having new baby the cards are VERY high.

We are working to pay them off but our minimum payments are unbareable we are looking at roughly 600 per mont

(yes i know we made the debt)

but im wondering if there is something we can do we are paying the min at this rate will be paying them for 50 years.

Is there somwhere we can go for some help like turning this into a loan will the CC do this?

or freeze the interest *yes i know we made the debt and should have to pay for using the money*

I do want to pay this back im not looking at any dodgy was your CC before the year XXX get it written off..

So helpful answers appreciated

GeorgeUK

Nothing dodgy about checking to see if the credit agreement is enfocable, but if you are able to make the minimum payments and have not defaulted on the account, this would not be advised.

Is your credit rating okay?
Have you checked your credit file to make sure that there is nothing on there that shouldn't be and any previous address they have for you is correct?
Are you listed on the electoral roll?

Getting a loan to consolidate the debts is not usually a good idea as you often end up paying more in the longrun. You may be able to get a 0% credit card or 2 to transfer the balances of some of the higher APR debts. This would mean that you are paying less interest and can pay off the debt quicker. Also some cards allow you to do a balance transfer as an existing customer which would usually not require a credit check - this may be 0% for 6 months or possibly a low interest for life of balance offer.

jen_br

Yeah we recently moved to save on money, and I dont think we would qualify i know i have tried in the past. I am not from this country originally and ive never really had any luck with experian. they just dont seem to have me on their system hence why i got a CC with the bank im with as they knew me and my status.

I mean, ive never had a card as high as theirs EVER, I guess i burried my head when i had my baby and when my husband lost his job *he has one now* they kept increasing my limit... and i just thought "oh well ill just do it on the card just this once" Funny enough i went through all my statements and i can justify every purchase it wasn't for luxurious holidays or getting my nails done. Most of the time its petrol, food, the odd bills, rent, clothing(for baby) things like that. The odd meal out

We aren't able to make the minimum this si the problem we are paying one no issues. but the other one has over 10-12 late charges on it and the bank just end up taking it from our accout

The problem is i need a more manageable payment then 600.00 per month. (which is the minimum payments added together for both cards)

Tixy

Hi Jen

Have you prepared a detailed income & expenditure account to see exactly where your money is going and how much you can afford for debt repayments? Have you then looked through it to see what reductions/money savings can be made? Checked all your utilities etc are with the cheapest supplier/best tariff.

If you don't have a good credit rating then it looks like your only option will be to try to make cutbacks to throw more at the debts.

If you really can't meet the minimum payments even after cutting out luxuries etc then you may want to consider a DMP. You'd need to speak to one of the free organistions here- http://forums.moneysavingexpert.com/showthread.html?t=2077631 to discuss your suitability and the implications.

jen_br

Thanks C9. our bills are already cut down to shreads, we even took my my best friend as a lodger and are splitting bills 50/50.

We have a small child (just had him not long ago) and I am currently unable to work I had some complictions iwith the pregnancy etc and am on ESA.

Saying that if i was working iw ould still need to come up with the 40.00 per day for childcare!

planning_ahead_2

C9Consulting wrote: »

If I were you, i would make a very detailed budget that cuts out any unnecessary spending. Also, you may have to get another job and decide that the both of you need to work more hours and take on extra jobs if you don't have small children at home. Basically...if I were you I would be doing everything I could to make more cash come into my household.

It's difficult to take on extra jobs with a new baby and babies cost money.

I agree you need to try and complete a statement of affairs (SOA) - post it back on here and people will try and help further. Also, perhaps you could visit the moneysaving old style forum to see if you can cut back/save on things.

Good luck

mummy2mygirls

I agree on doing the soa - its the best way for people to maybe be able to show you somewhere you could cut down and you might not have realised! Also its good to see how much of a shortfull you have each mth - if its only small you might be able to do a little extra to up or income or cut out a little etc.....
good luck