Not sure where to start - need to reduce payments

Clowy2

Hi, I've reached the stage now where I can't afford to make the minimum payment on one of my credit cards.

I have three credit cards, mortgage, 2 loans to pay each month. I feel that if I had 3 months without having to pay them all, then I can get myself straight and be able to pay off more than minimum repayment.

My partner is moving in with me next month and will be contributing towards household bills which will help me enormously.

In the meantime, do I contact credit card companies and explain I need a few months grace, or my mortgage company to try and reduce the payments. I currently have tracker mortgage on repayment basis.

And will this affect my credit record. I have only missed two payments (through no fault of my own - was changing bank accounts) in the past 5 years but I applied for another credit card a few months ago and this was declined. I have a loan which will be paid off in August also.

Any advice greatly appreciated?

RAS

Hi

If you do a proper statement of aFFAIRS, WE CAN ADVISE YOU MORE accurately (sorry about caps).

Clowy2

My salary - £1,290.00



Monthly Outgoings:

Mortgage/Rent - £386
Council Tax - £77
Gas - £50
Electric - £41
TV License - £10.99
Sky £45.99
Phone - £14.50
Food - £250
Car Insurance - £18.50
Petrol - £80
Life Insurance £15
Mobile £25



MINT CC – Balance £4,500 (limit £5,900) APR 17.9%

Tesco CC – Balance £1,700 APR 15%

HSBC CC - Balance £1,000 APR 17%

Loan - £98 per month, 2.5 years left APR 7.5%

Loan - £95.00 per month 4.8 year left 12%

NEXT £670 29%

Overdraft - £850 (limit £1,000)

SOrry had to rush

Thanks

harrisab

have you thought about getting rid of sky? or changing it to a smaller package?

downnotout

Use the SOA calculator in my signature, this will show the experts on here what your circumstances are, and all the hidden costs of living I.e. You have not record of hair cuts, holidays etc etc.