help -wanted

bobsky_2

48k unsec debt - 2 seperate credit cards (£7.5k paying £175 p/m @ 25% apr, and £9.8k paying £161 p/m @ about 22%) unsec loan over 10 yrs pying £250 p/m -borrowed £19.2K -balance £28k.
£2k overdraft
small loan for £750 for a IT course.

My cards have been Hicked from 19% by about 4% since april 2010.

Just been declined a loan by AA as I am fully over committed each month by about £450 p/m after I get paid.
I have never missed my pymts on anything since I got credit over 9 yrs ago. perfect credit score and manage my debts fully. mtg payer also. I am home owner with little equity. married with kids.
anyway i am upto my max in debt.
I want to : reduce debt by not :rotfl:affecting my credit rating .

Help appreciated.

thanks .

nimbo

hiya,

this about to drop off the first page so bump...

also if you could find the time i know that people will as for a SAO (statement of affairs) where you detail how much you spend on everything each month so they can try to point out the errors of your ways.... (EG woud you really need the £60 sky package or whatever is there. do you have to go to Toni and Guys for a £80 haircut - these are just examples, and not as criticisms by the way...)

my advice it to have a look at the Oldstyle board to see if you can cut doen on groceries etc each month, and also see if you are getting the best deals for your gas and electric, insurances etc....

good luck.

Tixy

Hi bobsky and welcome

As nimbo says to be able to offer you any advice it would help if we can see you statement of affairs using this form http://www.makesenseofcards.com/soacalc.html. That will show us if we can recommend any changes to make your finances a bit easier.

If you find any more of your cards try to increase the interest rate you can opt out of any increase - providing you agree not to use the cards anymore. http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases You really are supposed to opt out within 30days of being notified but if you have any cards that are a bit over that date but you haven't used them since the rate went up then you may still be able to opt out by asking the CC companies.

I would suggest that you don't apply for anymore credit right at the moment as each application will affect your credit rating, and you seem to have reached the maximum credit you can get right now.