Credits Card Out of Control

jayn_3

Hi I'm looking for a bit of advice and support from you!

I have a massive credit card debt, and tho i'm not yet in arrears I can no longer afford to pay the minimum monthly payment.

I have had advice today from one of the councellors by PM and I am going to contact them to take things forward.

What I would like to know is if anyone has dealt with their creditors directly themselves, how they went about it and what the outcome was!

I have had the cards for years, and have never had any probs. I am also upto date with mortgage council tax etc. I have very little left over at the end of the month.

has anyone had a similar experince and dealt with this successfully I'm hoping to get the intrest frozen, and offer a reduced monthly payment.

Thanks for your time!
My cards are with Barclays, Halifax, M&S and Mint (RBS)

tbourner

Could you maybe fill in a Statement Of Affairs:
http://www.makesenseofcards.com/soacalc.html
That way we could nitpick all your finances and be really nosy! Actually it does really help to see if you're overspending anywhere. That's usually the easiest way to get money for debts rather than going straight in to complaining to the companies and getting defaults etc.

Tixy

Hi

The PM advice - it was from one of the official CCCS counsellors on the site wasn't it?

There are some people who self-manage their own DMP but it is more common to use a third party. There is nothing to stop you doing your own DMP and creditors mostly will treat it the same as a DMP run by a charity but some creditors can be difficult if you do your own and it can be harder to get them to agree to accept your figures.

As Trev says it would be useful for us if you couls post up a statement of affairs to see if we can make other suggestions as to whether there might be any other solutions. And whichever debt charity you speak to will need to know the same info anyway so its good to get it ready in advance.

If your bank account is with any of those banks listed then you'll need a new current account with a bank that you don't owe any money to.
A basic bank account is usually used as it doesn't require a credit check and doesn't have an overdraft facility - which you wouldn't be allowed on a DMP.

winner12

Hi there I have been negotiating with creditors for about 6 months have used National Debt Line who put me in touch with a CASHflow advisor they help to prepare your financial statement and give you template letters to negogiate its a long haul and you must keep writing (dont call them )that way its all in writing keep copies of everything eg Capital One ignored all my letters even my CASHflow statements they refered meto a debt collection agency who still ignored me I complained to them direct then to the financial ombudsmen(still on going)but getting somewhere now they have requested copies of all letters i have sent still paying pro rata offer and will continue to do so all my other creditors have agreed to freeze interest and charges so it can be done just be firm dont let them bully you and keep paying your token payment if they take you to court interest and charges will be frozen anyway and the courts will want to know what the problem is if you have paid something off your debts its long winded but hope it helps

winner12

Sorry forgot to add good luck with Barclays they are a pain but keep writing paying your offer and they will eventually listen

jayn_3

Thanks to you for your advice.

I have chatted with a lovely chap from National debt helpline who is sending me all I need for going ahead with a DMP, who explained how it all works,my head is spinning at the moment but I'll get there.

I feel better for actually getting down to it and talking to someone. Tomorrow I will start to do a statement of my finances! I think I am going to let them manage it for me! I know it won'tall be plain sailing, but I can start to move on-so thanks again!