Short term help required.

butterscotch123

Hi all new here but hoping someone can help me out.
The basics of my situation are that I was made redundant a month ago. I owe my bank/ credit cards approx £3,000 - loan & overdraft.
I have a current offer going through on my house which should hopefully complete in 2 months time pulling in £10,000 after expenses (which I will pay off all debts as above with) & then I am moving back in with my parents.

Really I want to know how I can manage over the next 2 months or so & reduce my overdraft & loan payments to as near to zero as possible even if this means transferring the entire amount. My parents can help me a little but not much to maintain my current commitments before the sale completes. Is there a short term 0% credit card I can transfer my overdraft/ loan to in order to reduce these payments to as little as possible short term?

I would like to have my own house again in the future when the time is better & do not wish to affect my credit score. Would this 2 month period if I was to ignore it with the hope of settling in 2 months affect it greatly?

I don't want to bury my head in the sand here & hope I can come out of this ready & able to fight again.
TIA butterscotch. x

Tixy

Hi

I'd be very surprised if you can get a new card of any sort without a job.

You could see if any of your loans will allow a repayment holiday. Or you could ask if the cards will accept reduced payments for a couple of months without it affecting your credit rating.

What payment are you making to your overdraft? Do you mean just the regular interest/charge? or are you actually in a repayment plan for your overdraft? Have you asked your bank if they will extend it temporarily?

Do you not have items that you could sell to raise enought to fund your repayments? presumably you won't be able to fit all your furniture etc into your folks house? Can you get things put on gumtree or the local paper? or ebay or a car boot?

Did you get a redundancy payout? Are you getting JSA?

Whatever you do don't just stop paying altogether. At the very least you should make token repayments to each debt every month. You might also consider this as a 1month stalling option - http://forums.moneysavingexpert.com/showpost.html?p=21937969&postcount=52