can anyone give me advice for my credit card debt

loulouloulou_2

Hi there,

Okay, i'll be totally honest..........i have wracked up in total £15000 of debts on my credit card.... :eek: its my own stupid fault, i know and im kicking myself now. But i do realise i have to get this sorted!!

Its on two credit cards and i rang the bacnks to find out if i can shut the cards down and get a loan to cover them--- the 'helpful' banks inform me i have enough credit out, they cant give me anymore!! Even thoug i want to close the accounts down and get the one loan to cover them so the interest rate is lower. They tell me to try in 6 months when i have paid a bit more off.

So.. im trying to.

I have a mortgage and someone suggested to me to put my debt onto the mortgage... im not sure, would this help???

Any suggestions i would really appreciate, thank you.

lynzpower

Edited, I thought you were someone else

I still stand by that, dont secure

have you done an SOA?

loulouloulou_2

I know i sound stupid - but im new... what is a SOA??:o

lynzpower

A SOA is a statement of affiars

Thats all your incomings & outgoings.

read southern scousers sticky First time posters

And welcome :wave:

quantumleap

I'm quite new here myself so I don't offer too much advice. However, if you post you Statement Of Affairs (there is a link on a sticky at the top of the board, I believe) then someone will be along who can and will offer some fantastic advice.

For what it's worth I don't think securing the debt on your home should be you're first thought

Mrs_Sparkle

Hi and welcome! Don't a secured loan if you can help it. We'll have a look at your SOA if you like and will give you advice on making your money stretch further.

jobeyonekenobi

Are you just paying the minimum amount off?

Which card has the highest interest...this is the one that needs to be given the most attention to.

I will be awaiting everybodys suggestions to this as well - owuld love to know what the best ocurse of action is!!!

jobbingmusician

If you put the loan on your mortgage, you will end up having to pay back about £30,000. Have a look around the internet for a snowball calculator and you will probably understand immediately why consolidating your loan in this way is a bad idea!

loulouloulou_2

Okay, my SOA:

Monthly income from myself: 1173.00

Partner who i live with pays me £600.00 a month to cover his rent and half the bills.

So 1773.00 in total

Monthly outgoings:

Mortgage: 500
Council Tax: 127
No gas in our flat
Electriciaty: 50
Maintenance: 100
Sky: 36
Home Phone & Broadband: 40 (my partner needs this for work)
i use pay as you go mobile and spend around :15 a month
Home ins: 15
TV License: 11
Car Ins: 30
Halifax CC min payment: 150
Virgin min payment: 200

Food for month: 150.00 - 200

What do you think??

Thanks everyone!!:o

loulouloulou_2

Everything left over i pay off my cards- but i always seem to lose some somehow... im going to try to carry a book around with me to see when im spending

loulouloulou_2

Sorry... me again, but the debts are mine not my partners, as he earns more than me he gives me more to cover the mortage, etc so i can pay my bills of quicker... in five years or so, we'd like to start a fmily... DEBT FREE!!!

Thanks:o