Large Credit cards debts help please

mikeg1

I am in a bad position, as I guess many people posting here. I am also burying my head in the sand as scared to face facts. I now realise I have to deal with my problems so any help would be greatly appreciated.

My wife and I have card debts (across 5 cards) of £32000+.

We are really trying not to use the cards now but the minimum monthly payments are over £650 and as such putting us into current account difficulties. I do have equity in my property - by cannot raise funds from lenders we have tried (although our credit rating does seem ok).

Other comments passed my way are that of using an agency you hear about to aproach the cards to reach a settlement. The implicantions of this scare me to death in terms of balifs arriving at my door.

I can of course show further details, and can imagine there are existing forum links that I have missed that will help.

I really would appreciate any feedback or guidance - I feel pathetic - and need to sort this.

Thanks in advance.
Mike

exel1966

mikeg1 wrote: »

I am in a bad position, as I guess many people posting here. I am also burying my head in the sand as scared to face facts. I now realise I have to deal with my problems so any help would be greatly appreciated.

My wife and I have card debts (across 5 cards) of £32000+.

We are really trying not to use the cards now but the minimum monthly payments are over £650 and as such putting us into current account difficulties. I do have equity in my property - by cannot raise funds from lenders we have tried (although our credit rating does seem ok).

Other comments passed my way are that of using an agency you hear about to aproach the cards to reach a settlement. The implicantions of this scare me to death in terms of balifs arriving at my door.

I can of course show further details, and can imagine there are existing forum links that I have missed that will help.

I really would appreciate any feedback or guidance - I feel pathetic - and need to sort this.

Thanks in advance.
Mike

How many times are you going to ask the same question and get advice ?

Help with Credit card payments ? 06/09/09

Clearing credit card debt by agreement 17/07/09

and now todays thread !!!

Genuine ? I think not !!!!!

Hax

Hi Mike

Sorry to hear about your situation - completely understand how you feel as I was in your position once. For me, the solution came in the form of a Debt Management Plan (DMP) - however, this approach is likely to register in a negative way on your credit file for a number of years and you therefore may not consider it an option. If you are interested in this, I would recommend talking to the CCCS (Consumer Credit Counselling Service) - they can offer free help and advice.

I guess the "ideal" solution for you would be to try and get a 0% balance transfer card to offload some of the debt onto - at least then you'll be paying off the borrowed money and not just paying interest every month!

However, considering your existing high balance, it's possible that CC companies wouldn't want to offer you another card - of course, that depends on your financial situation. You need to post an SOA (statement of affairs) - there's a really useful thread on the Debt Free Wannabe section of these forums - have a look here and then maybe people can start to offer more practical help

Good luck!

mikeg1

Hax thanks for your reply - I will look at the link you have suggested and post further information. Many thanks.

excel1966 I can certainly assure you that this is genuine - I have posted before but could not locate the post.
My intention is not to waste anyones time, but sort my issue. Amitidly through stupidity I have not addressed the issue - nor did I at the time of my last post. I need to now hence my (re) post.

so all help is appreciated, I am quite genuine.

mikeg1

Since the last helpful reply - I have spoken to CCCS who were really helpful. Thye took financial details from me, I then have a phone meeting planned where they will call to obtain further details. If anyone has experience on this area It would be appreciated - I think I should now maybe post on the debt free wanna be site.

Thanks in advance for constructive feedback.