Intrest on Credit cards.. Bad Credit HELP!

blondiebailey83

Hello Forum!

Im a newcomer, although I have been in debt for sometime now.

Im currently in an IVA which is coming to an end soon.

During my crazy time (the time of me getting into debt) I ran up a joint credit card (joint with my mother) also my mums credit card. My mum is very soft.. bless her and blames herself lots.
This was 5 years ago..
the balances of these credit cards then were Natwest c/c £5180 MBNA £4800
5-6 years later MBNA £4200 Natwest £4870 !!!!!!!!!!!!!!!! This is due to the phenomenal interest charges they put on - Interest on both are £100 + per card. I cant afford to pay much more than minimum payment on each, We have called the companies to see if they can help us but they cant do anything! My credit rating is obviously poor plus my mum has tried to transfer balances to a 0% card but she cant get accepted either?!
Is there anything I can do because I feel i will have these cards for another 10 years and as its in my mums name when its my fault I want to get this sorted!

Thanks for your time!:)

lisyloo

I suggest you post a statement of you affairs on the dealing with debt board.
They are quite friendly over there and will help you, bu you might have to post a lot of detail on your incomings and outgoings before anyone can help.

Debt_Robot

There are a wide range of options but first you have to ask yourself what you are willing to consider
such as how long you think you can handle being in debt for? If it takes you 10 years to pay off the debts,
can you get a second job? Do you have a car you can sell?

Did you consult anyone such as experts when you were arranging your IVA and if so, what do they think you can do?

Tixy

When your IVA comes to an end presumably you'll then be able to start paying much more to these cardsin your mums name each month? How much arfe you currently paying into the IVA? If you add that to the current payments you are making to these debts they should start to come down.

Once you've started to make a dent in the balances and brought down her her total debt figure then maybe mother might find she is able to get other balance transfer deals (assuming that there is nothing negative on her credit file other than these 2 large debts that only have minimum payments.

Wallhart

I don't know your circumstances but stop spending on anything other than essentials. i.e Going out on a Friday night is not an essential (not saying you do this but I'm just giving an example). Pay as much as you can off each month and sell what you don't need. The quicker you rbing down the debt the better as it will get easier to up your payments. i.e You wont be paying as much interest.