transfering my debts

ally1155

Hi, I am looking for some advice, i have debts of £ 12,000 to several creditors, 2 years ago I was in a mess, I could not afford to meet my payments, so as a last resort I went into a DMP with PayPlan, my financial circumstances have changed slightly ie I am in a better job with more pay, I am at present paying PayPlan £70 per month, I can now afford £100-£130, therfore I would now prefer to come off the DMP as it not doing my credit rating any good, and i would like to try and repair it. Does any one know of a credit card company who will accept me, so i can transfer all my debts into one and provide a reasonable interest rate for life of the debt.

sean1970_2

Hi ally1155,
You may find it difficult to obtain a credit card presently due to your circumstances. It would be a good idea to chat with Payplan about your ability to make increased payments now as the increased disbursements will enable them to pay down your debt more quickly.

You could also consider contacting the credit reference agencies and requesting that a note of explaination be attached to your credit report to explain the reason for your circumstances in your own words. This will be flagged on your credit report for your creditors to consider.

The links below may help also:

Credit Rating Questions

Credit Report Video Series

Hope this helps!

CLAPTON

i think there is very little chance of getting any credit card let alone one with a low APR.

i would suggest you save up any spare cash for a while and see whether you could make a Full & Final offer to some of your smaller debts.

unless your concern is a mortgage i can't see any reason why you are concerned with your credit rating... i would have hoped that you have resolved never to get any non mortgage credit again.