where to from here???

homealone_2

as a single person i had an excellent credit score and had for many years (was easy to check as worked in bank). met partner year ago who had debts coming out of his ears!!! in the region of £40k. helped to sort him out and he had just one left that he had had frozen ages ago, interese frozen too, his loan was taken out 4 years ago for £15k and repayments were £396 per month. this he had put down to £144 per month. anyhow i had 20 credit cards all paid up and was enjoying the shuffle game. we became married and decided to appy for new card to shuffle, was turned down. this was a first in 25 years, let it go. however 3 cards and 4 loan declines later i got to worrying. i knew we had probably at this stage too much on credit but it was manageable. both worked and couldn t see problem. ordered credit check. it has just come through with everything looking fine and up to date until you get to this old loan, it has loads off red circles with the number 6 in them which i believe to mean late with payments. it looks as though he owes the same money as he started. this is what is obviosly causing our creit score problem. at present i am on sick leave and do not feel we could afford to up the payments to the required level to help our score and we also have £20k in other debts. where or how would be the best place to tackle this loan, we have been turned down for consolidation loans and are managing to stay on top of credit cards etc. have little experience of debt management as stated have always had great recore. which i want back. th eloan has bad feelings for me as he took it out to refurnish ex wife before she threw him out. the thought of paying £400 a month for 5 years for furniture that i am never going to see stings a bit. where do you think i should go from here?

robnye

you said you had 20 cards, but all paid up.... have you cancelled the accounts.... otherwise they stay on your record.

homealone_2

when i say paid up what i meant was not much owing ie; £500 as opposed to one where i owe £5000. 3 of them are nill but i have not cancelled them as i was worried i wouldnt be able to get any more if i was turned down, one card is up to £4500 and they have just sent me a blank cheque saying i could basically spend the £500 balance i have and not pay interest until jan 05. do i use it or not?

Edinburghlass_2

So you have 17 credit cards all with debt on and you want to apply for more but you can't because you say you have a bad credit score. I really don't understand your post as to what you actually want to do, get out of your debt or get more credit.

I would suggest you get yourself straight to the nearest CAB office and make an appointment to see someone to sort out the debt you both have before it gets any worse.

System

You must have had a good record to get 20 cards - the most I've ever held is 4 at the same time and that was when being declined for more started.

That was when I had credit card debt which I happily don't have any longer.

As is said above, I don't truly understand where your post is going. Using paragraphs would have been helpful though. I very nearly didn't read it at all.

Freddie_Snowbits

Could you explain, do you wish to continue to get more credit ad infinitum?

Or is it you intention to pay some off?

Coming to this board is a start, if you look around, you find plenty of help. Most people here will assist you, but from your post, you seem to play the Credit Card Shuffle, rather then look at sorting things out. Now for me and other to sort things out, what do you want to do?

hopefulfooluk

when i say paid up what i meant was not much owing ie; £500 as opposed to one where i owe £5000. 3 of them are nill but i have not cancelled them as i was worried i wouldnt be able to get any more if i was turned down, one card is up to £4500 and they have just sent me a blank cheque saying i could basically spend the £500 balance i have and not pay interest until jan 05. do i use it or not?

OK so twenty cards, minus 3 with zero balance, leaves 17 cards with debt on, 2 have debt totalling £9500 and that leaves 15 with at least £500 on each, which gives:

£9500 + (15*£500) = £17000 of debt - at least.

Get your debts into perspective before trying to get yourself in deeper.

(From someone who knows how easy it is to apply for more than you can handle)