Debt Help Needed

loug_2

Hi There
This is the 1st time (to the best of my knowledge!) that I have posted here and could really do with some help. I so want to get a grip on my finances and pay off the 3 credit cards I currently have but feel like I am going round in circles never actually paying anything off other than the interest:(

I currently have 3 cards;

• Santanda - owe £5114 APR 25.9% & currently paying £105 a month
• Barclaycard - owe £4632 APR 16.9% currently paying approx £127 per month
• MBNA - owe £13,144 apr 29.9% currently paying approx £320 per month
• Total Debt £22,890 Monthly payments £552

I applied for my credit check a few weeks ago and it came back with a 'green' score of 950, the main area that would stop me borrowing is the fact that I currently owe so much money.
This year I have set myself a goal that I will pay at least 15% of debt off, I have some shares from work (£1000) that I am going to cash in and also some jewellry that I estimate to be worth about £750 plus I am hoping to earn some extra bonus.
I started this goal in December owing £22,465, fast forward 2 months and I now owe £22,890 despite me not even using the blinkin cards - aaarghh :mad:
I currently bring home £1200 a month and, after I have contributed to the usual household bills, food, childcare etc I can only just afford to keep paying £550 a month on credit card payments yet never seem to be paying anything off. I could cry for being so stupid as to have got myself in this position again
I have applied for a couple of loans and credit cards in the hope I could just have all my debt in one place with a fixed payment in sight and a small light at the end of a (5 year) tunnel but have been refused for all that I apply for - I am too frightened to apply for any more incase it affects my credit rating.
I am begining to think a dmp is my only option but I am so worried about it affecting our chances if we want to re-mortgage or move house in the next year or so. If my husband found out he will go mad that I have got myself in to so much debt.....I feel so helpless
Can anyone offer any help or advice?
TIA
Loug

neverbefore2011

First, tell your husband

If that is not an option, then all hope is lost

[Deleted User]

Post an SOA (statement of Affairs - there's a link in a sticky at the top of the board) so that people here can get a complete picture of your financial situation, and will be able to give you pointers on where cutbacks can be made so that you can make overpayments.

D9

ScottAnne

Hi there

I posted a very similar story only last night and my debts are more than yours.

I agree with the other poster, tell your husband before the situation gets any more difficult.

You must post your SOA on here to accompany your post, people are fantastic and offer such great advice and support. I've had the most amazing responses and already feel a little more relieved now that I've shared my FULL and HONEST state of affairs with the people on this forum.

I'm not sure what is best for my family and I just yet but I do know that I have made the first step towards dealing with the problem.

Good Luck
Anne