One monthly payment (Debt consolodation)

DanielD2008

Hi,

I am looking for some advice.

I have the following credit card debts :-

Cap1- Owe about £950 (£800 limit)
Cap1- Owe about £450 (£300 limit)
Aqua- Owe about £450 (£300 limit)
B/Card- Owe about £900 (£800 limit)
Catalogue Acc.- Owe about £180

I havent paid in about 5-6 months.Im on Incapacity Benefit.

I know there will be plenty of other options,but just for arguments sake,how much will it be per month if I go to a debt consolodation company and make the one monthly payment towards clearing my debt ? Any little guess would be great just to give me an idea.

Thanks

gizmo111

Do you mean debt management rather than consolidation?
As you are on benefits you can't realsitically pay any more than £1 per month to each.

Tixy

I would suggest you speak to one of the debt advice charities for some advice - IMPORTANT - Where to seek professional impartial advice about your debts.

Only approach the organisations on that list not commercial companies who offer 'free advice' but then charge you for everything else.

You could either write to your creditors to inform them of your situation and that you are not working and offer them a token payment of £1 per month and ask them to consider freezing interest & chargs, or you could speak to a charity about other options - eg if you are likely to only have benefit income for the foreseeable future, and if you don't have assets you might want to talk to the charity about whether a DRO might be suitable.