Hello from newbie, £60,000 cc debt.

drowningdepressedindebt

Hi I am paying approx 1500 a month on credit card debts 1000 is interest.... I am struggling to get companies to agree to reduce interest.I don't want to do an IVA I do want to clear it, but at the moment its ridiculous.

patman99

Is there any way you can do a Statement of Affairs?. This would give us a chance to see your financial situation and be better-equipped to offer advice.

KiKi

Hi there

Didn't want to read and run. Post your Statement of Affairs (all incomings and outgoings) - use the link on the post at the top of this forum to find the right one.

Once you've posted this people can help you work out how to sort this out. You will need information like the debt to each CC / loan and the interest rates as well.

Well done for realising you need to do something about it.
KiKi

Hovel_lady

Hello and welcome to the DFW board

I'd suggest you post a SOA (statement of affairs) and let the people on here have a look.

http://makesenseofcards.com/soacalc.html

When you have clicked 'Calculate' on the Statement of Affairs form, click 'Format for MSE'. This gives you a popup window. Click 'highlight text', right click on the highlighted text and copy the highlighted textincluding all formatting codes. Paste the copied text into a post on this thread.

Growurown

drowningdepressedindebt wrote: »

Hi I am paying approx 1500 a month on credit card debts 1000 is interest.... I am struggling to get companies to agree to reduce interest.I don't want to do an IVA I do want to clear it, but at the moment its ridiculous.

As previous posters have said do a SOA. Companies won't reduce interest unless you can prove that you can no longer afford to pay even the minimum any more. A SOA will show your true situation and is the basis to work from for the next step you take.

flumpkin

Hello and welcome I am quite a newbie too; I only started my DFW journey in the last few months but have known I needed to for a lot longer My debt is all cc debt and was c.64 :eek: now nearer 61k. I pay out a similar amount c. 1700 pcm and only a small amount comes off the balance. Most of my cards are on 18-24% interest! So I feel your frustration! Due to the level of debt we can't get balance transfers... or so I thought. I have managed to get Creation and Marriott recently to tansfer a total of 7k - 0% for a yr :j These seem easier cards to get. Doing the snowball calculator is what made me get my head out of sand as I finally saw my hopeless case did have an end in sight. I can't recommend it enough :T I don't want to go IVA or DMP route if I can help it but was thinking it was my only option. I can afford my min payments but the interest is depressing me. The snowball has given me a workable solution that is only 4.5 yrs away

Well done for posting. Look forward to seeing you on the boards xx

Hopelessly_Hopeful

flumpkin wrote: »

Hello and welcome I am quite a newbie too; I only started my DFW journey in the last few months but have known I needed to for a lot longer My debt is all cc debt and was c.64 :eek: now nearer 61k. I pay out a similar amount c. 1700 pcm and only a small amount comes off the balance. Most of my cards are on 18-24% interest! So I feel your frustration! Due to the level of debt we can't get balance transfers... or so I thought. I have managed to get Creation and Marriott recently to tansfer a total of 7k - 0% for a yr :j These seem easier cards to get. Doing the snowball calculator is what made me get my head out of sand as I finally saw my hopeless case did have an end in sight. I can't recommend it enough :T I don't want to go IVA or DMP route if I can help it but was thinking it was my only option. I can afford my min payments but the interest is depressing me. The snowball has given me a workable solution that is only 4.5 yrs away

Well done for posting. Look forward to seeing you on the boards xx

Hang in there. It will start to come down. the first three months are the worst!

HHx

Hopelessly_Hopeful

drowningdepressedindebt wrote: »

Hi I am paying approx 1500 a month on credit card debts 1000 is interest.... I am struggling to get companies to agree to reduce interest.I don't want to do an IVA I do want to clear it, but at the moment its ridiculous.

Welcome. You have done the hardest bit. Doing the SOA is a shock but it is the first step to making things better

HHx

drowningdepressedindebt

just done the math and its actually down to 45800 now, putting a statement on here is beyond my techno capacities , but I end up in my overdraft each month after payments, I probably wouldnt if I did not eat!!! I live in the middle of nowhere and so its v depressing, as I am isolated with no cash... entirely my fault, I worked out that minimum payments are just under 1500 and 960 is interest! I am a bit of a bipolar shopper so have now got rid of all cards etc... but this does not help my mental state. How do I get an interest rate reduction?

drowningdepressedindebt

I live on 2000 a month plus a 300 overdraft.

drowningdepressedindebt

the house I live in plus car fuel is paid by work.