Huge credit card debts

Markybee

Hi all

I'll try keep this story short but a few years ago our business did well and we were offered credit cards (personal) with large limits. The business then went downhill with the recession and had to use the cards to help fund day to day living and help with a huge tax bill.

This left us with £30k of debt on a card so we got another card on a 0% balance and transfered half the balance to help save some money.

Now the 0% has finished and we can only just pay the minimum on each card per month - which is not reducing the balance on either card.

We had to sell our house a couple of years ago and are now renting so while i (currently) have an excellent credit score, no one will give us another card on a 0% balance transfer nor a reasonable interest on a loan to pay of the cards as we have no security.

If i call our credit card companies and tell them about this, are they willing to drop the interest as at this rate it will never get paid off.

We're close to doing a IVA but don't want to ruin our credit rating for years as it will be impossible to get a mortgage for years.

Does anyone have any suggestions on our best course of action or what we could to make life a little easier and start reducing our bills?

[Deleted User]

Focus on the highest rate debt and pay as much as you can to it, which paying minimum on the others. Sell stuff, cut back elewehere, to free up some extra [payments. Get advice from the DFW board, a few doors down.

As your balances come down, you may then be in the market for a 0% card to help further down the line.