Break point, more going out than coming in! What now?

InDeeperThan_I_wanted

Hello.

I've reached the stage where I have more going out than I have coming in. Barclaycard have suspended my card as I owe them £3k. Nationwide are getting impatient as I've not made a couple of their payments and owe them £3k. MBNA are being a pain as I cant make their payments and the minimum isn't enough now as it takes me over my limit £8700.

All my own fault of course, and not looking for sympathy or such like. I just need some advice about what do I do now as far as dealing with the credit card companies? I have my car, bike and van up for sale (£6k conservative total value) but not even getting bad offers!

Many thanks

mum2one

if you go on to the sticky on the top, may be worth doing a statement of affairs, also look at CCCS "ask a debt advisior thread", there really helpful. x

InDeeperThan_I_wanted

Update. I spoke to MBNA on 01244 673052 and ended up making an arrangement with them. This has a negative effect on my credit rating but I suspect that's pretty much shot as I was in arrears. Either way it was the only lifeline I could get so I accepted it.

What happens is tey go through your incomings and outgoing sthen go off and see what you owe to whom etc and then work out what they think you can pay. They reduced the interest rate to 3.4% and I pay it off at a ste amount over 5 years. Of course I can pay it up earlier should my circumstances change.

To be fair to MBNA the guy I spoke to couldn't have been more helpful. It was certainly a far cry from the non negotiating almost threatening and certainly very rude demands made by their Indian call centre!

zx9r

good luck with is all dude

katy_ann

Good luck with your journey, try speaking to CCCS they have been an absolute star to me and I cant reccomend them enough. They have been brilliant

cottonhead

You have done the best thing by contacting your creditors early. Usually they will work something out if you explain your situation. They are used to it and would rather you pay back in smaller installments than go bankrupt and they potentially get nothing.
Your debt is much smaller than some and you will get back on track. Its also surprising how much you probably waste without realising and how you can cut down your outgoings. Ypu could posts your income and expenditure and get some helpful advice from the board members.