What to do, I'm in a credit card mess, please help :-(

mattk1

Hi there,

I am new to this forum and hoping for some advice on what to do with the credit card mess I've ended up in:-(

My story is a little different and as such as I have not been able to find any other posts with someone in a similar position.

Basically, in May last year I went through a messy break up with my ex fiance, lost my job and lost the plot a bit. I needed to get out of England to clear my head so I decided to travel. I had enough money for travel and hostel costs and have been working away, passing from one job to the next.

I love my life out here and have since landed a job in Vietnam making good money by Vietnamese terms.

I have no plans to return to the UK but at the same time I don't want to just ignore my debts just in case I do have to return some day.

The problem I have is that I just don't earn enough money out here to repay them at the rates they are now at. My monthly income equates to around £500, of which £100 is for rent,another £100 or so on food and general living expenses etc. So after everything has been paid I have around £300 left, which doesn't sound like much but to me it is worth every penny for the simple life I am now living.

My credit history is excellent and I have never missed a payment, it is only last month that I realised the scale of what I owe.

To keep a long story short, these are my half of the credit card debts me and my ex fiance built up over 10 years (if only I could turn back the clock).


Credit card balances and credit limit in brackets:


Halifax - £8,250 @ 17.9% APR (limit £8,750)


MBNA - £4,700 @ 19.2% APR (limit £4,800)


Virgin - £4,100 @ 0% APR until August 2013 (limit £4,100)


Tesco - £795 @ 16.9% APR (limit £2,650)


Creation - £0.00 (limit £5,000)


A grand total of £17,845.



I know some of you might say I should go back to England and face the music but I really could not go down that route just yet. I am not a skilled worker and I lack a university degree.In fact my education is very limited and therefore I feel with how things are at the moment I would struggle to find any work at all.

I thought about bankruptcy but it is daunting and I really would like to consider all my options first before I make any final decisions on what I am going to do. Plus I would have to make a trip home to file for it and the cost of a plane ticket is too much.

I'm not sure ifthis is relevant or not but I have absolutely no assets in the UK, other than asmall TV at my parents house. The thing that is worrying me most is that beforeI left England I changed all my addresses to my parents house. I would not want anything I did to result in a problem for them. I should also point out that me and my new partner have just had a little baby boy who is now 2 months old.


I would really appreciate any advice, criticism, abuse or whatever people want to throw at me. I am all ears and keen to put right this mess.


Thank you for your time:-)

downsizer3

Are the debts in both your names? If so - your ex will likely be meeting the payments just now?
Realistically from what you've said you have maybe £200 pm to pay towards the debts? If so I don't understand how your credit record is OK still.
How long have you been away and how old are the debts?
Have any of them been in touch or are the min payments being met and how?

mattk1

Hi downsizer,

Thanks for the reply.

The debts are all in my name and the reason my credit file is still ok is because I have always had direct debits setup so I don't need to worry about making payments.


I have been away since July 2011 and up until now I've had enough money in my account to cover the payments. However I am fast approaching critical stage and I admit I've been putting off dealing with it, foolishly maybe.

Looking at what money I have left in my UK account I really can't afford to pay any even the minimum this month which is why I came to this forum for advice.

I am going to have to call them up and explain and try and come up with a solution.

I'm not sure how that telephone conversation will go though..