£78,000 Credit Card DEbt

Seaxwyn

HI sensible

Yes you can have two current accounts at the same time - both I and my OH do.

When I opened my second account, with Alliance & Leicester, I did fill in the form for them to switch direct debits etc but they took ages and I ended up doing some of them myself (not difficult).

Good luck

Sensible77

Thanks, Seaxwyn.

I'll need to speak to the Co-Op when I get to work in the morning and see how I can open the account without signing either of their 2 forms. I'll be transferring DD's etc to my wife's current account so that's not a problem. I just don't want HSBC to find out any earlier than they need to as I have an O/D, loan and 3 credit cards with them.

findingmyownway

well done for taking the actions that you have so far and facing up to your debts.

just one question - what did you spend all the credit cards on? i just found it bizzarre you have so many but still rent a TV? Can you sell the things you bought to raise some money?

Sensible77

Hi, findingmyownway. That's a question I keep asking myself. If it was someone else I'd be thinking what an idiot, but I'm that idiot! Having a car boot sale this Sunday and I've got some things that I think I can sell on eBay as well. Just odds and sods, nothing worth much but every little counts. Spent an hour talking to Payplan this evening. Still undecided about DMP or IVA.

thegeek_2

I don't want to be defeatist, but you need to face a very serious fact: debts of 78000 at an average 20% interest rate will require interest payments of around 1400 per month... just to stop the debt growing. With the best will in the world, you need to get that debt onto a much lower rate of interest to have any chance of hauling yourself out of this mess. Whether that's 0% deals or some bank loan, or mortgage equity withdrawal, or talking to your creditors... Scrimping alone won't be enough. Unless you can massively increase your income, you HAVE to get the debt onto a lower rate of interest.

I_was_a_fool

A DMP or IVA is the answer, any further borrowing is not sustainable. Personally I opted for a dmp & I have higher CC debts than the OP. So far, so good!

(I dont have anything to show for it either, I just lived a little bit above my means for a very long time)

Aj_eye

hey Sensible,

just wanted to find out how it went with opening the new account.... have you managed to transfer the DD?

Sensible77

thegeek - I finally reached my LBM when I was unable to borrow anymore money. I couldn’t get a 0% CC or unsecured loan due to the level of my debt, which was a good thing as it had to come to a stop sometime. To be honest, if I could borrow the O/S debt at a lower interest rate at a period long enough to enable me to make the payments I would, but there is not enough equity in the house for that.

Aj-eye – I’ve transferred most DD’s to my OH’s current account. Will draw the cash from building society account, (where I’ve had my salary changed to from HSBC), just this month as Co-Op current account won’t be open until early next month.

horace_2

The walls have ears......

http://forum.globalhousepricecrash.com/index.php?showtopic=17338&st=0


horace

Sensible77

Thanks for that, it is really helpful. Funny how people who know nothing about you feel fit to pass comment. That's why this board helps and doesn't judge, (well most people anyway). How does that help anyone apart from making them feel smug? Maybe I should register with that board and post some sort of retort, but I'm above that.