Help me!!

bobomomo

Hi everyone
Lovely to post here for the first time.
I am in serious debt and would like help!!
I am a professional in a very stable job earning 56kpa.
So - 4 credit cards all at 26.9--29.9% apr (i know!!) - at their limits - so 4500, 6200, 3000 and 4000. also have o/d running at 2k.
due to my job i have to pay 450pcm to a defence union.
my mortgage is 700pcm
bills (everything including utilities, professional subscriptions) approx 600pcm
and i pay about 900pcm for MINIMUM credit card payments!!
I am so screwed.
Just a vicious cycle of minimum payments and loads of interest nd money going nowhere.
I earn a very decent salary. I have cut my spending right down to the minimum, do not go out and don't have a penny to rub together.
I also have a poor credit rating due to 4 missed payments in the last 12 months. I have fixed this by paying 'minimum payment' direct debits monthly. I have been turned down for a 'consolidation loan.' probably a good thing tbh!!
Any tips people?
Would be eternally grateful. please be brutal. i need it.

:beer::beer::beer::beer::beer::beer:

dory22

im sure someone will be along in a bit but if you post a statement of affairs so we can see you out goings and where it can be inproved.

devonlad

Hi, i earn less than you and owe more so dont be so stressed. the first thing that i learnt was to calm down and take stock of everything.
I spoke to CCS who were very helpful. I then phoned all the cards etc that i owed and kind of started my own DMP. When i said to barclys About i cant afford £180 a month intrest i mentioned that i was going to have a dmp they rather than get say £50 a month agreed to accept £70. in turn they stopped all intrest oon the account but i wasnt allowed to use the card (i cut it up).
I defaulted on a few and the debts of other cards been sold on to debt collectors. These collectors at first try to bully into getting as much from you as possible. The bonus is that you pay what you can pay and they have to accept it. It isnt about not paying what i owe but paying it back the best i can manage.
Yes got terrible credit rating now but am stress free and in control of things.
It is very important not to skip morgage payments as that is a must pay.
Who are the cards with and why 450 to a defence union?????

caeler

You've taken the first step!! Do as Dory22 suggests, post an SOA and others will be along to suggest methods of mend your ways. http://www.stoozing.com/msoc/soacalc.php We've all been where you are and it is possible to fix things!

Also, am I right in thinking 'Defence Union' is a form of professional indemnity?

Boris_Allen

Definitely get that SOA up so we can see where the money's going. I'm pretty good at recommending where to cut out unnecessary spend!