help worried sick debt is to much!

woody385

hi i really could do with some advice, i took out a personal unsercured loan last april for 15000 and we have a credit card with 7400 on, i know we have been really silly. ive tried to get a loan for 25000 but have been rejected, we are paying 300 a month for the loan and 215 a month for the credit card and thats only the min payment so we only really pay about 50-60 of the credit card a month its really getting me down im so worried, we are really struggling, any advice would be good thanks for listening

woody385

oh and i forgot to say we have a 450 overdraft which we never get out of because partners wage doesnt cover it he gets 270 a week and i get 160 which isnt bad but once you take rent and bills we have nothing left

yellowmonkey

Hi.

Well done for facing up to your problems and posting. I was in a very similiar situation to youself and have recently had the courage to post. I have found the advice here second to none. My debts total about £28000 and I am starting a DMP with Payplan on the 1st May.

One thing that I was advised to do to get the ball rolling on here was to post a statement of affairs. ie list of income/expenditure debts and % rates. Sound complicated but on the first page there is a sticky that tells you how to do this. I am new on here myself so my knoweldge is limited but no doubt someone wiser will be along to assist.

Good luck and well done on posting

YM

BAILIFFCHASER

Have you thought of claiming back all of the penalty charges back from your bank/ccard/loan company ?

woody385

i dont understand about penalty charges, what does that mean. i have loan protection and payment protection on the barclaycard is it to do with that?

woody385

also what is a dmp

BAILIFFCHASER

woody385 wrote: »

i dont understand about penalty charges, what does that mean. i have loan protection and payment protection on the barclaycard is it to do with that?

No it is the charges that banks etc charge you when you go overdrawn etc ?

roswell

Why not post a SOA (a list of all your income and all your out goings) this might help identify where you can save money and how you can best use what you already have. also list your debts and there respective interest rates.