Only paying off monthly interest and getting nowhere!!

opinions4u

ash75 wrote: »

I have accumulated in excess of £15k in credit card debt and would love to consolidate it in to 1 manageable monthly payment but I'm unable to as I will not be considered for a loan. This is due to a poor credit scoring even though I have proved to my bank my earnings, which they can obviously see hitting my account monthly.

I feel as though I will never ever pay this debt off and I'm just throwing £300 plus down a black whole each month.

Has anyone else been in this situation and can advise on what step(s) I could take as it's soul destroying.

PS. An IVA or Bankruptcy is not a road I want to go down as will be applying for a Mortgage in the near future.

I can afford the minimum payments but want the debt amount to reduce!!

Pay more.

What's your interest rate?

Are there any charges for PPI or similar?

Are you still spending on the card?

Final question: If you're unable to pay more how do you expect to cope with a mortgage?

Drp8713

If you have a deposit for a mortgage pay off you debt with it.

There is no point thinking about a mortgage if

a. You have a debt you are not managing well, because nobody will lend to you and

b. even if they do lend to you youll only end up losing your house if you cant afford the repayments, which you cant as you dont have a mortgage at the moment and you cant service the debt you already have