Really need help credit cards and overdraft!

yummymummy0207

Hi

I am really after some good advice as ive tried everything. I am living with my partner and we have 2 children under the age of 3. We both work and my partner brings in majority of the money. As far as I am aware we are only entitled to child benefit so no other benefits are received.

I have a Lloyds TSB credit card which is at its limit of £2400, my partner has an Halifax credit card of £3000 and our overdraft with Lloyds is £3000. I have spoken to Lloyds to see if they will help us out as we just cannot get the limits to come down. We try really hard to pay more then the minimum payment but with all the interest which is going on he credit cards plus the overdraft its just not going anywhere.

If they could stop the interest that would be amazing! have spoken to the bank as previously said and because we have £190 left each month after bills etc then they wont help us! The money which is left is too live on and with 2 little ones that is quite difficult!

I no what has happened is our own fault but I am literally at wits end and do not no what to do. Does anyone think going to a debt mamagement will help? could they freeze the interest or do something to help? our credit rating has been shot because of this too.

any advice would help... we have literally cut back on everything we can think of!

thanks

Puzzcat

Hi,

I am no expert by any means as I'm in the process of setting up a dmp. If you go on the StepChange website there is a debt remedy tool you can use that would give you an idea if a dmp is what you could/should or are able to do.

The dmp support group can be found on the debt free wanabee section if you wander over, lots of helpful, knowledgeable people to answer questions...

All I do know is that on a dmp, creditors do not have to freeze interest and you do need to take some action yourself with this. Also a dmp will almost certainly lead to defaults on your credit file.

Hope some of this helps.
Puzz.