Here's hoping ...

sile001

I'm on a pension with an annuity which is separate from my state pension and pension credit.

I have credit cards and a store card.

I'm currently overdrawn by £1600 (700 unarranged) and of course the fees are racking up.

I've made an appointment to see someone at the bank tomorrow (it's the Halifax) to see whether I can get some help in clearing the overdraft (this is the main thing at the moment.)

I've spoken to CC people and they're happy for me to pay extra as and when I can on top of the minimum amount each month.

So, I'll have to draw up a SOA and face the devil in the den tomorrow (Halifax Bank) *gulp*

grumbler

sile001 wrote: »

I'm currently overdrawn by £1600 (700 unarranged) and of course the fees are racking up.

I've made an appointment to see someone at the bank tomorrow (it's the Halifax) to see whether I can get some help in clearing the overdraft (this is the main thing at the moment.)

Don't hold your breath. I think the best they can do is to offer you some loan. What are your overdraft interest rate and fees?

I've spoken to CC people and they're happy for me to pay extra as and when I can on top of the minimum amount each month.

Is it a news to you that with all CCs you can pay back as much as you want? Normally people pay the balance in full every month.

sile001

Hi Grumbler (love it) - I did know CC cos were OK with the overpayment thing - but cleared it with them anyway to cover myself.

I think overall, that a personal loan would work out better and get my account on track overall than getting charges upon charges. As I say, 'Here's hoping.' I'm not looking for an interest/charge freeze - that'd be like expecting the earth for nothing.

What I'd like to say is I feel better now that I'm actively doing something to rectify things. I'd got in this situation after my daughter's partner left her with no income, so effectively I was bailing her out.

sile001

Just got back from the bank. Got to say, the advisors were friendly and helpful considering the dire straits I'm in.

Upshot is: they've suggested that I consolidate all outstanding debts (cards/overdraft/finance on replacement windows) in a mortgage. This would be payable over 7 years and would overall leave me considerably better off per month. I should say that my credit rating is unblemished as I've had no defaults. I've also cut up all but one credit card which is essential and have cancelled non-essential DDs.

I was considering equity release, but I find the differing schemes utterly confusing.

What do fellow strugglers think?