Credit card debt - off sick, no income- Help?

Sky123

Can anyone please help? I have got a couple of credit cards which I have been using to finance me whilst I have been off work sick. I'm in not receipt of any income at all and have got myself into debt now. I have approx £4.5k on Natwest, and £1k Barclaycard, and £1800 Capital 1.

I am gutted about my situation as I had improved my finances and my credit rating, and now i'm helpless and not sure what to do. I don't want to default.

I have told them my situation and Capital 1 have said I can submit a copy of my sick note and they will freeze the account and review to offer me a payment option etc. Should I do the same with the other two company's?

Would you recommend that I put everything on one card with an interest free period or would getting a loan out be cheaper to cover the debts.

Would really appreciate some advice on this.

Thanks

grumbler

Sky123 wrote: »

Can anyone please help? I have got a couple of credit cards which I have been using to finance me whilst I have been off work sick. I'm in not receipt of any income at all and have got myself into debt now. I have approx £4.5k on Natwest, and £1k Barclaycard, and £1800 Capital 1.

I am gutted about my situation as I had improved my finances and my credit rating, and now i'm helpless and not sure what to do. I don't want to default.

I have told them my situation and Capital 1 have said I can submit a copy of my sick note and they will freeze the account and review to offer me a payment option etc.
Should I do the same with the other two company's?

I think a frozen interest and any 'payment option' will be recorded negatively in your credit history.

Would you recommend that I put everything on one card with an interest free period or would getting a loan out be cheaper to cover the debts.

0% is good if you can get it and if the interest rate it reverts to isn't extremely high. Loan is good too if the interest rate is low enough. Also, there are some CCs that offer low interest rate for Life of Balance

pmartin86

How long have you been off sick? Why aren't you getting Sick pay?

Sky123

I have been off long term sick, and not receiving sick pay for at least 6 months

pmartin86

What about ESA? More info linked

http://www.adviceguide.org.uk/england/benefits_e/faq_index_benefits/faqs_benefits_too_ill_to_work.htm

lisyloo

Have you applied for benefits you might be entitled to?
I would get proper advice i.e. start with the Citizens Advice Bureau (don't pay anyone for advice if it's available for free).

Well done for starting to deal with it. I would get proper advice before you do anything. There will be a way to deal with it and it should be a relief.

I would have thought that you would be entitled to some benefits, unless you fall through the gaps.

InsideInsurance

Presumably you dont have PPI on any of these cards?

Why aren't you getting any benefits payments at all?

Sky123

I didn't want to claim any benefits, may be out of stubbornness, but I'm in a situation with credit cards now, and looking to know what to do to resolve the situation or make it easier for me until I am back in employment at least. Should I put all of my debt onto one credit card?

Also, you say a loan might cheaper? I will consider that option

Sky123

I don't have any PPI, no! I used to sell PPI for a living years ago (don't shoot me down!) and know that it was a worthless outgoing to make!

Atidi

Sky123 wrote: »

Can anyone please help? I have got a couple of credit cards which I have been using to finance me whilst I have been off work sick. I'm in not receipt of any income at all and have got myself into debt now. I have approx £4.5k on Natwest, and £1k Barclaycard, and £1800 Capital 1.

I am gutted about my situation as I had improved my finances and my credit rating, and now i'm helpless and not sure what to do. I don't want to default.

I have told them my situation and Capital 1 have said I can submit a copy of my sick note and they will freeze the account and review to offer me a payment option etc. Should I do the same with the other two company's?

Would you recommend that I put everything on one card with an interest free period or would getting a loan out be cheaper to cover the debts.

Would really appreciate some advice on this.

Thanks

No one is likely to lend you any more money if you've got no income.

I suggest you get yourself over to the Debt Free Wannabe board.

DCFC79

Sky123 wrote: »

I have told them my situation and Capital 1 have said I can submit a copy of my sick note and they will freeze the account and review to offer me a payment option etc. Should I do the same with the other two company's?

You can ask but I dont think they have to.

Sky123 wrote: »

Would you recommend that I put everything on one card with an interest free period or would getting a loan out be cheaper to cover the debts.

As no income I cant see you getting a loan or 0% card but you can apply.

With no income how would you finance the loan ?

Atidi beat me to it.