Help Needed

arsenalrule_74

Hi I dont know what to about our debts, me and the wife..
we owe 23 thousand pound. We both dont work and are on Dla.
But nowadays its getting tough to pay each month, we have store cards and credit cards, one in particular my mbna card i owe 8000
and the interest is 190 a month. I dont know if i should get a loan or credit card just to pay off that card.
i only have a credit score of 450, eqinex says its good but im not so sure....
any advice please
thanks
adam

Tixy

Hi and welcome to the forum

If you both only have benefit income then it sounds unlikely that you would be able to get a new loan or card to be able to move any of your debt around. And even if you could then the repayments would be unlikely to be substantially less than what you pay now.

Up until now have you been making the minimum repayments on your debts? or have you arranged reduced payments with any of the creditors.

I would imagine it would be very difficult to continue to service that level of debt on just benefit income longer term. I'd suggest you contact one one of the debt advice charities about your situation and to see what options they recommend for you.

These might include a debt management plan (where you arrange to repay your debts at a slower rate based on how much you can really afford) or they may suggest you consider insolvency options.
Are you homeowners or are you renting?

A list of recommended charities is on this link - IMPORTANT - Where to seek professional impartial advice about your debts.