help needed 1st step

blackpoolbloke

Well good afternoon folks.

Im hoping for some advice from people in similar situations from myself.

First of all a little bit of background. Single bloke following split from my ex last year. Struggling with money although working full time earning approx 19k per year before tax.

I currently have about 8k unsecured debt via overdraft and credit cards - the majority being spent on trying to make my kids as happy as possible and not be too affected by the split.

Im currently finding myself in a downward spiral worrying about debt and losing sleep, borrowing to more to pay back mnimum payments and stupidly went for a short term payday loan to cover payments.

My main concern is that I have a 1400 overdraft with my bank and also a credit card thru them for about 1700. However I never changed my address with them when I moved out and am worried that should I opt to discuss my finances with them they will realise this and close my account. Im fully aware that when I applied for the card I had moved address so worried there is also a legal issue.

As I now have said debt, ideally id look to consolidate into 1 monthly payment and cut up the cards and obviously cut up all the cards, and budget better.

I guess my main question is would it be sensible to talk to the bank and be frank about my situation and hope they can offer a solution?

Any advice would be greatly appreciated

SeduLOUs

First of all, speak to bank and get your address updated. You might have to go in branch. They won't close your account because you moved.

Next step is to do an SOA: http://stoozing.com/calculator/soa.php

It will help you see exactly what's what and whether you are going to be able to afford to make your minimum payments and repay your debt.

You can choose an option to format it for this forum, so you can post it if you'd like to get advice on where you might be able to cut back.

If it's looking grim and you don't seem to be able to manage on your own, then there are people who you can talk to and help you get back on track.

Good luck x

sourcrates

Advice above is good, banks, unfortunately rarely do affordable payment plans, usually you have to wait till the debt has been sold on to a DCA before you can get one, still worth asking, but don't hold your breath.
They should combine the debt into a loan, so you only have one repayment, its just if there willing to do this or not for you !!

blackpoolbloke

Thanks for the advice guys. I think im going to have to bite the bullet and make a bank appointment. Eeeek