Struggling with credit cards

Worried75

Hi, I'm new to this forum, I've been trying to cope with my debt on my own but I'm now so scared & feel over my head I need to reach out for some help.
I have £10,000 debt on one MBNA credit card & a couple of grand on some other cards. Without wanting to make excuses I was sort of left with this debt after getting divorced (it's all in my name), it has mounted up & up over the past few years and the interest is sky high. I tried to switch it to a lower interest card but nobody would give me one due to me being late with a couple of payments this year & having a poor credit history (again, not making excuses but I trusted my ex husband to pay bills which he frequently forgot to do). Nobody will give me credit to try to consolidate the debt, I've started thinking about those debt writing off companies but I don't think they're an option for me because I'm halfway through my application to join the police & it will be stopped in its tracks if they found out I had done that. I have a good job but I'm not a house owner, I rent my house from my mother in law but I think she is expecting me & my husband to be able to buy it from her soon but nobody will give me a mortgage at this rate.
My monthly payments add up to well over £450 before I even think about my other bills. I am so scared, I feel sick, panicky & anxious all the time, I don't know what to do, I don't know how much longer I can carry on. If anyone has any advice on what to do I would be grateful

grumbler

Post the same on Debt-Free Wannabe board.

stator

You could try Citizens Advice, Step Change or one of the other debt charities (Free ones).
Or you could go ahead yourself and see if you can get the credit card companies to agree to freeze the interest and let you pay them off over time. Come up with a budget showing your income and outgoings and if it's reasonble they might agree.
Pretty much anything you do will have a negative effect on your credit rating.

planteria

i would speak to the CAB and try to stay calm and steadily work through it. trying to get a payment plan set up with MBNA seems a good idea to me.

molerat

I would also speak to the Police Federation to see their view on your options.
http://www.polfed.org/

moohound

The 'Debt writing off companies' are usually a con - avoid.

There are many horror stories on this forum about people paying for years then the company going bust and people losing their money,and still owing just as much.

To pay back less than what is owed the options are forms of insolvency: IVA and bankruptcy and debt relief orders. I don't know how this would affect your police application.

Contacting the CAB or one of the debt charities like Step Change is your best option.

good luck with it all.