help

bec2411

need some advice to help me get out of debt. I have a fairly large overdraft, half of which is unapproved and am also maxed out on credit card. I am remaking payments on these but charges are swallowing these up and not clearing any balance. I have tried to do an 0% balance transfer for these but am being turned down.
I have checked experian and have a good credit rating. Have been told previously that the reason I get turned down is that I am a single parent and am deemed to be "overstretched". I sought advice from step change and live within my budget. Upon advice, I have switched my current account for household bills and start again as it were and staying on budget.
The debt came about due to marriage breakdown and subsequent re mortgage on my own. These debts are getting me down now and everywhere I turn I seem to get the door slammed in my face or are offered repayments way over what I can afford or have been offered an IVA, which I don't think is the way to go.
Any advice is appreciated

sourcrates

Hi,
Can you give us a breakdown of your debts, how much, and to whom.

As I understand it, have you swapped bank accounts, and are now treating the old account with the OD as just another debt, have I got that right ?

nicp60

Hi Bec and welcome!
You really need to complete a SoA to get some great advice from the forumites. Here's the link:
http://www.stoozing.com/calculator/soa.php

Be honest and use old statements to help if you need to. You'll get loads of help and advice on here. You're not alone.

bec2411

Hi

Thanks for your replies. Yes the old account is being treated as another debt so ideally looking to consolidate this and the credit card. All together both come close to £4000. Credit card is with Tesco bank and balance is £2000 and overdraft is £1800 with Barclays

sourcrates

bec2411 wrote: »

Hi

Thanks for your replies. Yes the old account is being treated as another debt so ideally looking to consolidate this and the credit card. All together both come close to £4000. Credit card is with Tesco bank and balance is £2000 and overdraft is £1800 with Barclays

Ok,
Well you can still complain about bank charges if you are in financial difficulty, first thing you should do is write and complain about the bank charges, ask if they will refund the charges, and freeze interest going forward, explain your situation to them, they won't know if you don't tell them.

Same applies to the credit card, if you don't ask, you don't get, I would certainly try this first, see how you get on.

bec2411

Hi. Have done this with Barclays and have claimed once and in process of doing so again. However they refuse to downgrade the account and am still paying charges.
Will contact them again and try Tesco

sourcrates

bec2411 wrote: »

Hi. Have done this with Barclays and have claimed once and in process of doing so again. However they refuse to downgrade the account and am still paying charges.
Will contact them again and try Tesco

Another option is for you to cease payments, allow the accounts to default, the creditor will, eventually, sell on the debt, then you can arrange to repay at a rate you can afford with the the DCA that picks it up.

Of course this is a bit risky, and will hurt your credit file, however it will end up in a result for you eventually.

This is a "last option" if all else fails.