£25k credit card debts

tonylakeman

Hi I hope someone can help me here, I have amassed £25k of credit card debts and am in trouble. I am a forex trader, so not technically employed or self employed. I want to try and avoid going down the IVA or Bankruptsy route but know i may have to go there.
Is there a bank that is likely to give me a loan to cover my credit card debts so i can get everything onto one monthly payment.
I am not a homeowner and at this stage dont want to apply to every bank and lose my credit status which is currently ok score wise, but does say 95% of my credit cards are used.
Hope someone can help with a bit of advice.

Tony

CKhalvashi

If you're not technically employed (however what are you for tax purpouses, as you appear to be trading), then I'd say there's not a lot of a chance.

Cutting back on everything you can and snowballing may be the best method for you, where you make the minimums on everything, and pay anything extra onto the card with the highest interest rate.

tonylakeman

I am in the UK, i trade binary options (slightly different from forex) which is currently tax free. I am going to struggle to make minimum payments this month, so seems an IVA is the only solution i guess.

WellKnownSid

Don't see how you can be "not technically employed or self employed"? Presumably you must have some form of income? If someone else provides you with your income then you are employed. If you provide your own income, then that makes you self employed. There isn't really a third option. What do your tax returns show? Where are you tax resident?

Normal criteria for a loan is 50% of earnings - so earnings (P60s or your tax returns) would need to be > £100k I would have thought for this to be even slightly feasible.

The reality is - 'consolidation loans' never actually work as all they do is simply free up more cash to be spent / gambled / whatever away.

Edit: just seen the reply - I think there's little chance as (tax wise) it's categorised as gaming.

tomtontom

Post a statement of affairs on the Debtfree Wannabe board, they'll be able to help you.

tonylakeman

ok thanks for your help, i will post on the debt free wannabee board and see what they say as well

Ben8282

You must have had some sort of income to have obtained the £25,000 credit limit across your credit cards in the first place.


I would normally suggest 0% card or loan to get the debt repaid but your current lack of income would make obtaining either of these things very difficult if not impossible.


But you must have some sort of income .... even if just benefits. How much is it?