Reducing Loan/Credit Card payments

Scruffbag_2

Hi all

First time poster...although my wife often visits this site so it must be good:)

I don't want to go into too much detail at the moment....will save that for a longer post over the weekend (I know that is not very helpful) so I will just ask a quick question

We currently pay the minimums on each of our debts...amounting to £475 a month...

Due to my work situation we may only have £250 a month available to cover those debts

I am hoping to sort my work situation out soon but due to ill health it may take a few months

I/we are not entitled to any benefits regardless of my situation...and we want to find a way of just getting by until I find suitable work...

Has anyone dealt with HSBC/Cahoot regarding reducing debt payments?

We have recently bought our first home together and want to find a way that will not affect us being able to re-mortgage in a year and a half (we have a fixed 2 year mortgage)

I know there is not much info here but I would just like to know if anyone else has managed to arrange things with their bank etc

Thanks in advance

Kevicho

I think once we get more details, we will be able to give you a much better plan, however you may want to contact one of the Debt charities who will be able to help you negotiate lower payments and get interest frozen on debts while you have this shortfall.

However you will need to complete a full SOA with them so they can work out a payment plan.

Good luck

mitty_2

now-or-never wrote: »

You opt for debt consolidation. You can avoid paying so much interest. You apply for online debt consolidation online... and u will get a lot of offers... u choose the best and from a reputated firm....
ALL THE BEST

consolidate debt

What an unhelpful thing to write...reported....how do some people sleep...

Kevicho

Whats a "reputated" firm?

Seriously the only reputated (or reputable) firms you should contact for debt are the CCCs, Payplan and the CAB

By the way commerical links are banned from these boards, so this post should be removed.

RAS

Welcome

This is whre to start with an SOA

http://forums.moneysavingexpert.com/showthread.html?t=107280

and here is the link to debt charities

http://www.moneysavingexpert.com/loans/debt-help-plan#help

The otehr thing to consider is if you can get your credit checks and maybe obtain a card with a lower interest rate

Info on getting your credit rating and best balance transfer here

http://www.moneysavingexpert.com/cards/

Can you put anything on e-bay or do a car boot sale?
Arrange for the mortgage to be paid interest only for 6 months?
Arrange to pay the Council tax over 12 months?
Reduce your regular outgoings by changing supplier, then use www.quidco.com to make the swap (maybe getting £50-100 cashback)

have you got any PPI or insurance that would kick in?