Is this the right thing to do?

desperate84

Posted here on Wednesday, have debt of about £10,000...am not working at all now because of difficult circumstances which will change september 2008. Have 2 creditors

Well since Wednesday I have been busy:A :T

I have set up a cashminder account with co-op...just waiting for it to come through

I have a credit card (Low balance) and loan with MBNA
I have an overdraft and credit card with HSBC

Anyway, I was going to go with payplan but when I spoke to MBNA they were really lovely and helpful and said i could go through payplan but as I only have 2 creditors they can sort it out for me now and they have frozen all interest:D I am going to be paying mbna a total of £48 per month which I can afford when sorted and all of this will be going towards the balance

Now as to HSBC...they hold my current account...so until my new cashminder account is set up, do you suggest I wait to deal with them until that is through? I dare say I can phone them or go in and set up an arrangement similar to MBNA with them?

To change all my essential bills to my new account do I phone the places individually?

Oh and does this mean I have an IVA? Am worried about future housing

desperate84

Oh and also thanks to everyone on here I have advised open university of my new situation and they have stopped my fees and are refunding what I have paid so far and giving me the £250 help:j so i can carry on with my studys too:j

floss2

:beer: Result! You've done well in a couple of days!

How much will you get back from OU? Have you earmarked this for repayment or to help with living costs?

desperate84

Thanks Floss

Not sure what to do with the £250 yet. I don't actually need to buy anything for my studys, i might keep £100 of it just in case and put the rest off the debts