help!!!!

mredmred

I'm finally facing up to my problems.
I've been in denial for so long - not opening statments etc...

I have two credit cards and I just cant pay the minimum repayments each month. I took the first step tonight by calling the credit card company but they were not interested as my account is not that badly in arrears.

I am over my limit (£4000)on one account and just under the limit(£1400) on the other.
On the smaller one it is not to bad I can pay the minimum as its only just under £30 / month but I know it will lake a while to pay off.

On the other account my minimum payments each month is now £200 and i don't know what to do.


What is the best thing to do as i dont want to continually pay £200 a month and just about pay back the interest.


I've been refused personal loans as that would help.
The only people who have offered me a loan are welcome finance but after looking at the details and the 45% apr I ripped it up and burned it on the fire as I would not have been in a better position.


how do I go about trying to freeze the interest on the credit cards or ideally get the dept transferred to a loan of some sort so i have an end date when it will payed in full.

Can anyone give me any help on where to go?

Ed

Gemmzie

The best thing to do is, as you've suggested, to try and get the creditors to freeze interest. The most effective way of doing this and ensuring you have a sensible amount to live on is an IVA or DMP.

Do you own your own property or any big assets?

If you have a look at: http://forums.moneysavingexpert.com/showthread.html?t=107280

Pop up an SOA here and we'll see what you can afford. Don't forget to include everything even one off's like dentists, christmas presents etc

HTH

sammy115

First off well done for facing up to your responsibilities!! Don't take the credit card companies first response. I was over my limit and behind with payments. When I finally faced up to my debts I rang one of the cc companies and because I could afford my monthly payments (but couldn't overpay to bring the arrears down and therefore incur charges) they refused to accept my repayments!! They actually told me to lie on an income and expenditure form to them!

If you can't afford what they are asking for pay them what you can for the minute.. and make sure they are regular payments. The more you show willing the more willing they are to help you, or that has been my experience.

You must post an SOA in detail so we can have a look and advise you more specifically.

AND WELL DONE AND TEARING UP THE AGREEMENT FROM WELCOME!

mredmred

Thanks for your replies. I will sit down tomorrow night and draw up a detailed SOA and post it here.

In_Search_Of_Me

Just to say welcome & well done for not consolodating. I would post your SOA and also contact one of the free debt co's (CCCs/CAB & one other that I cant remember but is on here somewhere!) to get some help...dont make any rash decisions but do get some good advice. Well done for coming to your sences and hang in there - it is tough but facing it is the hardest bit IMO!