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Credit Card Debt out of control
Alibabaras
Posts: 4 Newbie
Hi, I am new to this forum! I need help urgently, I have a credit card debt which has now reached its limit at nearly £14,000 with over £300 a month minimum payment. I have had my card 10 years and over the last 3 years I have got made redundant and had a child with childcare costs that take over half my wages "I work fulltime" but finish early and make up the hours at home as the childcare costs would just take 3/4 of my wages. I go to work for nothing as I started using my card as my income doesn't last each month. I do not know where to turn. I cannot declare myself bankrupt as I'm scared that will try and take the money from the house which is not much and there is still 20 years mortgage on it. I have tried to apply for other cards but have only got offered for 1 which was for £1000 only.
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Comments
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Post up an soa.
An soa is a breakdown of your debts or debt in your case.
What you mean take money from the house if you go bankrupt ?
Link in reply number 3 here may be of use
https://forums.moneysavingexpert.com/discussion/57209670 -
The stoozing site soa calculator appears to be back!
http://www.stoozing.com/calculator/soa.php
There are maybe a dozen strategies for dealing with debt. Just because you can't use one of them isn't a particular cause of concern.
You will however be needing to put your income into a bank account that isn't connected to your debts, so that is your first priority, to protect your income.
If you can't afford to pay the minimum payment then stop. It's a non-priority debt. We can give more advice when we see the soa (so pleased that one's back)0 -
Can they ask for money to be taken from my actual mortgaged house?
thanks0 -
Rather than worrying about that, deal with the practicalities - so get that SOA done and posted here and let's take a look and see if we can help you get sorted, shall we? At the moment you're focusing on the question of the house rather than looking at ways of tackling the problem.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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