Swamped with interest

daggerdanny

Hi, to cut a long story short...

I have racked up just shy of £30k credit card debts while going through a time consuming divorce. I've needed these cards to live and now tge interest free periods are coming to an end and the monthly repayments all in all are around £600.

The divorce settlement has stated that the family home must be sold and its on the market and the equity share I'll receive will comfortably pay off all the credit card debts. However, between now and the sale and the transfer of my equity, I have to pay for these credit card bills but can't afford to do so as the amount is so much per month.

Does anyone have any suggestions as to how I can manage this until the house is sold and I'm able to pay debts off? Will lenders pause interest, will a bridging loan be worthwhile?

Thanks in advance.

forgotmyname

Struggling to repay then more credit is likely to be very expensive.

boo_star

You should seek advice from debt charities, not an Internet forum.

They're best served to deal with you.

onlyfoolsandparking

That's a tough situation to be in but as you say at least you have got equity in the house to be able to pay off these cards when the house sells, of course this could take a while so I don't believe a bridging loan would best serve you.


Options are talk to a debt charity there's a few decent ones around stepchange and CAP to name two and see what help is available.


Or talk directly to your lenders explaining the situation and seeing what help is available through them.


The ideal situation is not to start defaulting and trash your credit rating which would make it very difficult to buy another house or even rent, good news is IMO you can definitely do something about it now


Good luck.

maxximus75

The only other thing you could do is get a balance transfer card and get as much of the debt over to 0% before your current interest free periods end. £30k is a lot so you may have to get a couple of cards depending on the limits offered but getting as much over to 0% will certianly help in the short term.


Just don't be tempted to spend further if you do this as you state you have relied on your cards to live on?

Ben8282

The problem here is that you say you have needed the cards to live on as you were going through a time consuming divorce.
The fact that you were going through a divorce does not explain why you needed the cards to live on nor does it explain what has now occurred that you no longer need the cards to live on.

chile_paul

Hi, I'm not an expert myself, but you may get some more detailed advice from the friendly folks in the Debt Free Wanabee board in the forum