Stuck and a bit afraid of what to do :(

Locket72

Hi, thank you for offering such helpful service. I have 3 credit cards with a debt of approx £8535.00.I am at the end of the 0% rate for all but one which ends soon. My credit score on MSE credit cub is at 962 and I wasn't sure which option is best to do, apply for other 0% card transfers or see if I can get a loan to only have one payment going out. I know that it is highly unlikely I would get a card that would let me transfer all the debt but I am trying to find a way that the payments come out at one point in the month not 3, as I am really struggling to pay them when they are spread out after wages come in for example 3 weeks later after pay day. Credit club says I am only eligible for one loan (Sainsburys) so I guess I don't want to do more damage by applying.  A few came up for 0% transfer 70% chance. I bank with Nationwide. At moment I am paying around 180 a month over the 3 cards and a loan would be less. I earn 11,880 a year and pay half mortgage with my partner. Any advice is much appreciated as I can really feel myself becoming so anxious over this and I feel a bit lost. 

Fatsdom

Soa please

louie111

Try not to panic is all I would say. There are many people in this forum with many worse situations than yourself. I agree with Fatsdom, we need a statement of affairs in order to proceed.

fatbelly

That consolidation loan may not be as attractive as it seems.

Sainsburys says: The APR we offer is determined by the details you supply and the loan you are applying for, along with an independent verification of your credit and repayment history and will range from 2.9% to 24.9% APR.

A 0% credit card deal will be 0% but there will be a (small) fee. 

I'd see what you can do with 0% deals and then if possible pay more than the minimum payment by standing order just after payday, if that's what works for you. If you're struggling to find the £180 then post a statement of affairs and let us have a look at it.

CreditCardJunkie

I agree with the above having previously applied for a loan with much less debt and a much higher income than you and got nowhere near the advertised rate. If you are struggling to pay you should perhaps contact stepchange who may be able to help.

Song

If you want the payments to all come out straight after payday you could set up standing orders to pay them on a date that suits you instead of paying by direct debit.

fatbelly

The other advantage of paying a fixed sum by standing order is that it clears the debt faster. If you just set up a direct debit for the minimum payment then that decreases each month as it is a percentage of the remaining balance. 

gwynlas

Try not to take out a consolidation loan as it often leads to further problems as you realise you appeear to have a little more money available and balance free cards. You can make payment to you cards anytime after statement date but before due date so try and fit this in to suit you as in just after payday. You could apply for another 0% card and transfer balances if possible.
Try not to spend too much over Christmas and remember Januarys payday is a long way off.

TheAble

Another thing you can do is call the credit card companies and ask them to adjust your statement date so the payments come out a couple of days after payday. You can set the DD to be a fixed sum as well.