Credit card debts, crippling me, min payment all I can do

Stevie76

I have got myself into a bit of a problem with credit card debts. I owe 27k across 5 cards and my minimum payments each month are 824 pounds a month.  I also have a loan i took out about 4 years ago for an extension on my house, so cant afford to pay more than the minimum payments.  I would love to consolidate the credit card debt into a monthly payment knowing my money is actually going to clear the debt but it seems near on impossible, despite me never missing a payment.  

Any advice any chance i could get 6 months interest free from the credit card companies to help out?

[Deleted User]

It's certainly possible, but as they would mark it as an arrangement, you'd probably be better off just defaulting, so as to limit the damage to your credit files.

Stevie76

defaulting? What stop paying?

shell16

Stevie76 said:

I have got myself into a bit of a problem with credit card debts. I owe 27k across 5 cards and my minimum payments each month are 824 pounds a month.  I also have a loan i took out about 4 years ago for an extension on my house, so cant afford to pay more than the minimum payments.  I would love to consolidate the credit card debt into a monthly payment knowing my money is actually going to clear the debt but it seems near on impossible, despite me never missing a payment.  

Any advice any chance i could get 6 months interest free from the credit card companies to help out?

Welcome Stevie

I think you need to put this into the Debt Free Diary section, you will probably get more help on there.  Do you have a SOA you could post and that way DFW's will be able to give you some advice on what to do next.  

What are your Debts split per card and APR's?  Have you checked your credit score, how does this look?  Do you know how you got yourself into debt and what you need to do to stop doing going forwards?

Post a SOA first.

Good luck.

Stevie76

i can pay it back, i just cant under these crippling apr.  800 pounds a month and i am hardly chipping away at the principal

shell16

Ok so first thing is first, detail what the debts are per Credit Card, the balances and the APR's?  Is your credit score good?

Stevie76

what are your thoughts on freedom finance?

Naomim

Hi Stevie and welcome,

Many of us here have been in your position and getting through it. 

Consolidation is rarely a good idea. Many of us have consolidated in the past and then carried on as we were because we had more "available" monthly money and ended up with more debt than we started with.  Lenders have also really cracked down on their lending over this past year. You may have a perfect score and not missed payments but lenders look at many things including your affordability. At the moment I'd doubt you would get a consolidation loan.  

If you could post up a statement of affairs we could look at ways you can trim the fat from your spending, this will also include the credit cards and APR's.  

We are here to help 🙂

Naomim

Stevie76

ok let me look into this.  I phoned Debt Advice Line yesterday who suggested i speak to Alchemy money, any intel on either of these?

shell16

Steveie

Can appreciate your only question when you posted here was about consolidating loans and asking about interest free credit cards.  Before anyone can help, you need to concentrate first on stating what the amounts are on each card and the APR's (If any are already interest free dates 0% finish etc).  

Please do concentrate on that first, A Statement of Affairs will also help you too.  When its written down, you can see where you are probably overspending and make cuts.

If by posting on here you just want to ask what companies that provide credit are like, then I fear you are trying to run too quickly before you can walk so to speak.  Let us try to help you, post the information first and then we can hit the ground running. 

Stevie76

thanks Naomim.

I would be really keen on consolidation, as i run up the debts during the pandemic.  I earn more a month, and have less outgoings.  i will look into the statement of affairs thank you.