MBNA- high intrest rate

Mokalu

Hello, I am looking for some advice, on how to manage my debts. Myself and hubby got into big trouble. Over the years due to lots of personal and health issues our combined debt is £50k. So far we always pay minimum payment (often over) on time. We both have very good credit scores.
And now.. my husband's MBNA credit card (11k) 0% interest rate is finished and rocked to 34%. Our minimum payment tripped, we simply can't afford to pay as much. In past years, we have always been transferring balance between cards, this time both of us showing 0 cards available.

I called MBNA and explained my hubby's mental health issues (very long depression), multiple jobs lost due depression  also both of his parents passed away in the past 6 months. We have to use all of our cards to pay for both funerals etc...
For 1hr I have been listening to "We here for you", and "We understand, sorry for your loss", just to hear there is no support available for us.
They advised me to cancel DD and contact stepchange.

I assume if we call stepchange they will combine all debts to one payment?
We don't want to burn bridges with everyone, we ok (ish) to pay all others as we did for all this time.

What will happen if I cancel MBNA Direct debit? Can I do DMP with only one company we owe money?

Hopefully this time next year, we will put his parent's house on the market. We want to use money from selling to pay all debts. To be realistic is at least 1,5 years before it happens.

So sorry for such a long post and grammar errors (English is not my first language).

Thanks in advance!

fatbelly

If you can't afford to make payments to your non-priority debts, stop paying. Nothing serious will happen - just letters and phone calls.

If you can post an soa we can suggest a short-term strategy

https://www.lemonfool.co.uk/financecalculators/soa.php

It sounds like your longer-term strategy will be full & final settlement

enthusiasticsaver

If you have had high debt for years more borrowing is the last thing you need so it sounds like a DMP is your best option with maybe full and finals down the line. I would post an soa but unsecured debts are not the priority. Rent/mortgage/council tax, utilities and food are. Is your husband not working at the moment?