What to do ....balance transfer/ Purchase 0% ending but can't get another

JPWolf123

ManyWays said:

A DMP may be a good idea, with such a huge amount of credit card debt, this will not affect your ability to get a new fix with Halifax. 

What does a DMP involve ?…..presume it means going to creditors and saying I can’t pay but then what ?. Also presume that is an entry on your credit file and any defaults will continue to show ?. 

JPWolf123

Also how will this impact my wife’s file ?

TheSpectator

JPWolf123 said:

ManyWays said:

A DMP may be a good idea, with such a huge amount of credit card debt, this will not affect your ability to get a new fix with Halifax. 

What does a DMP involve ?…..presume it means going to creditors and saying I can’t pay but then what ?. Also presume that is an entry on your credit file and any defaults will continue to show ?. 

Pretty much but way it looks is that it's a matter of when, not if, you cannot meet the minimum payments once the promotional rate ends. It will pretty much ruin your credit file but unless you can conjour up extra cash every month it seems inevitable.

JPWolf123

TheSpectator said:

JPWolf123 said:

ManyWays said:

A DMP may be a good idea, with such a huge amount of credit card debt, this will not affect your ability to get a new fix with Halifax. 

What does a DMP involve ?…..presume it means going to creditors and saying I can’t pay but then what ?. Also presume that is an entry on your credit file and any defaults will continue to show ?. 

Pretty much but way it looks is that it's a matter of when, not if, you cannot meet the minimum payments once the promotional rate ends. It will pretty much ruin your credit file but unless you can conjour up extra cash every month it seems inevitable.

Would creditors have any obligation or incentive to accept a DMP v other action they could take ? and only my file or my wife’s too?

Hoenir

molerat said:

You've still not answered the question whether Tesco are offering anything.  Or for that matter MBNA1(the third on the list ?), they are offering me 12m with 3% fee on BT. Time is not on your side and I can't see anyone giving you new credit in the short term whilst you close down or reduce other lines.

Tesco is now under the stewardship of Barclays. 

Hoenir

ManyWays said:

A DMP may be a good idea, with such a huge amount of credit card debt, this will not affect your ability to get a new fix with Halifax. 

Lenders can tweak and personalise their product rates that they offer on renewal. 

Hoenir

JPWolf123 said:

ManyWays said:

A DMP may be a good idea, with such a huge amount of credit card debt, this will not affect your ability to get a new fix with Halifax. 

What does a DMP involve ?…..presume it means going to creditors and saying I can’t pay but then what ?. Also presume that is an entry on your credit file and any defaults will continue to show ?. 

The lenders you default on. Will be like elephants. They'll never forget. May possibly block the ability to obtain finance of any kind going forward from them.

molerat

Hoenir said:

molerat said:

You've still not answered the question whether Tesco are offering anything.  Or for that matter MBNA1(the third on the list ?), they are offering me 12m with 3% fee on BT. Time is not on your side and I can't see anyone giving you new credit in the short term whilst you close down or reduce other lines.

Tesco is now under the stewardship of Barclays. 

How is that relevant ?  He has £12K unused credit on the Tesco card and the amount that needs shifting soonest is nothing to do with Barclays.  The new ownership has not changed how much they are trying to throw at me.

Hoenir

molerat said:

Hoenir said:

molerat said:

You've still not answered the question whether Tesco are offering anything.  Or for that matter MBNA1(the third on the list ?), they are offering me 12m with 3% fee on BT. Time is not on your side and I can't see anyone giving you new credit in the short term whilst you close down or reduce other lines.

Tesco is now under the stewardship of Barclays. 

How is that relevant ?  He has £12K unused credit on the Tesco card and the amount that needs shifting soonest is nothing to do with Barclays.  The new ownership has not changed how much they are trying to throw at me.

Why are your circumstances relevant to this discussion?   Group companies share data believe it or not. 

Brie

Your debt issues shouldn't affect your wife's credit file except where they overlap.  So joint accounts with an overdraft in use etc.  

The usual thing I see with a DMP is that someone puts together a financial statement with all the income and all the expenditure showing how much is left over to pay the debts.  These should then be split up on a pro rata basis to ensure that no creditor is being treated preferentially.  It's a bit tricky though when you have obligations to make minimal payments particularly to maintain your 0% deals for as long as possible.