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Newbie seeking advice
Mattb78
Posts: 12 Forumite
in Credit cards
Hello everyone,
Just came across your forum today and started losing hours reading through the threads!.
I guess I've had my lightbulb moment earlier this week when I put together a budget sheet of my in\out goings. While I can meet all my minimum payments on my cards I see trouble ahead and like everyone else I'm fed up of just paying the interest. I have switched balances around but at the moment I have 4 cards all with higher interest rates. I last tried for a another card in October last year and was refused and haven't tried for credit since. I have my credit rating from Experian and this is shown as good, but I missed a payment on a Mint card around 4 years ago which is still effecting my records.
I'm not sure if this is the right place for me to go through my outgoings but please move my thread if needed.
My current debt is £43,000 unsecured, 19k on a loan with 5 years to go. and the remainder split across 4 credit cards, payment to these cards cover the minimum and gives me enough money left over to live within my means. My current income is £1900 after tax and can increase with commission and bonuses. After speaking to various debt organisations I am not in a position of taking a debt management or IVA scheme (well not from the free agencies!) as I'm covering my minimum payments. Despite my argument of not seeing the light at the end of the tunnel!.
Ideally I would like the flexibility to move the balances around to hit one card more than another but my credit record won't allow it or a consolidation loan for £25k over 5 years which would leave me with two large loans but an added benefit of a finishing line again I unable to borrow this amount at a sensible APR and not able to secure against a property.
Look forward to hearing your advice on my situation,
Thank you.
Matt
Just came across your forum today and started losing hours reading through the threads!.
I guess I've had my lightbulb moment earlier this week when I put together a budget sheet of my in\out goings. While I can meet all my minimum payments on my cards I see trouble ahead and like everyone else I'm fed up of just paying the interest. I have switched balances around but at the moment I have 4 cards all with higher interest rates. I last tried for a another card in October last year and was refused and haven't tried for credit since. I have my credit rating from Experian and this is shown as good, but I missed a payment on a Mint card around 4 years ago which is still effecting my records.
I'm not sure if this is the right place for me to go through my outgoings but please move my thread if needed.
My current debt is £43,000 unsecured, 19k on a loan with 5 years to go. and the remainder split across 4 credit cards, payment to these cards cover the minimum and gives me enough money left over to live within my means. My current income is £1900 after tax and can increase with commission and bonuses. After speaking to various debt organisations I am not in a position of taking a debt management or IVA scheme (well not from the free agencies!) as I'm covering my minimum payments. Despite my argument of not seeing the light at the end of the tunnel!.
Ideally I would like the flexibility to move the balances around to hit one card more than another but my credit record won't allow it or a consolidation loan for £25k over 5 years which would leave me with two large loans but an added benefit of a finishing line again I unable to borrow this amount at a sensible APR and not able to secure against a property.
Look forward to hearing your advice on my situation,
Thank you.
Matt
0
Comments
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I don't have advice on your situation but you may like to enquire in the Debt-Free Wanabee board rather than the Credit Card one as your enquiry encompasses more than just credit cards.
However, others on the CC board are generally more knowledgeable than me .....0 -
I agree with Little Voice, the debt free wannabe people are fantastic - if you simply cut and paste your post in to that forum I think you'll get a lot of really good advice. Sorry I can't be any help to you myself. Good luck.
**edit ** this is the link in case you can't find it http://forums.moneysavingexpert.com/forumdisplay.html?f=760
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