Suicidal - please help me!

sporter_2

Thanks for the advice guys:beer:

Well, I spoke to the broker whom Payplan had referred me to this evening and she basically said that she could enquire re a secured loan, but obviously my income is too low and the lender might have a problem with that. I understand of course..............

Anyway, I have now decided that I am going to take my time and pay the credit cards off, one by one, without taking out any sort of extra credit. I need your help though, cant do this by myself. I shall place all the cards and amounts and APRs on the site and then listen to all you lovely people who will guide me through which one to pay off first etc.

I know its bad, but there was one card that I have not been using for about a year now, Barclaycard, but for the past month i have had to use it in order to keep afloat. I know this has added more debt and I know i shouldnt have touched it, but I did.

OK guys..............where do WE start?

Sporter

leoetal19

post your soa with aprs etc and the folks will be along x well done on deciding your route x good luck n big hugs x i know some people manage their own debts and write to comapnies offering interim lower payments but as your concern is your re-mortgage interest rate, get a cuppa/or a wine n hang on 4 the cavalry xxxxxxxxxxx

sporter_2

Will do..........will get all the information you need.

Thanks everyone:T ..........please dont forget me;)

Bismarck

From experience, I was stuffed for getting new credit but have enough high limits to shuffle everything around and everyone's happy! To a point anyway! I could have closed a handful of cards but that would leave me stuck if one did something daft with a limit etc...as it is I can shuffle and bargain....and my rating's fine! They like me cos I pay a bit of interest but not too much! All the time I'm whittling it down...

sporter_2

Hi guys..........hope you're all doing as good as can be.
Here's my cc details for you to advise me on:

M&S - Limit on card £4,000.Balance left to pay £3,800. Rate at present 0%. This will change to 18.9% as from next month when promotion rate ceases. Min payment at present £94 approx per month.

MBNA - Limit on card £9,900. Balance left to pay £9,850. Rate is approx £19.9%, but £7,000 of this is at balance transfer rate of 2.9%. This is fixed until September 08. Min payment made at present approx £125 per month.

Sainsbury - Limit on card £5,300. Balance left to pay £5,100. Rate is at 15.9%. Approx £3,000 is on 5.9% rate for life of balance. Min payment made at present approx £116 per month.

Barclaycard - Limit on card £2,100. Balance left to pay £1,900. Rate is at 19.9%. Min payment approx £35 per month.

NatWest overdraft - £5,000. They take out approx £115 per month for this.

As you will see, I have no available credit for stoozing and therefore cant shuffle from one card to the next.

How do I deal with this please.

Sporter

Wol2

Hi Sporter

I have 4 CC's....two with RBS (RBS and Tesco) and two with MBNA (MBNA and Alliance & Leicester). One of each has a BT on it....Tesco is due off in May. A & L is due off in sept. I also have another BT card, Cpaital One which is due off this month.

To cut and long story short...on saturday I spent two hours on the phone alternating between RBS and MBNA. My aim...to consolidate 4 cards into one....on 0% BT for the longest I could get.....and then use the card as my main card after I had paid off the debt (I had a carrot...a cheque from insurance company to cover my flood damage sometime late this year)

Bottom line...I went through the application process for an MBNA platinum card over the phone with a lovely call centre lady...explaining all the while my aims and the credit limits on all cards. She processed the application...put me straight through to the credit dept...who approved the required credit limit based upon the info I gave...effected the BT from Capital One there and then....and I'm now sorted for the next year!!

It does sometimes pay to talk.(and build up rapport) ..rather than make an internet application.. Thank you MBNA (If I had just done an internet...like I did for barclays a few months ago...I would probably have been turned down...and I have my bank account/motgage etc with Barclays and have never had a black mark against me!!)

Looking at your cards...you have no two cards with the same institution which will be difficult. However look for the best BT rates..coutesy of MSE....talk to MBNA and others about consolidation..(MBNA might not as they want to stick with their 2.9%) ......but Barclaycard have a 0% new card ofer on at present....mention you want to BT to a new card all your CC debts so yo can close all the other accounts. There will be a handling charge of 3% of the amount BT'd...hence why you need to get a long term BT...but this amount should get added on to the balance outstanding...as long as you can justify the amount/credit limit you need on the card by adding the credit limits of all the other cards together.

Good luck....it might not work for everyone...but I hope it works for you.

PM me if you want further details

Best wishes
Wol2
xxx

Buffythedebtslayer

Hello Sporter,

very glad you are still here, I have a debt like yours too, my is all on an egg loan - I took the consolidation route - not recommended - it was very expensive. but egg are fab so far so that is a relief.

I guess looking at your CC bills, its the basic advice of paying off the most expensive debt first and make minimum payments on the rest.

I wonder if there are any 0% deals on at the minute you could go for? you never know? and could Balance transfer any of the cards on to one of the other cards (combine two debts)- I know it wouldn't save masses but it would give you one less payment to manage.

I wish two things at the moment, one that I wasn't so tired and two I was better at maths (a clue as to how I got into this mess!) and could work out which debt was the most expensive.

I am sure someone with a clue will be along soon.

take care hon
sorry oyu got me first!
xxx

Buffythedebtslayer

*thanks God for Wol2*

*gets back under blanket*

Wol2

More info......

First....Hi Buffy.....Cheers for the post.(no really...no sarcasm intended) ..I am now really chuffed and cheered up after a particularly "blanket week" for me.

Forgot to add Sporter.....I always put in force a DD for the minimum payment on any BT card....

I have been BT'ing one debt (car purchase) for almost 3 years..NB I personally am only doing this because I don't want to use my savings to pay the debt as they are offsetting my mortgage and working out the pros and cons I'm better off this way..providing I get a 0% term >6 months (or else it is cancelled out by the 3% BT fee I have to pay each time)

However.......get this......MBNA minimum payent on three separate BT card occasions over last three years now has been ONLY £5pcm (yes ONLY £5.00 pcm!!!-i.e. not a % of the balance unlike the others!!!...shurely shome mishtake.????.but no way would I ever query this;) ...I just said on telephone "please set up the minimum payment"....and that's what it came out as!!)...

Bad news...leaves you with a larger than wanted debt at end of 0% BT term..(but next year there may be other deals available to BT again but don't count on it...it IS getting more difficult) ...but good news...gives you great space/time if the finances are a bit tight for a few months.

So far I've identified current deals:

Halifax (marketing stuff received by post...try internet)

MBNA PLatinum (internet or phone...phone is slightly less advantageous...3% BT fee instead of 2.9% by internet and term ends Mar 09 instead of April 09)

Barclaycard...but seem to be more selective on applications over internet.

But also check MSE as updated regularly.

As I said earlier Sporter...PM me if you want further info/discuss tactics..as your own circumstances may influence the approach you should adopt.....and if you prefer to chat on the phone, let me know your number. (Without knowing your personal cirumstances) from your card distribution I would try MBNA and ANOTher new one..talk to both then decide.....but def by phone application rather than internet.

Best wishes
Wol2
xx

sporter_2

Thank you so much everyone.........its quite a bit to take in and I am so "rubbish" at this. Being that all my cards are up to their limit, do you really think i will be able to get them to increase the limits on any of them?

I may try Barclaycard, but having said that.......... oh, I dont know. I mean, how much do I tell them i want to increase by? Remember, my whole cc debt is approx 25,000 (including overdraft).Do you think they will, as I havnt made my first payment to them as yet. Its due 25th of this month for 35.00. I did try speaking to Sainsbury over the phone, but they said at this moment they cant raise my limit and anyway the BT rate would be 15.9%, not 5.9% as what I am on now. No point speaking to M&S because thats changing to 18.9% next month when I will come off my promotion rate.

MBNA is just MBNA....(you know what I mean!). My last payment was a day late and they took me off the 2.9% rate (till Sept) and charged me the full interest. When I spoke to them they placed me back on the 2.9% rate, but I still have to pay 255.00 this month, instead of the 125 I usually pay.:eek:


Who should I call first guys?


sporter