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elvis_is_alive

hello please can someone give me some advice?
i am in debt of about £8800.It is on credit cards.
natwest £1910 on 0% until april 08
HSBC £1140 on 0% until April 08
Mint £2400 no longer on 0%
Halifax £1335 on 0% until oct 08
egg £2000 on 0% until april 08
I am not in a position to pay them off so am only paying minimum payment a month.This system is not working for me and the debt is spiralling.I am very stressed. I would rather have it all in one lump sum.What is my best solution?Shall I try for a loan to caver all of them and make one payment?HELP HELP HELP.I could pay about 100-150 a month
Also I have spoken to the national debt helpline they mentioned DEbt Management programs and negotiating with my creditors, bankrupcy etc..what is your opion on all these ? I just wish it would all go away

riddlesticks

Hi there,

Firstly I just wanted to say well done for posting. I personally dont think a loan is a good idea. Most of your CCs on 0% so you are actually paying off debt (even if it doesnt feel like it). Could you change your cards over esp the one that is no longer 0 %? The best thing to do is post your SOAs and we can see if we can help.

AMxxx

elvis_is_alive

sorry probably being very thick but what are soa's?

Merlot

Elvis, I am pleased to see you on this board, i noticed your post on the credit card board, you have come to the right place for help.

You need to post a full SOA (incomings and outgoings), list of apr's.

Please do not think of consolidating your debts, it very rarely works, and you could end up with more debt.

We can advise you on what you could cut down on, but please remember their is no quick fixes to repay your debt, and consolidation will not provide you with a quick fix.

Well done for posting on here, and I look forward to seeing your SOA.

Merlot.x.

Merlot

http://forums.moneysavingexpert.com/showthread.html?t=107280

Elvis, read this, it will help you with your SOA.

merlot.x.

elvis_is_alive

Thanks merlot will do ....