Debt help

mcam9

Hi all, first of all, i would like to say what a wonderful community it is. The amount of help and support people gives to others is amazing, i have never seen the like of it elsewhere. No one gets judged, people are just willing to help no questions asked.

My current debt is around £5000, £2500 on a credit card, £1200 on a loan and the rest on other things such as HP products. I have avoided the credit card bill like the plague and just dont open the bills, but i think its about time i sorted this out. I am due to get married in 2010 and want to have this paid off and also have enough money for the wedding. All the other debts are managed well, i have yet to miss a payment on anything as the direct debits come out when i am paid. I have tried to get another credit card to transfer the balance but the only application i was successful with was a barclaycard that had a limit of £250 so it was of no use to me. Any help would be greatly appreciated guys

Tiglet

Hi mcam (is that your real name?:p)

Congratulations on taking the first step towards dealing with this. There's a sticky at the top of the first page that gives lots of introductory information. One of the first things you'll need to do is an SOA (statement of affairs). This link tells you how to do one. When you've got one of those, we can all start finding ways to save some money and get the debts down.

One of the most important things to look at is the exact details of the loans, cards and HP agreements you've got, as there are all sorts of things that can be done to reduce your interest payments and target your payments more effectively. For each one, try to find out the credit limit, balance outstanding, minimum payment and time remaining, as appropriate.

Also check whether you're paying for Payment Protection Insurance on the loans as you might be able to reclaim these.

I think that's enough to be getting on with. Good luck!

mcam9

Thank you so much tiglet, that is exactly where i will start! thankfully i had the brains to reject the insurance on the loans!