Credit Card Won't Accept Me

Dee5412

I am in a lot of debt - although my credit rating is 995 (due to experimen) but I am trying to transfer my cards to 0% but I keep getting declined so I don't know what to do - I am paying the cards of but it is taking all my salary can anyone help please, please

bonnie_2

go to ccss,cab. or payplan far better idea than trying to get annother card you also need to do a budget why not post your incomings and outgoings.

Nicky_3

If you are struggling to pay what you owe now, it wont make a difference changing your balance in the long run. Now might be the time to bite the bullet and deal with your debt problem straight on. You can offer your creds reduced payment and keep your fingers crossed that they will freeze the interest as well. That sounds like a better idea than to keep struggling to meet your repayments.

If you speak to FREE debt management companies such as Payplan https://www.payplan.com you can have a chat to them about your situation, lay all your cards on the table, and they can tell you what your options are. They are not interested in judging you, only helping you, there is also CCCS, or go to your local CAB.

Have a think about it anyway, and good luck.

DrStep

Nicky is right.

To serve as a warning to others I always believe The credit rating game is a false economy - why bother trying to improve this imaginary figure determined by anonymous men in suits (or even worse computers). A stable job with a good bank balance is a better option.

Xbigman

If you are in a lot of debt and you find you need a 0% then you are in too much debt. This may well be the problem with getting more credit, the CC companies consider you maxed out. In these circumstances forget your credit rating because its been a liability so far and will continue to be so for some time. Work out a SOA including all income, expenditure and debts. If you post it here we can have a look and give you some advice on how to start clearing the debt, and its clearing the debt that is your next step. If you don't feel you can post it here do an SOA anyway because it can be an eye opener seeing it all in writing for the first time. You can also go to CCCS or CAB who can help you prepare an SOA.
Regards



X

Dee5412

thanks for all the advice - has anyone got out of debt without going bankrupt and doing an SOA and everything

nearlyrich

Dee5412 wrote:

thanks for all the advice - has anyone got out of debt without going bankrupt and doing an SOA and everything

Lots of people get out of debt without going bankrupt, I would always suggest that anyone in debt does a SOA. It enables you to confront the problem which is the first step to solving it.

Use the budget spreadsheet see the link above and sort out how much money you have coming in and how you spend it. if you are spending more than comes in it will always be a problem.

You don't say how big the problem is so it's hard to give specific advice, with a SOA posted here, I am sure you will get some ideas to reduce the amount you spend and this will help you to pay off your debts more quickly.

sleepless_saver

Maybe someone could explain for OP (and me) what an SOA is? I'm not sure I know and I think OP may be getting confused with an IVA?

Turning_into_scrooge

sleepless_saver wrote:

Maybe someone could explain for OP (and me) what an SOA is? I'm not sure I know and I think OP may be getting confused with an IVA?

SOA = statement of affairs. Its basically your budget of all your incomings and outgoings Hope this helps

Xbigman

SOA is a statement of affairs, or put another way its your budget. Simply write down what your income is, then what your outgoings are and finally what you owe. If you do this accurately you will see your exact financial position at a glance. Everyone should do this so that they understand their finances. This isn't for any purpose except your own use at this stage, or maybe posting on here. It represents the basic financial position you are in. If you do go for bankruptcy or IVA whoever you are dealing with will do this for you again because they need to see your exact financial position too.

Most people look at their SOA and are horrified. Commonly you see massive debts with little to pay them and you ask yourself what you spent it all on. Its not unusual to end up keeping a spending diary, writing down everything you spend even pennies, just to see what you spend it on.
If you can get your budget right you can reverse overspending trends immediately.
Regards



X

rubytwilight

My situation was similar to yours last year and to echo the posts above going to one of the recomended agencies if you need help to draw up a statement of affairs to be forwarded to your creditors.
I struggled along similarly and for a while got a few of the reduced rate cards but the level of debt i was in the saving wasn't enough to "bail me out". I worked lots of extra hours but my outgoings were always more than my income. Eventually meeting all of even the minimum payments became impossible.
I approached CAB who are currently approaching the companies i have arrears with. Such agencies will treat you non-judgementally and advise you.
If your salary is all taken up with your repayments its best if you try and approach early and if this is too daunting on your own (it was for me) to let the agencies liase on your behalf.
There is support out there to assist with your situation and a lot of help, tips support on this board!