Really scared, please help, Sinking...

jester77

Hi there,

I have over 30k of unsecured debt which until now I was managing to pay. However I have been self employed for a few years and now I am in the process of getting a job as I am not earning anything.

As of next month or possibly next 2 months I will have a wage practically enough to live on however I dont know what do do inbetween now and then. I dont want to default however I Have no way of paying for at least 4 weeks if not 8.

Can anyone advise me what is best to do?

CCCS cant help as I am self employed.

I can manage to pay my mortgage and council tax etc through help from family and friends however cant pay my credit cards, £7500 with Virgin and £8000 with Capital One.

Please, any suggestions would be gratefully appreciated.
Thanks

CCCS_Matthew

Hi Jester,

When was the last time you called? We have recently set up a specialist team of counsellors to deal with the self-employed. If you ring the helpline 0800 138 1111 and explain you are self-employed the advisor should book you in with one.

Lucy1982_2

Have you tried speaking to your credit card people and seeing if they can help?

Especially as it would only be a temporary thing they may be willing to do something to help you. It's worth a try.

Others will be alone with suggestions soon.

jester77

Thanks everyone, I will try speaking to my card companies and see what they say, it is important I dont default until I get offered a job though as I work in the financial industry and get credit checked. How long does it normally take before you show as being in default?

hypno06

Def explain to the cc companies that it is vital you don't default due to your job and hopefully they will give you a temporary bit of leeway on the basis you catch up by a certain date.

Other than that - get ebaying like mad - it is amazing how much money you can lay your hands on with a bit of an energy burst! Car boots are now starting too, so perhaps get yourself a pitch at the weekend to make a few quid!

Let us know how you get on!

jester77

Yes, I am trying the ebay trick actually! Have booked an appointment with the CCCs now aswell!

Whats annoying is that when I contacted Egg they were very helpful and moved my cc debt to a cheaper loan, this helped out massively however no other lender seems willing to do that. What I dont understand is with the stupid interest charges I will never pay the debt off and will potentially end up not paying them however if they could budge an inch and either freeze interest or swap to a lower interest loan then I could probably just about manage. I do want to pay the debt off as it is my fault however I just need a bit of help!

jester77

Right I have just listed some stuff on ebay and cancelled all my direct debits to avoid returned fees. I will phone the cc companies tomorrow and explain my circumstances and see what they say.
What chance do I have of getting interest reduced/frozen? Or is that something they wont consider until lots of late payments or dmp?

theonlywayis_up

From my experience, as long as you phone the CC companies and make a token payment, or at least let them know you are trying to work things out, you should avoid a default. Don't quote me on this mind, I'm sure there are more experienced people here who could clarify/comment on this. Would be interested to see what people say about getting your interest reduced/frozen, as am in a similiar situation.
Thinking back, when I have made late payments without contacting the CC companies they have increased their APR dramatically (in the small print of the agreement they can do this), so maybe it might be worth you checking out the CC section of the forums.