We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit card and loan debt
aries123
Posts: 5 Forumite
Hiya I am totally at my wits end now and can't seem to find a way out of all this.
I have mortage fixed until next year (£514) on a hosue worth £165,000 and the balance is £95,000. But I also have £35,000 on credit cards and a loan (which my kind ex husband left me with!!). Obviously my income doesnt cover all this and although my credit rating is excellent, and i have never, ever defaulted on any payments, i am just "robbing Peter to pay Paul" transferring one balance to another each month on some cards and paying the minimum amount on another, etc. etc. I am on my own so only one wage.
I was offered a secured loan from Nemo but due to recent press credit crunch, house prices etc. etc. i declined.
One of my questions is what is the worse case scenario if i just stop paying the credit cards. I have spoken to each of the lenders, but none of them seem to be much help, all they said was until i start defaulting then they cant help me. I did offer to pay them an affordable minimum amount, but they didnt seem interested. I just seem to be hitting brick walls, is anyone else in a similar position where they have an excellent credit score but an extremely high amount of unaffordable debt.
I have mortage fixed until next year (£514) on a hosue worth £165,000 and the balance is £95,000. But I also have £35,000 on credit cards and a loan (which my kind ex husband left me with!!). Obviously my income doesnt cover all this and although my credit rating is excellent, and i have never, ever defaulted on any payments, i am just "robbing Peter to pay Paul" transferring one balance to another each month on some cards and paying the minimum amount on another, etc. etc. I am on my own so only one wage.
I was offered a secured loan from Nemo but due to recent press credit crunch, house prices etc. etc. i declined.
One of my questions is what is the worse case scenario if i just stop paying the credit cards. I have spoken to each of the lenders, but none of them seem to be much help, all they said was until i start defaulting then they cant help me. I did offer to pay them an affordable minimum amount, but they didnt seem interested. I just seem to be hitting brick walls, is anyone else in a similar position where they have an excellent credit score but an extremely high amount of unaffordable debt.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards