Credit card and loan debt

aries123

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.

hypno06

Hi there!

I would give CCCS or Payplan or National Debtline a call, or make an appointment to see a CAB debt adviser asap.

these will all give you FREE advice, and can talk you through your options. They are all held in very high regard on this site and can give you some very useful info and advice.

The numbers are, I think, on the top of this board under "problem debts" and some people have links to them in their signatures.

sparky0107

aries123 wrote: »

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.

Hiya and welcome, you need to contact one of the debt management chrities like CCCS, they will give you some very good advice & help, also try posting your SOA (statement of affairs) you'll find a good one to use at www.whatsthecost.co.uk, you need to put all your income & outgoing also all your debts, percentage rates & payment details (not account/card numbers). Some very helpful people will come along & give you some good advice. Good luck & well done for posting