My situation is getting desperate - can anyone help?

Expelliarmus

I think I am panicking and not thinking straight but I am in a right state here. I have been an observer on this site for a long time and have taken on board some of the suggestions regarding my debt. However I can't have done very well as I seem to be in a worse situation than I was when I started trying to manage it.

I thought I was doing okish as I have a couple of life of balance cards and 0% also, then I thought I was really clever as I phoned up my Virgin Card to ask if they could do me a good balance transfer rate (i had hardly any balance left on this card) - to my joy they said yes, have 0% for six months, then, stupidly - I didnt make a big enough payment - I don't know why, I just got mixed up while it transferred over. They charged me £12 and have taken off the 0% promotion and my interest for next month is enough to make me cry. I phoned and explained but the guy said there is no way they can reinstate it. I transferred to them for help and down to my own stupidity i've mucked it up and I will be worse off.

What can I do - do I need to do an SOA? I will start on one as I think it will help me to get things straight in my mind... hopefully someone can guide me. I'm really down about it.

C

Cleosmum

Are you able to get a 0% card from someone else?

Do an SOA, post it up if you want some help

Lorne

Welcome to the boards, getting things down on paper is the first step in getting a plan together so that you can tackle your debts. There is a great SOA creator at makesenseofcards.com use it as a starting point and post it on here for lots of advice.

Good luck, L

churchrat

hello and welcome--
don't beat yourself up about making a mistake, we've all done it or we wouldn't be here in the first place.
Do post your soa and the people on here will do thier best!!!
good luck and don't panic

Expelliarmus

Wow thanks for replying so quick - am working on the SOA so will post shortly...

that's cheered me up just seeing a reply!

boredofbeingathome

Ring them up and negotiate, sometimes they will do so and put it down to an oversight. Most of the time they will reintstate the 0% offer, but charge you normal interest on the rest of it, like the BT fee (check on ccard board)
You can also put up a SOA, the link is at the top of the DFW board.
Don't worry, it is always overwhelming at first.
By the way, there is lots of support and advice on here..so welcome, pull up a chair and join in...you are not on your own.
Bobx

Expelliarmus

Sadly I have tried ringing them but the man has said there is no way they can reinstate the promo rate...

My next payment is £180 odd with £130 of it in interest. I just feel sick. And stupid.

Expelliarmus

Ok, here goes…

Just to set the context. I live with my boyfriend and I pay him rent each month. I also own a house with an ex boyfriend, which is currently up for sale. Outstanding mortgage is about 126k and house on for 190k. We’ve had very few viewings and aside from the fact that we are having a credit crunch, I do think it’s priced too high so we will probably reduce it. Unfortunately my ex signed up to a sole agency agreement so we are waiting it out then going with someone else. I think we have a month or so (maybe a bit more) left. We have tenants there who were due to leave in June – however we are waiting to hear if they are happy to go onto a 2 month rolling contract. If they aren’t, we’re stuffed and would have to take on another 6 month tenant which would end in December. Nightmare.

Myself and the ex have a loan on the house. Its in his name but I pay half with him to clear it. I believe it was for 15k for 6 years. We have paid 3 ½ years off so far. I don’t know interest rates etc.

Monthly Incomings:

My salary - £29100pa – approx £1780 take home

Monthly Outgoings:

Rent including most bills - £300
Contribution to owned house loan/mortgage - £190
Phone - £30.00 approx
Internet/home phone - £22.00
Food - £150 approx
Petrol - £20

Total: £712.00



Right… this is the terrible part:

Egg Loan – balance £3727.82, APR 7.9%, 12 months to go. £300 set payment per month.

Egg Credit Card – Balance £4,904.31 (limit £5,500) APR 17.9%. £90ish payment per month.

Virgin Credit Card – Balance £6,092.78 (limit £7,600) APR 29.9%. £180 per month.

First Direct CC – Balance £1,553.84 (limit £1,700) APR 20.9%. £45ish per month.

RBS CC – Balance £942.38 (limit £5,800) APR 19.0%. £25ish per month
(I recently transferred to Virgin from this RBS card but the 0% promo has just been taken off me as per first post)

HSBC CC – Balance £2,095.28 (limit £3250.00) 0% until this month – about to revert to standard charge but I don’t know what this is just yet. £85ish per month.

Barclaycard - Balance £1,257.37 (limit £1,700) 0% to July 2008

BA Amex CC – Balance £2,809.04 (limit £3,200) APR life of balance 4.9%. £75ish per month.

M&S CC – Balance £1,424,71 (limit £1,700) APR life of balance 3.9%. £45ish per month.

Overdraft - £1000 – I always end up at the limit (limit £1,000) APR 12.9%

I feel really really sick looking at this.

I have just remember that I recently (within the last month or two) applied for another 0% card and got knocked back. I can’t remember who it was with but Tesco rings a bell. Anyway – I don’t think my chances of getting any new cards are very high.

I would be so grateful for any guidance. I am having a very tight month anyway and I’m scared I will be in a position where I can’t make payments.

By the way - the 'ish per month' on the credit cards is just the minimum payment topped up by a few quid to round the number up.

Lorne

have you seen the snowball calculator at whatsthecost.com it is great for helping prioritise debts, it has been a god send for us

boredofbeingathome

Expelliarmus wrote: »

Sadly I have tried ringing them but the man has said there is no way they can reinstate the promo rate...

My next payment is £180 odd with £130 of it in interest. I just feel sick. And stupid.

Try again and ask to speak to a superviser. Don't feel silly they will try a number of tactics, it has worked for one poster in the past..wish i could find the link.

Expelliarmus

Ok then I will ring them again and give it a go. It's not even that I didn't pay at all - I made a payment sending in cheques that people had given for money they owed me. The payment I sent just wasn't enough...