Credit Card Debt

stringman35

Hi this is my first time on here, had a rough few days, confessed to the wife what sort of trouble we was in, ive been hiding behind thee credit card debts to long, so 35,000 was a total shock. Even worse had to tell the inlaws so they could loan us a little money. One thing though ive always payed the morgage and the one secure loan we have on the property, never defaulted on this, so whats the next step, im going to have to contact the lenders for reduced payments i hope they will allow this to happen, i just need reassurance that im not alone on this one.

skint_spice

You aren't alone - there are loads of people in the same position or even worse. Have a look at the post for newbies and get your bearings, I would do an SOA (even if you don't want to post it) just so you can see how much money you have/need.

Read this post and it should help you get started http://forums.moneysavingexpert.com/showthread.html?t=562271

you will get there though just keep going.

GeorgeUK

As it sounds like your credit score may be quite bad, a DMP may be required. Contact one of the free debt charities such as CCCS and see what they say about your situation. Entering a DMP will give you a poor credit rating for about 6 years as you are technically defaulting on your debts as you are not paying the full amount owed, but the charities usually have a better chance at getting interest stopped. They will also need to see your SOA, so you might as well do that first.

I would definately give one of them a call - you don't need to take their advice, but they will make you aware of what your options are and be able to offer advice.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

stringman35

Thanks allot, im going to the CAB on weds i will let you know what the outcome is, im feeling a little better bringing this all out in the open.

stapeley

Can you give us some more details . Are any debt passed to CCA ?

simbalou

Hi stringman,

I just wanted to tell you that you are not alone! There are thousands of us in the same situation. I was just about to sign on the dotted line for a secured loan against our house and I had a meltdown and called cccs. The cab will give you the same sort of advice but I have to say that it's a great feeling that someone can take some of the worry off you.

Once you've opened up about what is happening it does get better, in my case it couldn't get any worse.

I hope you get a good outcome from the cab, keep us posted. This site is a godsend to let anything out and ask any question because someone somewhere on here will know the answer.

Good luck x