First Post, Stuck, Worried and Stressed!

BayBee08

This is a big step for me but I decided today that its officially time to try and sort out our debt....... the biggest problem is... I dont know how best to do it! I have read this forum as a guest for over a year and followed many of the tips and now have fixed price gas / electricity until 2011, cheap telephone, 0% credit cards with a balance on etc so I was very proud....... until today when I realised that despite this I still have that sinking feeling.....

Currently...

Credit Cards

£2,900 at 0% - ending next month and going to standard rate of 23% however it was £5,000 last year
£4,000 at 0% - six months left - was £5,200 last year :j
£2,000 at 0% - 13 months left
£7,000 at 12.9%

Personal Loan

£6,000 at £149 a month, 3 years left



I have done a full SOA and gone through everything chopping out and cutting down etc - I am meeting all the repayments but only the minimum so nothing feels like its moving and if anything things will get worse as the deals expire..... Fully up to date on Mortgage etc just so so stuck. Because of my work IVA etc is not possible plus I am determined to clear things myself - my problem, my need to resolve. My other concern is as I have been moving debt about its unlikely I will get another deal


Would really appreciate any advice - sunny outside today but rainy inside

bountiful

Hi BayBee - just a line to let you know you've been heard! I have spent the morning with National Debt Agency materials - sending out reduced offers to all my creditors - having finally admitting I have a debt problem, despite robbing Peter to pay Paul for several years and managing to pretend I could somehow get by. Sounds like that's what you've been doing too.
The first thing people will need to see is your SOA - showing all your income and outgoings - then you will get some advice from people more experienced than me!
Things can only get better!

GeorgeUK

Hi BB

It probably took you years to build up this debt, so could take years to get rid of it. Right now at least you aren't paying much in interest to the banks so that's a plus.

When was the last time you applied for credit? You can usually have about 3 credit searches in a 6 month period before your credit score is affected.

Don't know what your income is, but if it's less that £30k you may not be able to borrow much more. If you aren't going to need to get credit in the next 6 months for anything i would suggest applying for another 0% card to try to shift the balance left on the 0% card that's about to run out. If you can do this, when you get a statement showing a nil balance, you may be offerred and incentive to keep the card open when you phone to close it. I think you've just run out of room to manouver, but if you can't get another 0% or LOB card, can you do a BT to the 12.9% card so you are paying less interestand possibly clear the card a little earlier?

smashedbooboo

Hi and welcome honey, Can you do full SOA. I know you say you have done everything possible to move around and cut down etc. But when you put all of your incomings and outgoings in full on here i think you will find that all the lovely peeps on here will be able to help you further. Dont give up hope hun and keep posting. Try not to worry now. You are not alone in this. Good luck and hope to see your SOA up very soon

BayBee08

I want to try and get them clear but really don't know the best way forward..... Ill post an SOA tonight hope someone can find some room to manoeuvre....... If i write to them should I expect a sympathetic ear or a CCJ slapped on me?

GeorgeUK

Can't advise on that, but if you are struggling with payments could you take a mortgage holiday?

We have no idea what your situation is so can't really offer specific advice. I would avoid writing to them if you are currently managing the minimum payments though.

BayBee08

Thank you so much everyone for your help - I thought about a mortgage break as I can take a payment break which would release me about £2k - however I thought this would be the wrong thing to do as its using secured money to pay unsecured.. or have I got this all wrong

B
xx

BayBee08

May be a silly question but how do i put the signature on that you all have with your current debt levels?

B
xx

GeorgeUK

Not wrong BayBee, but if you're at the stage of writing to the banks then it may be a short-term solution without ruining your credit rating. Post up a SOA as suggested and we should get a better idea. I was just shouting out a possible option. It may not be anywhere near that stage yet.

GeorgeUK

At the top of the screen, first green band, there will be an option for user cp - go in there.

BayBee08

Thanks George :j

I was toying with writing to the banks with an honesty is the best policy view but I suppose i may just be better fighting my way through the forests of debt and hope I find a way out of the maze before they catch me

Heres hoping....... would hate to loose my home