Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 9,307Posts
    • 22,169Thanks
    MSE Andrea
    Struggling with debt? Ask a debt adviser a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt adviser a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisers from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They're a friendly bunch so please don't be shy!

    There are three ways to get in touch:

    1 - Simply post your question below and the team will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

    2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

    3 - StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an adviser through online chat.

    If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

    If you're self employed and need debt help please get in touch with Business Debtline.

    This is discussion thread part four, see parts one, two and three.


    If you haven't already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by MSE Luke; 24-07-2018 at 2:41 PM.
    Could you do with a Money Makeover?


    Follow MSE on other Social Media:
    MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
    Join the MSE Forum
    Get the Free MoneySavingExpert Money Tips E-mail
    Report inappropriate posts: click the report button
    Point out a rate/product change
    Flag a news story: news@moneysavingexpert.com
Page 47
    • Takealeap
    • By Takealeap 8th Oct 18, 3:45 PM
    • 6 Posts
    • 1 Thanks
    Takealeap
    Hi. I tried to ask this question on one of the other threads but I got really muddled trying to put across what I meant. I've had a think and hopefully this time I'll be much more succinct.

    My wife and i have a joint Santander current account used for all household direct debits (mortgage, utilities, insurances). This account has an £1800 overdraft which is 90% utilised.

    We also have a joint Santander mortgage, and the direct debit is paid through the above joint current account.

    I have personal credit card debt of approx 32k, 4k of which is on a Santander credit card.

    My wife is also aware of my debts and their extent. Neither of us have ever missed any payments on ANY of our household bills or debt bills.

    When entering some form of debt solution, I know part of the advice is to open a new, basic bank account, which I guess is to be used to pay all your bills from instead of the old account.

    My question is, if I was to pursue a DMP or some other debt solution for my personal debts, what effect would it have on my wife, because the overdraft is a joint debt and this the account you are advised to move away from!

    Obviously, she is associated with me financially through the mortgage and joint current account, and this would be appear on her credit file in some way.

    Is there a way for me to have a DMP for my credit cards only and we just service our joint account as normal? Or am I able to remove my wife from the joint account so that the overdraft becomes my sole responsibility?

    TIA
    • Wonderwoman17717
    • By Wonderwoman17717 9th Oct 18, 11:48 AM
    • 2 Posts
    • 0 Thanks
    Wonderwoman17717
    Thank you Joe your assistance is much appreciated. I am clearer now 're the liability and may be able to sleep at night once more. Kind regards
    Jacqueline
    • StepChange Private Messages
      Verified User verified user
    • By StepChange Private Messages Verified User verified user 9th Oct 18, 7:31 PM
    • 116 Posts
    • 115 Thanks
    StepChange Private Messages
    Hello,

    Thanks for your post.

    Depending on the solution presented for your circumstances, where you have debts it can often be a good idea to move to a basic bank account with a bank you donít have any debts with. This would mean making sure your income is coming into the new basic bank account and setting up your essential direct debits to be paid from this account.

    As youíve mentioned, youíll already have a financial link with your wife due to the current account and mortgage. You can certainly ask Santander if they would be willing to remove your wifeís name from the joint account but it is incredibly unlikely that they would agree to remove either of your names from the account whilst itís overdrawn.

    I can see from other posts youíve written that youíve completed our online Debt Remedy tool and weíve suggested a debt management plan (DMP) for you. If your wife is able to pay the contractual payments or make an agreement on her own to repay the overdraft then you can exclude this from the plan. However you will not be able to make payments directly to the overdraft outside of the DMP as your other creditors could view this as preferential payment and it could compromise their willingness to agree to your plan.

    The joint overdraft cannot be excluded in any formal debt solution such as; bankruptcy, debt relief orders (DRO) or individual voluntary arrangements (IVA).

    If your wife would struggle to maintain payments to the overdraft on her own and if she also has other creditors it may actually be best to seek joint debt advice in order to resolve the overall debt situation.

    If youíve completed Debt Remedy and have any further questions or have had any problems using the online tool please do not hesitate to contact the Debt Remedy team on 0800 197 1704. Weíre available Monday to Friday 8am to 8pm and Saturdays 9am to 2pm.

    I hope this helps.

    Kirsty




    Hi. I tried to ask this question on one of the other threads but I got really muddled trying to put across what I meant. I've had a think and hopefully this time I'll be much more succinct.

    My wife and i have a joint Santander current account used for all household direct debits (mortgage, utilities, insurances). This account has an £1800 overdraft which is 90% utilised.

    We also have a joint Santander mortgage, and the direct debit is paid through the above joint current account.

    I have personal credit card debt of approx 32k, 4k of which is on a Santander credit card.

    My wife is also aware of my debts and their extent. Neither of us have ever missed any payments on ANY of our household bills or debt bills.

    When entering some form of debt solution, I know part of the advice is to open a new, basic bank account, which I guess is to be used to pay all your bills from instead of the old account.

    My question is, if I was to pursue a DMP or some other debt solution for my personal debts, what effect would it have on my wife, because the overdraft is a joint debt and this the account you are advised to move away from!

    Obviously, she is associated with me financially through the mortgage and joint current account, and this would be appear on her credit file in some way.

    Is there a way for me to have a DMP for my credit cards only and we just service our joint account as normal? Or am I able to remove my wife from the joint account so that the overdraft becomes my sole responsibility?

    TIA
    Originally posted by Takealeap
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • kv11x
    • By kv11x 10th Oct 18, 11:10 AM
    • 26 Posts
    • 1 Thanks
    kv11x
    Hi me and partner got a mortgage last year which is so far going good. The MIL helped take some debt off my partner with higher interest so got a loan for that but added some £10000 to the loan to be able to get the mortgage. We pay the MIL and that's budgeted all going ok. since we moved in partners debt have risen due to needing a couple of emergency repairs to the home.


    Her debt is £21000 on Credit cards and mine is around £8000 on 2 cards plus £7000 to family members who are luckily in no rush. My partner has informed me that a card is now on a high interest rate and she has no chance of a credit transfer. I did a soft search and I hopefully could for most of the high interest card. through my work I could take a loan out for £15000 with 3.3% interest.

    Im doing extra work but I seem to pay more tax so really not helping.

    what are our best options? we understand we wont get the best remortgage deals due to our debt but what's our best option to get as best remortgage deal?

    At the weekend we will be going through our finances to see where we can save cash

    thanks KV
    • Scorpio71168
    • By Scorpio71168 10th Oct 18, 1:35 PM
    • 2 Posts
    • 0 Thanks
    Scorpio71168
    Lowells
    Hi,
    My partner has debts from her past which we are addressing with lowells. We thought we had all sorted with payment plans but recently they hit her with 2 bills which are over 6 years old. Can they enforce payment and collect on these old defunct debts?
    Thanks
    • WednesburyModfather
    • By WednesburyModfather 10th Oct 18, 8:37 PM
    • 1 Posts
    • 0 Thanks
    WednesburyModfather
    Overpaid salary
    Good Evening Andrea,
    I've just been sent a letter today regarding an overpayment on my salary.
    I left my previous employment over 12 months ago and just received the letter.
    What are my rights?
    Do I have to repay?
    My partner is unemployed,
    We do not claim any benefits,
    I have 3 dependents to surport,
    The amount in question is £1200.
  • StepChange_Joe
    Hi me and partner got a mortgage last year which is so far going good. The MIL helped take some debt off my partner with higher interest so got a loan for that but added some £10000 to the loan to be able to get the mortgage. We pay the MIL and that's budgeted all going ok. since we moved in partners debt have risen due to needing a couple of emergency repairs to the home.

    Her debt is £21000 on Credit cards and mine is around £8000 on 2 cards plus £7000 to family members who are luckily in no rush. My partner has informed me that a card is now on a high interest rate and she has no chance of a credit transfer. I did a soft search and I hopefully could for most of the high interest card. through my work I could take a loan out for £15000 with 3.3% interest.

    Im doing extra work but I seem to pay more tax so really not helping.

    what are our best options? we understand we wont get the best remortgage deals due to our debt but what's our best option to get as best remortgage deal?

    At the weekend we will be going through our finances to see where we can save cash

    thanks KV
    Originally posted by kv11x

    Hello, thanks for posting and welcome to the forum.

    I recommend getting in touch with StepChange Financial Solutions if youíre interested in remortgaging but want some free, impartial mortgage advice tailored to your needs before you proceed.

    In terms of managing your other debts, consolidating your debts with a loan can be a useful strategy in some situations. However, it can also involve extra costs, and potentially makes a difficult situation much worse. I recommend taking a look at the article about debt consolidation on our website, using our debt consolidation calculator, and getting some expert and personalised debt advice before you commit to this.

    StepChange Debt Charity can certainly provide you with this kind of advice and support. We can build a budget with you and recommend the best of course of action to manage and eventually clear your unsecured debts going forward.

    A good place to start is the Debt Remedy self-help tool. This is available 24 hours a day and takes about 20 minutes to complete. The tool will guide you through creating a budget and will then offer the best debt solution for your situation.

    I hope youíve found this helpful. All the best.

    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Joe
    Good Evening Andrea,
    I've just been sent a letter today regarding an overpayment on my salary.
    I left my previous employment over 12 months ago and just received the letter.
    What are my rights?
    Do I have to repay?
    My partner is unemployed,
    We do not claim any benefits,
    I have 3 dependents to surport,
    The amount in question is £1200.
    Originally posted by WednesburyModfather
    Hello, thanks for your post and welcome to the forum.

    If your employer has indeed overpaid you, I recommend getting in touch with them to make a payment arrangement. If the amount isnít paid back, they could take further action to collect the debt. They can pass the debt to a collection agency, take court action by issuing a claim for a county court judgement, and eventually use a High Court enforcement officer (HCEO) to collect the debt.

    Of course, your previous employer would much rather you came to an agreement than take further action. StepChange Debt Charity can help you with this. We can provide you with free, impartial debt advice and help you build a budget. You can send this to your employer, showing what you can realistically afford to offer after covering your essential living costs. We may even be able to help you with a repayment solution.

    A good place to start is our anonymous online Debt Remedy tool .This is available 24 hours a day and takes about 20 minutes to complete. The tool will guide you through creating a budget and will then offer the best debt solution for your situation.

    However, if you dispute the amount they say is owed, or the full overpayment itself, you can make a claim to an employment tribunal. Thereís a useful article about this on the GOV.uk website here. Youíll also need to seek specialised employment rights advice. The Citizens Advice Bureau (CAB) can help with this, and you can find a solicitor here. If youíre a member of a trade union, they may be able to pay for a solicitor.

    I hope youíve found this helpful.

    Thanks

    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Joe
    Hi,
    My partner has debts from her past which we are addressing with lowells. We thought we had all sorted with payment plans but recently they hit her with 2 bills which are over 6 years old. Can they enforce payment and collect on these old defunct debts?
    Thanks
    Originally posted by Scorpio71168

    Hello thanks for your post and welcome to the forum.

    Even if the debts are old, that doesnít mean that they are Ďdefunctí or donít exist anymore. The debts will always be owed, regardless of how old they are, until theyíre eventually paid off. Debts are only written off in special circumstances such as serious illness, or when the debtor applies for a statutory debt solution such as bankruptcy, an individual voluntary arrangement (IVA), or a debt relief order (DRO).

    If the are debts more than 6 years old, however, thereís a chance they may be statute barred. This means that while the debts still exist and a creditor can still contact a debtor asking for payment, they canít pursue the debts through the court. This is because it isnít considered fair for a creditor to wait many years to take action, when important paperwork could have been lost or a very old debt forgotten about.

    The debts may not be statute barred, even if theyíre more than 6 years old. The 6 year limitation period starts from whichever of the following happened most recently:

    • The last time she wrote the creditor acknowledging that she owed the debt
    • The last time she made a payment to the debt
    • The earliest date the creditor could have started court action to recover the debt. This depends on the terms and conditions of the credit agreement your partner signed.

    Regardless of whether the debts are statute barred or not, StepChange Debt Charity can build a budget with your partner and recommend the best way to manage these debts going forward. A good place to start is the online Debt Remedy self-help tool. Itís completely anonymous, available 24 hours a day, and takes about 20 minutes to complete. The tool will guide your partner through creating a budget and will then offer the best debt solution for her situation.

    I hope youíve found this helpful.

    Thanks

    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Scorpio71168
    • By Scorpio71168 11th Oct 18, 10:45 AM
    • 2 Posts
    • 0 Thanks
    Scorpio71168
    Statute barring
    Hi,
    Thanks for ur answer. Next question is how can we find out if the debt is statute barred? The bills are from eon for gas and electric. No contact has been made in over 6 years from either party.
    Thanks again
    • nicnak100777
    • By nicnak100777 11th Oct 18, 12:35 PM
    • 9 Posts
    • 0 Thanks
    nicnak100777
    Debt Advice
    Hi I have around £20000 maybe a bit less of debt owing to several different companies mostly mail order companies (£4700) council tax arrears from a few years ago (£3000) overpaid tax credits again from few years ago (£6000) and a couple of credit cards
    My question is myself and my husband are self employed and really struggling at the moment to keep up with the payments, I've thought about an IVA as I think this would take the pressure off, is this a good idea, Credit rating is already pretty poor anyway
    • sourcrates
    • By sourcrates 11th Oct 18, 12:55 PM
    • 15,894 Posts
    • 14,945 Thanks
    sourcrates
    Hi,
    Thanks for ur answer. Next question is how can we find out if the debt is statute barred? The bills are from eon for gas and electric. No contact has been made in over 6 years from either party.
    Thanks again
    Originally posted by Scorpio71168
    Post in tbe general forum for help with this.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
  • StepChange_Joe
    Hi,
    Thanks for ur answer. Next question is how can we find out if the debt is statute barred? The bills are from eon for gas and electric. No contact has been made in over 6 years from either party.
    Thanks again
    Originally posted by Scorpio71168
    Hello

    No problem. In answer to your second question, sometimes itís not clear when the last payment or written acknowledgement to a debt happened. It might be hard to remember exact dates five or six years ago.

    Your partner can check payments she's made to a debt by getting a copy of her credit file or looking through old bank statements. Alternatively are there any memorable life events that tie into the last payment or contact your partner had with the creditor? For example, moving house, changing jobs, separating from a partner?

    If your partner still isnít sure, there are two options:

    1. Contact the creditor and tell them you believe the debt is statute-barred or extinguished, asking them to send proof if they believe this is not the case. If the creditor replies with proof of payment or written acknowledgment of the debt, sheíll need to start paying it.
    2. Donít contact the creditor and hope that the limitation period ends before they start court action. We donít recommend this approach: if a creditor hasnít been contacted or paid for a long time they may start court action just before the limitation period ends. Ignoring a debt greatly increases the chances of a CCJ, which could be avoided by getting in touch with the creditor sooner.

    If the limitation period has passed, but your partner still wants to pay the debt, she can. But if there are other debts to pay which are not statute-barred or extinguished, your partner should think carefully about whether her money could be better used to pay these instead.

    Hope this has been helpful.


    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Joe
    Hi I have around £20000 maybe a bit less of debt owing to several different companies mostly mail order companies (£4700) council tax arrears from a few years ago (£3000) overpaid tax credits again from few years ago (£6000) and a couple of credit cards
    My question is myself and my husband are self employed and really struggling at the moment to keep up with the payments, I've thought about an IVA as I think this would take the pressure off, is this a good idea, Credit rating is already pretty poor anyway
    Originally posted by nicnak100777

    Hello

    Thanks for your post and welcome to the forum.

    Because you're both currently self-employed, the best organisation to contact for help is the Business Debtline (BDL).

    BDL offer specialist help to the self-employed, including advice on tax implications, court proceedings and business liabilities, and will also be able to help with any personal debts.

    You can reach them on 0800 197 6026, Monday to Friday 9am - 8pm. You can visit their website at www.bdl.org.uk .

    I hope you've found this helpful and I wish you all the best.

    Thanks

    Joe
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • PintorUK
    • By PintorUK 11th Oct 18, 4:19 PM
    • 14 Posts
    • 1 Thanks
    PintorUK
    Hi,

    Last year, due to personal circumstances (was victim of fraud, left my job with the promise of another one that never happened), all the accounts I had back then defaulted, in total I have nearly 6k in debt against companies like Lloyds, Thames Water, British Gas etc and 4k in personal debt from friends.

    I am finally managing to get back on track and want to start paying for these. I tried to develop a debt plan with StepChange but I don't think I should pay it the way they say (pro-rated for each creditor and ignoring the personal debts from friends). I want to pay the same figure as they suggest, possibly even more, but ideally equally split by all the creditors (10 in total). This would allow me to finish with the first creditor in 5 months and the last one in circa 3 years. Are the creditors likely to accept this or how can I put it to them in order to increase my chances of them accepting it?

    Thank you
  • StepChange_Allen
    Hi,

    Last year, due to personal circumstances (was victim of fraud, left my job with the promise of another one that never happened), all the accounts I had back then defaulted, in total I have nearly 6k in debt against companies like Lloyds, Thames Water, British Gas etc and 4k in personal debt from friends.

    I am finally managing to get back on track and want to start paying for these. I tried to develop a debt plan with StepChange but I don't think I should pay it the way they say (pro-rated for each creditor and ignoring the personal debts from friends). I want to pay the same figure as they suggest, possibly even more, but ideally equally split by all the creditors (10 in total). This would allow me to finish with the first creditor in 5 months and the last one in circa 3 years. Are the creditors likely to accept this or how can I put it to them in order to increase my chances of them accepting it?

    Thank you
    Originally posted by PintorUK

    Hi there

    Thanks for posting.

    When there is debt outstanding to friends or family members we suggest the best way to tackle this is to make a pro-rata payment back to them as well as your creditors, not to ignore the personal debts. For example, if you owed £10,000 to a series of debts and £10,000 to a family member, we'd recommend splitting any available money for debts 50:50 between the creditors and the family member. You may see the suggested personal debt payment at the bottom of your budget.

    In terms of the other creditors, we have developed a way of distributing payments that is seen as fair and acceptable to creditors, and we believe this is the best way. There's no tangible benefit of clearing smaller debts first, so it's important to treat all creditors fairly to make them more likely to help you. We'd advise not to worry too much about how the money is distributed, and that as long as the plan works, that's the main thing.

    Of course if you aren't happy with the way that we operate our DMPs, there's no obligation at all to go ahead with our help.

    Best wishes

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • northernireland10
    • By northernireland10 15th Oct 18, 12:31 PM
    • 107 Posts
    • 12 Thanks
    northernireland10
    hi there I need to do something about 2 credit cards I have had for years.


    CC1 is Barclaycard with limit of £11k and I currently have £41 remaining


    CC2 is MBNA with a limits of £8k and a few hundred remaining on it.


    I have recently received email about how after 18 months they will look at this due to persistent debt.


    What is the best way to deal with these cards?


    Any help would be fantastic


    thanks in advance.
  • StepChange_Rachael
    Hi

    Thanks for your message.

    Youíll probably have read on the letter you recieved, that youíll have been contacted due to new rules put in place by the FCA where creditors are now having to contact anyone who has outstanding debt, where there have been more interest and charges paid than has been paid towards the balance over a period of time.

    As youíve mentioned youíve almost maxed out the cards Iíd certainly suggest exploring your options to find a solution to look at clearing the debt balances. The creditors are likely to want to see there is a manageable plan in place to start reducing the debt overall. It can be difficult to know the best way forward to do this without outside help as there are different types of debt solution and advice available depending on your overall financial position so i'm glad you found the forum.

    If youíve not done so already Iíd suggest speaking with a debt advisor to look into your options. If youíd like our help to do this you can find our contact details here. There are other debt advice services available but Iíd recommend using a charity like us at StepChange that wonít charge you for the support and advice.

    Take care,
    Rachael








    hi there I need to do something about 2 credit cards I have had for years.


    CC1 is Barclaycard with limit of £11k and I currently have £41 remaining


    CC2 is MBNA with a limits of £8k and a few hundred remaining on it.


    I have recently received email about how after 18 months they will look at this due to persistent debt.


    What is the best way to deal with these cards?


    Any help would be fantastic


    thanks in advance.
    Originally posted by northernireland10
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • pia06rc
    • By pia06rc 18th Oct 18, 4:11 PM
    • 1 Posts
    • 0 Thanks
    pia06rc
    Credit Card Debt
    Hi there,

    First post, so hope this is in the right place! I'm trying to get rid of my credit card debt but struggling to work out the best strategy to minimise interest and pay off quickly as possible.

    I have 3 cards

    MBNA: £5,200 (£6,000 limit) 21% APR
    MBNA: £6,150 (£6,700 limit) 28% APR
    TescoBank: £2000 (£2,000 limit) 0% for 36 months (just taken this out and transferred balance)
    Total debt: £13,350
    I took out the 0% card as want to try and make inroads into the debt, as previously only been paying off minimum/interest.

    I have around £500/month to put towards these cards.

    Should I be trying to pay off the 28% APR card first, whilst paying minimum on other two? Or paying off the 0% card off at a faster rate and funneling balance from the 28% across into the 0%? I'm confused! any help would be great, Thank you.

    Rich
    • Changingtimes
    • By Changingtimes 18th Oct 18, 10:42 PM
    • 32 Posts
    • 5 Thanks
    Changingtimes
    Interesting reading, thank you everyone. I have hit rock bottom myself, I know I am in debt and at this moment it's payday loan after payday loan just to live. My salary keeps on top of payments, all loans paid in full or being paid but I cannot sustain it any more. I don't even know where to start to be honest. Do I issue complaints or do I speak to professionals? Do I continue to pay? I feel this post is my start to recovery but I really don't know where to begin. Any advice would be welcomed. ��
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,290Posts Today

7,194Users online

Martin's Twitter