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@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • muty90
    • By muty90 9th Mar 18, 10:22 AM
    • 1Posts
    • 0Thanks
    muty90
    credit card advice
    • #1
    • 9th Mar 18, 10:22 AM
    credit card advice 9th Mar 18 at 10:22 AM
    Hi
    Any advice would be good. I have 3 credit cards, each with about 5k, paying min payments 0% interest.I move them around every now and again, i do not use them anymore. The problem is, i am leaving myself with zero money each month.
    Do i go into IVA? Will this help the cash flow?
    Or should i consolidate this altogether?
    Or is there another option anybody has used?
    Tom
Page 1
    • zx81
    • By zx81 9th Mar 18, 10:23 AM
    • 16,869 Posts
    • 17,895 Thanks
    zx81
    • #2
    • 9th Mar 18, 10:23 AM
    • #2
    • 9th Mar 18, 10:23 AM
    Cut your costs and pay back more.

    Visit the DFW boards and do a full statement of affairs.
    • bengalknights
    • By bengalknights 9th Mar 18, 11:45 AM
    • 4,344 Posts
    • 1,595 Thanks
    bengalknights
    • #3
    • 9th Mar 18, 11:45 AM
    • #3
    • 9th Mar 18, 11:45 AM
    Try and over pay them or worst case consolidate the debt
    • Anthorn
    • By Anthorn 9th Mar 18, 1:42 PM
    • 3,595 Posts
    • 926 Thanks
    Anthorn
    • #4
    • 9th Mar 18, 1:42 PM
    • #4
    • 9th Mar 18, 1:42 PM
    Hi
    Any advice would be good. I have 3 credit cards, each with about 5k, paying min payments 0% interest.I move them around every now and again, i do not use them anymore. The problem is, i am leaving myself with zero money each month.
    Do i go into IVA? Will this help the cash flow?
    Or should i consolidate this altogether?
    Or is there another option anybody has used?
    Tom
    Originally posted by muty90
    LOL the OP says they are being left with zero money each month and responders say pay more LOL

    In a word or rather an abbreviation, DMP. Try Stepchange. The DMP manager will calculated how much you can afford after allowing for living expenses. They should then contact your creditors and try to avoid defaults on your credit history.

    The problem with a DMP is that as I said it has an effect on your credit history and may even affect your standing with your bank and lead to the closure of your bank account. Probably needless to say that you will also find it difficult to get credit but in your case that's not really a bad thing.

    The alternative is as stated above: Pay more off your debts, get an extra job, work more hours, get a different job that pays more, cut outgoings, eat spaghetti rings instead of steak ...
    • Dobbibill
    • By Dobbibill 9th Mar 18, 8:35 PM
    • 3,082 Posts
    • 3,997 Thanks
    Dobbibill
    • #5
    • 9th Mar 18, 8:35 PM
    • #5
    • 9th Mar 18, 8:35 PM
    Pop over to the DFW forum.

    There is always a solution but without more details nobody can determine what the best solution will be for you personally.

    Alternatively visit Stepchange or National Debtline - they will give you free impartial advice.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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.


    It's not about being the best -
    It's about being better than you were yesterday.
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

1,101Posts Today

6,615Users online

Martin's Twitter