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  • FIRST POST
    • Kimberley
    • By Kimberley 5th Jul 18, 12:21 PM
    • 13,360Posts
    • 20,355Thanks
    Kimberley
    Need help
    • #1
    • 5th Jul 18, 12:21 PM
    Need help 5th Jul 18 at 12:21 PM
    Iím in over £30k of CC debt. My CC payments mount to over £550 a month and thats just the minimum payment. I keep getting Natwest Act now alerts by going over my overdraft limit and my account is now zero balance with £66 over my limit which will obviously be deducted from tomorrows wage. I also have another huge CC payment due meaning my wages are gone even before i get it tomorrow. I donít know what to do.
Page 1
    • Pixie5740
    • By Pixie5740 5th Jul 18, 12:47 PM
    • 12,412 Posts
    • 17,630 Thanks
    Pixie5740
    • #2
    • 5th Jul 18, 12:47 PM
    • #2
    • 5th Jul 18, 12:47 PM
    Are you able to cancel the CC payment? CC debt is a non-priority bill so don't prioritise it above rent/mortgage payments, council tax, food, etc. Going forward it might be a good idea to open a brand new bank account away from any bank or building society you owe money to and start having your income deposited there instead.

    It would also help if you put together a statement of affairs so you can work out what you need to pay, where you could cut back, and what debt solution would be most appropriate for you.

    http://www.stoozing.com/calculator/soa.php
    • January2015
    • By January2015 5th Jul 18, 2:16 PM
    • 2,136 Posts
    • 5,241 Thanks
    January2015
    • #3
    • 5th Jul 18, 2:16 PM
    • #3
    • 5th Jul 18, 2:16 PM
    Visit the Stepchange website and complete their online debt remedy tool. That will give you some options to think about for dealing with your debts.

    Completing the debt remedy is confidential, won't affect your credit score, and doesn't commit you to anything. It will provide options for you to think about though.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • Fireflyaway
    • By Fireflyaway 5th Jul 18, 4:11 PM
    • 1,859 Posts
    • 2,030 Thanks
    Fireflyaway
    • #4
    • 5th Jul 18, 4:11 PM
    • #4
    • 5th Jul 18, 4:11 PM
    I agree with safeguarding your pay. Open a fresh bank account if need be. Credit cards and loans are not a priority. Missing payments will mess up your credit score but that's not such a huge deal. You need a roof over your head, food and a way to get to work to keep the income coming. The rest can wait.
    When I was in your situation I did myself an income and expenditure and then contacted each creditor. I explained i was in financial difficulty and negotiated payment plans. Just be strong. Don't let them push you into agreeing to more than you can afford and ensure you don't account for every spare penny. You need something for emergencies.
    • sourcrates
    • By sourcrates 5th Jul 18, 4:58 PM
    • 14,560 Posts
    • 13,703 Thanks
    sourcrates
    • #5
    • 5th Jul 18, 4:58 PM
    • #5
    • 5th Jul 18, 4:58 PM
    Hi.

    If the cards are unaffordable then stop paying, they are non priority debts.

    Follow the advice above and post an SOA.

    Then a solution can be recommended.
    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/
  • National Debtline
    • #6
    • 5th Jul 18, 5:10 PM
    • #6
    • 5th Jul 18, 5:10 PM
    Hi Kimberley


    I can only echo what's been said above.


    Get yourself a new "basic" account with a bank unrelated to your debts, and make sure next month's wage and those that follow are paid into it. Right now, cancel any forthcoming CC payments as they will only result in further bank charges.


    There's no reason to suggest that there won't be practical solutions available, but post that SOA here as suggested and we can then help you further.


    Dennis
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • Kimberley
    • By Kimberley 6th Jul 18, 10:50 AM
    • 13,360 Posts
    • 20,355 Thanks
    Kimberley
    • #7
    • 6th Jul 18, 10:50 AM
    • #7
    • 6th Jul 18, 10:50 AM
    Thank you. I will post a SOA once I have more time. I have cancelled my CC direct debits.
    • Kimberley
    • By Kimberley 6th Jul 18, 12:16 PM
    • 13,360 Posts
    • 20,355 Thanks
    Kimberley
    • #8
    • 6th Jul 18, 12:16 PM
    • #8
    • 6th Jul 18, 12:16 PM
    Visit the Stepchange website and complete their online debt remedy tool. That will give you some options to think about for dealing with your debts.

    Completing the debt remedy is confidential, won't affect your credit score, and doesn't commit you to anything. It will provide options for you to think about though.
    Originally posted by January2015
    Hi

    I did the above and they recommended bankruptcy and to open a basic bank account. I tried opening a basic one but they keep saying you canít if you already hold a current account
    • Grumpelstiltskin
    • By Grumpelstiltskin 6th Jul 18, 12:46 PM
    • 2,251 Posts
    • 2,346 Thanks
    Grumpelstiltskin
    • #9
    • 6th Jul 18, 12:46 PM
    • #9
    • 6th Jul 18, 12:46 PM
    Kimberley are you trying to open a basic account with the same bank as your current account?
    • January2015
    • By January2015 6th Jul 18, 1:31 PM
    • 2,136 Posts
    • 5,241 Thanks
    January2015
    If you are trying Nationwide online - they do say if you hold a current account (with any bank) you cannot open a basic bank account. Perhaps other banks also say this.

    I just clicked 'no' when asked if I had an existing current account, because to my mind I didn't have a current account I could use. That got me through and allowed me to open a basic bank account.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • Kimberley
    • By Kimberley 6th Jul 18, 1:34 PM
    • 13,360 Posts
    • 20,355 Thanks
    Kimberley
    Kimberley are you trying to open a basic account with the same bank as your current account?
    Originally posted by Grumpelstiltskin
    No, tried the Nationwide flexi one
    • Kimberley
    • By Kimberley 6th Jul 18, 1:36 PM
    • 13,360 Posts
    • 20,355 Thanks
    Kimberley
    If you are trying Nationwide online - they do say if you hold a current account (with any bank) you cannot open a basic bank account. Perhaps other banks also say this.

    I just clicked 'no' when asked if I had an existing current account, because to my mind I didn't have a current account I could use. That got me through and allowed me to open a basic bank account.
    Originally posted by January2015
    Yes it was through them. I want to open it up as i donít want an overdraft facilty and if i do go through the bankruptcy route iím worried about my wages and bills if my current account gets frozen
    • purdyoaten2
    • By purdyoaten2 6th Jul 18, 2:24 PM
    • 884 Posts
    • 431 Thanks
    purdyoaten2
    It does as Kimberley says - Nationwide Flex account not available if one has another current account. I came across this when trying to help out a relative in similar difficulties. I then did as January2015 suggested and it all went through fine and persuaded ourselves that this was in order as there would only be one account henceforth (?????).

    The important thing is to safeguard the next salary payment. So, get the account opened and a new salary mandate completed for your employer pronto. You have the whole monthly salary available for your priority expenditure and the debt remedy process can begin.
    purdyoaten lost his password
    • January2015
    • By January2015 6th Jul 18, 2:30 PM
    • 2,136 Posts
    • 5,241 Thanks
    January2015
    Try another basic account if you are not confident of pressing 'no' when asked about existing current account. There are loads on offer. MSE has a great page with information and list of accounts.

    I have Nationwide and Yorkshire Bank basic accounts.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
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