Help Needed

[karl2007]

hi
yeah I owe £5000 on 3 cards and a loan only work part time and struggling with the re payments getting to the point now where my payments only covering interest on cards. I've tried getting a loan to pay it all of with one re payment monthly but keep getting turned down and I don't no what to do.

I earn between 400/500 every 4 weeks

any help would really be appreciated.

[IF]

Re: Help Needed

Hi Karl, I've moved your post to your own thread as you will receive more help and advice.

Best wishes
IF...x

[IF]

Re: Help Needed

To help us, to help you, please provide the following information for each account:

• Type of account (credit card/loan)
  
  
• Date commenced (ideally before Apr 2007)
  
  
• Approx balance
  
  
• Date last paid (approximate date you last made a FULL payment)
  
  
• Are you on arrangement or not paying
  
  
• Status (default/in arrears/up-to-date)
  
  
• Account owner (who is writing to you, a DCA or the lender)

Providing the above information, for each account helps us. Then, We can help in the best course of action.

[karl2007]

Re: Help Needed

sorry for the delay been abit stressed out and not felt like coming online.

Barclay Card - £2750
Halifax – £950
Creation Card - £867
RBS LOAN £666
RBS Over draft - £100
Halifax Over draft - £200
£5,533 i owe all together and they where all took out the passed year or 2

[jon1965]

Re: Help Needed

Hi Karl.
So you take home about 100 per week. After your expenses how much do you have left. Have your circumstances changed since you got the credit. I can see two options, either start a repayment plan with your creditors or go for a debt relief order. I guess a lot depends on how you expect your income level to alter and what career you want. Maybe a bit of background,nothing too personal if you don't want and don't worry about peoples opinions. I am the man with all the baggage on here and they still help me

[karl2007]

Re: Help Needed

hi
Im currently trying to find a full time job but finding it really hard applying for them and getting no where.

I got 2 phone bills both for £25 a month so that £50 gone i pay my mum £100 so im left with £250 to pay my cards which are about £50 each so im left with trying to make ends meat basicly i just wanna cry.

and the reason for being in this mess is my own fault I was going out to much and gambling to much and im 24 if that makes a difference.

thanks for your help!

[helmsman]

Re: Help Needed

hi
Im currently trying to find a full time job but finding it really hard applying for them and getting no where.

I got 2 phone bills both for £25 a month so that £50 gone i pay my mum £100 so im left with £250 to pay my cards which are about £50 each so im left with trying to make ends meat basicly i just wanna cry.

and the reason for being in this mess is my own fault I was going out to much and gambling to much and im 24 if that makes a difference.

thanks for your help!

Hi Karl,
It does not matter how you got in debt, no one will judge you here we are all in the same boat so to speak. We have all made silly mistakes, the point of this forum is to help.

[karl2007]

Re: Help Needed

Barclay card September 2011
Halifax november 2011
Creation think is was somewhere in 2010

[karl2007]

Re: Help Needed

yeah i new that what option would you take I really wanna take the option which will save my the least money as i don't wanna be lifing with nothing left for food,clothes and the odd night out.

[Riz]

Re: Help Needed

Unenforceablity would seem to be out on those dates, but you do have other options.

However, virtually all would involve defaulting on the accounts in some shape or form. That would be a shame, as presumably if you can find full time work soon then you would be able to pay off these debts in reasonably short order?

Plus not wishing to do down how worrying they must be, your debts are quite small in relative terms.

Seems the lack of full time work is the biggest problem and what ideally would be fixed. What exactly are you looking for?

[karl2007]

Re: Help Needed

retail or office currently working 16hours atm in retail.

[jon1965]

Re: Help Needed

Karl, Rizzle makes some very good points. Do you really want your credit rating trashing but at the same time what are the possibilities. How much would it cost each month to make the minimum payments on your cards? Are your overdrafts arranged or are you being hammered for charges. Is there a chance of another part time job. I know its hard. I battled with my debts for years partly because of a fondness for fruit machines. People are here to help and offer various solutions and options but only you can decide what to do. Good luck.

[SXGuy]

Re: Help Needed

Can i ask, what are the charges for both your overdrafts?

Reason i ask is, Santander limit charges to £20 per month, or £1 per day up to 20 days a month.

You may be able to open an account there and transfer the overdraft balance to clear both overdrafts, and manage better with Santander charges.

The others personally, are very small as others have said, you may get away with offering a small amount as full and final settlement, but they would no doubt want you to default on your agreement before even considering it.

However that being said, i have known some credit cards to agree a payment arangement without the need of a default being registered, so you could contact them, and ask if they would accept a payment arrangement without defaulting you, for 6 months, until you find a job that pays more money, given your situation you can only afford £1 per month subject to review.

IF they agree to that, that might be an option. Some wont though, so its best to make sure they clearly state whether they would default you during the arrangement.

To ruin your credit file on such a small debt i dont think is the best option at all.

Maybe someone else will have better advice on this part.

[mgfboy]

Re: Help Needed

At your age I would certain try to keep your credit rating clean, you are almost certainly going to need some in the next 6 years.

As the sums are relatively small, any chance of the bank of mum and dad paying them off for you and then you paying them back.

Also any chance of ditching one of your mobiles as if you stopped even one it could pay off your OD in a short space of time?