Author Topic: I have £25k on credit cards...and no means to pay them off.....HELP!  (Read 6165 times)

edward9876

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I have been a bit silly and now have a heap of credit card debt which is crippling me in minimum payments.....has anyone any ideas....
Thanks! :(

charlie6666

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Hiya
Don't let it get you down. How many cards do you have?
x

jaunty

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Hey Edward,

Firstly don't panic. I'm assuming that you have some little source of income due to which you got the credit cards in the first place. So at least you can go on about paying the minimum installments for those cards.

You can also contact any credit agency or bank to finance you a loan to pay off your cards and then pay them back in easy monthly installments.

edward9876

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Thanks for the reassurrance guys....its good to hear.
 
I've got 6 cards and I've chopped them up today. Not sure how I'm going to meet the minimum payments  though....do you know if there is any way that I can get the payments reduced....

Jules4444

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You could do a Debt Management Plan. This would really ease your burden because your repayments would be reduced to a level that you can afford. Go to any Debt Management Agency, or speak to the CCCS or Citizens Advice Bureau for free debt advice. They're usually very friendly and sympathetic, and they won't charge you a penny :) .
If you need advice just ask....
Julie - Debt Couns

charlie6666

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Hey
 
Following in from Jules4444 I have spoken to her Eds, about my own situation which isn't much better than yours by the sounds of it! I needed some sound advice and I would really recommend speaking to her ...shes really sympathetic and easy to talk to. Shes got a websie too..check it out.

edward9876

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Hi Charlie
 
Happy Christmas!!
 
Could you tell me where Jules4444 website is please....I cant find it. I want to take a look before I call her. Thanks

jcd01

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I too would like those details please.  :) I have been searching frantically for a solution for my own debt problems. The first thing I was told to look at was an IVA. Your debts are large enough for that to be an option for you too. But I am definately open to any solution.

Anyway, all i'd say is to look at all your options, there seems to be quite a lot. It just a matter of finding someone I can trust to point me in the right direction.

All the best  :)

The first thing I would say is don't worry! I know how you're feeling - because I've been there myself. I was in bad debt in 2004, and didn't think I'd have any chance of clearing it. i just took a step back though and it became a bit clearer to me (plus, I got some debt advice!)


You could have a look around the web at some of the debt solutions companies offer. I just did a google search for what Jules4444 mentioned (debt management plan) and found a few results Just take it one day at a time and work towards your goal :) keep your head held high and I hope you get through it!

AshleyPark

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Always speak to at least two companies before committing to anything. If both  tell you the same thing then you can feel more confident that this is the correct course of action for you to follow.  Posters on this forum will be able to offer actual experiences and some can provide "insider info" from within the personal finance industry
 
 
Lee
Ashley Park Debt Solutions Ltd
 http://www.ashleypa

Steven Jackson

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I agree with Lee
 
When deciding on which debt solution to use, it is a good idea to speak to a couple of different companies. You need to talk through your income and expenditure and get help to understand exactly which is the right option for you.
 
Also be sure to find out about how and what the different organisations charge as they may well have different fee structures.
Debt Expert
ivainformation.com

markiep

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Hi,

There are a few options available to you that can help you there are IVA's Debt Management, Bankruptcy and a Debt Release Order but it all depends how long you want it to take to clear the balances. There are loads of companies out there that will try and help you but will charge you a fortune to do it and thats before you start filling paper work in.

Steven Jackson

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Your quite right Markiep there are diffierent options to deal with debt. However, the right one to choose very much depends on your personal circumstances. For example bankruptcy could be appropriate if you are renting your property. It could enable you to write off your debt within 12 months. There absolutely no reason to pay anyone to declare bankruptcy (other than the court fee which is £600) unless you want help to complete the application forms which are complex. However, if you are a homeowner, bankruptcy is probably not for you and you may wish to consider an IVA or a debt management plan.
 
Just to qualify, a Debt Relief Order (or DRO) is an alternative to bankruptcy but you will not be able to use this solution unless your debts are £15,000 or below, your disposable income in £50 a month or less and your assets are less than £300 (car can be worth up to £1000).
Debt Expert
ivainformation.com