Comments on: credit card debt problem, Help?

By: SAPPER

SAPPER — Sun, 17 Jan 2010 08:38:16 +0000

£35,000 God that’s more than I earn in a week, Having spoken to my team of advisers reckon you had better go Bankrupt, stay indoors and await the bailiffs who will clear you of all the goodies you have squandered the money on and adopt the motto “I will not spend what I ain’t got”

By: mia170107

mia170107 — Fri, 15 Jan 2010 19:46:18 +0000

hi it may be worth you looking at all your debt inc mortgage to look at all options and save you max money.

i work for a mortgage broker and would be happy to show you some options email me on

o and cut up cards but don’t beat urself up its the norm these days.

By: baz

baz — Thu, 14 Jan 2010 04:09:45 +0000

you abused the trust you put in yourself,you deserve to lose.
easy come easy go ehhhhh.

By: Matt R

Matt R — Wed, 13 Jan 2010 02:43:12 +0000

I would get in touch with a debt advice specialist. I know of two with no axe to grind. They are the Debt Advice Trust and the CCCS.

Both are ‘Not For Profit’ and should give you some good advice.

By: Richard B

Richard B — Sat, 09 Jan 2010 17:28:19 +0000

You have a number of options.

1) Review your finances, locate any unnecessary expenditures and create a monthly budget that will allow you to repay the debt.

2) A Debt Management Plan. Either use a Debt Management Company or contact the credit card companies yourself and try to negotiate a better arrangement i.e. a cut in the interest on the debt

3) Debt Consolidation Loan. If you’ve tried this before and it worked then this might be your best option.

4) An Individual Voluntary Arrangement. If accepted can result in a significant portion of your debts being written off. An IVA will however require you to make a commitment of around five years. If the IVA fails in this time then most likely you will be made bankrupt.

5) Bankruptcy. Offers a guarantee that your debts will be cleared but will likely lose any valubale assets that you have.

The best thing to do is to speak to one or more professional debt advisors. There are many that will provide advice for free. You should do this before you commit to any single course of action.

By: pollywallydoodle

pollywallydoodle — Wed, 06 Jan 2010 16:53:52 +0000

Fluff
Get some help, as suggested try cccs or talk to a good insolvency practioner who will give you good advice as to the best thing to do and all options. Dont try to consolidate it just makes it worse.
I dont entirely agree with montgomery, some do learn, but just the hard way.
If you want to deal with this you have to be comitted to making an end to it all. No more credit.
Options an iva, look it up, pay a reasonable amount for five years the rest written off. creditor protection.
Bankrupcy all written off but may have to make payments for three years, car worth over 3000 will have to downgrade if you own property will lose it. Can affect some jobs so check your contract. creditor protection.
Dmp debt management negotiate with creditors to make lower payments, but can take years to pay off. creditors can still chase you or change their mind at any time.
Think carefully in any of these you will damage your credit rating, but if its what you really want that wont matter.
I hope you get sorted. All the best.

By: happy chappy

happy chappy — Mon, 04 Jan 2010 20:57:16 +0000

it took me 7 years to clear my credit card debt. after so long I thought I`d never finish it but when the final payment was over the feeling of relief was so great I had a bottle of wine. it`s not the debt that’s worse it`s the interest so don`t borrow any thing just keep payments up and it sorts itself out eventually

By: micky b

micky b — Sun, 03 Jan 2010 17:21:53 +0000

Hi.
This site is well recommended for consolidation loans, Free debt management advice and loans :

By: Montgomery B

Montgomery B — Fri, 01 Jan 2010 05:15:19 +0000

Having been a finance broker for several years, now retired, I cannot count how many people say, as you have done, that you will not make the same mistake again.
In my experience, anyone who wants money will say and do anything to get it with no thought to the consequences – until it`s pay-back time, then they realise they are in the ess aich eye tee once again.
Your best bet would be to go bankrupt.
In my experience, you will never learn. When you want money, you will do as I forecast, do and say anything to get it. Then you spend it, then the halcyon days are over and off we go again!
Good luck – you`ll need it.

By: creative_brush

creative_brush — Tue, 29 Dec 2009 10:05:30 +0000

It is important that you start by looking at your debt situation as a whole.
There is no point making arrangements to pay one of your creditors without dealing with all the other debts you have too
.
I would suggest you start by working out a personal budget.
This should list your monthly income from all sources and the ordinary essential monthly outgoings you need to pay to keep the roof over your head.
These include mortgage or rent, fuel, council tax, water, telephone, TV licence, insurance, housekeeping, clothes, travel,etc

National Debtline (0808 808 4000): Free confidential helpline to those in debt
Consumer Credit Counselling Service (0800 1381111): The service offers free advice and information to those affected by debt.

Best of luck in these trouble times, trust me you can get your life back