Hello.

At the moment i have five credit cards totaling £7500.

most are balance transfer cards and some are coming to the end of the offer.

oldest card is about 3 years. (MBNA)

i am finding it difficult to keep up payments (not currently working) with the cards and usually end up robbing peter to pay paul.

i have a disposable income of £80 a month and at the moment card payments total £110 which will rise after christmas due to interest being added on mbna card

MBNA i owe £4000. currently pay £45.

i also have another mbna card with a 0 balance

what i would like help with is,

would i be better off using my other mbna card to clear the other £3500 debt and just then deal with mbna?

instead of multiple agencies. ?

don't want to fall behind with payments but i dont know what else i can do

thank you

Hi bluebells and welcome to CAG

If you could list the 5 cards here...by name ..balance and age of agreement and interest rates if possible..then we can advise further.

Regards

Andy

Hi bluebells and welcome to CAG

 

If you could list the 5 cards here...by name ..balance and age of agreement and interest rates if possible..then we can advise further.

 

Regards

 

Andy

Hi Andy

Thanks for the reply

The cards i have are by age, oldest 3 years mbna £4000 21.5 % after Xmas

AQUA £300 26.9 % atm

BOS £1400 0% atm

Barclay C £1200 21.5% atm

Halifax £900 0% atm

Owe bit more than thought. Halifax is the most recent and others had about 1.5 to 2 years. Applied for all online.

Thank you.

Hi Andy

Thanks for the reply

The cards i have are by age, oldest 3 years mbna £4000 21.5 % after Xmas

AQUA £300 26.9 % atm

BOS £1400 0% atm

Barclay C £1200 21.5% atm

Halifax £900 0% atm

 

Owe bit more than thought. Halifax is the most recent and others had about 1.5 to 2 years. Applied for all online.

Thank you.

Anyone?

Hi

Just a thought- do you own property or have any assets

It may be that a Debt Relief Order would be a way forward although this is a major step and is a light version of bankruptcy . It would though give you a clean start after 12 months but would remain on your credit file for 6 years

If that is a possibility you may want to give national debt line a call https://www.nationaldebtline.org/

No, i don't own property or have assets. looks like i'll just have to pay them what i can afford. thanks

Hi

Well a DRO would clear it all but you need to talk about it with an expert

Hi

 

Well a DRO would clear it all but you need to talk about it with an expert

I'll look into. Thanks for the information.

you'll get ripped off going down dro

deal directly with each creditor.

ask them to freeze int/charges and accept a reduced payment.

there are letters in the debt collection forum of the library

dx

you'll get ripped off going down dro

deal directly with each creditor.

 

ask them to freeze int/charges and accept a reduced payment.

 

there are letters in the debt collection forum of the library

 

dx

thanks for the reply. I have read up on DRO it sounds good but i would feel nervous about it .

my debts have gone up recently and so i sat down and went through everything yesterday and in fact i only have £36 a month to spare.

no wonder i have been struggling so much. i'm taking more money off the cards just to get by.

Ive had debt in the past and found them a real pain to deal with. also i worry that how am i going to spread out £36? especially MBNA owing 4k i have proof of income and out goings but i don't want to constantly receive demanding letters through the door.or get taken to court

i will look at the library letters. thanks DX

well OC's don't do court

but whatever way you go you'll always get scary letters

as long as the debts stay with the OC's

then they are not scary ones really as long as you enter into some meaningful arrangement with them.

now if the debts get sold on

all bets are off mind.

id never go down BK DRO or what ever for a small amount of consumer debt

simply not worth it