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Whoosh
Guest
Hello all, looking for some advice, hoping you can help.
I owe E4,500 on one credit card (due to be paid in the middle of September) and E6,000 on a second (payment due in about a month). I also owe another E6,000 on the second card after transferring the balance from the first cc this week - that payment is due in six months.
Before you say it: I know, I'm a COMPLETE AND TOTAL idiot. Both cards are ripped in two now, honestly, you don't need to tell me how grim this is.
I will be able to clear most, probably all, of the E4,500 next month and should manage a minimum payment on the E6,000 but, obviously, the interest will be nasty on the remainder.
In other words: I'm in a mess.
But, for now, my chief concern is that E6,000 due next month.
I intend talking to MABS to get some advice (tomorrow – I have the number in front of me!), I know from reading these boards they’re the best source of help and advice in a mess like this, but I was hoping I could ask you kind people for some too.
I earn between E3,000 and E3,500 (after tax) each month, with about E2,000 (never more) going on my mortgage and other bills - ie I have about E1,000 left over.
Until now I've been fine, never missed a loan repayment, always cleared cc bills on time, etc. I had never been in debt in my life until the last couple of months, to say I'm having nightmares would be putting it mildly. It’s actually making me physically ill – I’m only telling you that to make you understand how seriously I’m taking it and how determined I am to put it right.
My current situation has been caused by 'exceptional' circumstances beyond my control (I’m being 100% honest, crisis = panic = loss of all financial sense), no crazy carefree spending - those circumstances are gone and now I want to try, whatever it takes, to get back to normal. The drastic cost-cutting has already begun.
I bought a house about 18 months go, paid 282,000, it's now worth 420,000 - but I'm not sure that's relevant to all of this….unless it’s repossessed, God forbid.
Has any kind soul out there some constructive advice (other than telling me what I already know, ie I’ve been an idiot)?
What options have I, if any?
Having already signed up for a second cc and having done a balance transfer is it unlikely that a 3rd cc company would take me on (ie to transfer that E6,000, that’s due next month, for six months breathing space)?
Have I any hope of topping up my mortgage when I’m only 18 months in to it? I know it’s probably a nutty option, eg spreading a loan for, say, E12,000 over 25 years, but I’d happily take that option if available to me just to get me back on an even keel.
Any helpful advice at all would be very, very gratefully received.
Thanks.