I owe on Mortgage, also have a credit card. Handy for emergencies. Also use it for purchasing holiday ect. Also have a next account. Try and pay them all back in full each month.
Stepchange are fantastic. I called them once when I thought I couldn’t manage after a break up. They were so professional, understanding and kind, and extremely straight forward to use as a service. They are an asset to this country, and I’m so glad they exist.If you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.
They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.
The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)
They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
If the amount owing is say £200 then on a balance transfer to a 0% credit card the one off payment is usually 3% so you would pay £60. Just work out what interest you are paying now monthly to see if it is worthwhile.I’ve got a few hundred pounds on a credit card but I’m just wondering whether to transfer it to a 0% interest one as I want it paid off ASAP? Does anyone know how this works? I’m new to all this and had to use a credit card as a last resort in an emergency but I’m scared of even having it!! I pay £80 each month but obviously then interest is added. Is it worth transferring it?
Fairly normalLong time lurker first time poster here. Interested in people’s replies on this topic to see if my situation is normal. I’m 33, single mum to 16 year old since the age of 18. I have 2 credit cards (around £2000 each) very account of £750 and a £250 overdraft. Rented home and two jobs. Trying really heard to pay it off but there’s always something.
THISIf you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.
They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.
The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)
They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
Whilst it doesn't necessarily go 'against' you, debt will always impact on your affordability when applying for a mortgage. Some lenders, even if you have credit cards with zero balances, will take the credit limits into account in their affordability calculations - the reasoning being they could approve the mortgage then you could go and run up those credit limits the next day.Age 33
Overdraft £1100
Credit cards £7300
Car finance £15700
no mortgage BUT got £23000 in saving for house deposit and currently being processed for a mortgage of £360k
so not all debt is against you
Credit to step change they helped me out of debt too. Also Martin Lewis budget planner really helpedIf you are struggling and have the 'fear' e.g scared of the phone, the postman, any knock at the door then i urge you to seek help. I remember the day i phoned Stepchange (charity - dont have to pay them) as i was in such a mess and terrified. I was humilated and ashamed and cried on the phone with them for over an hour. I had become a single parent and the money had not gone on luxuries but just living but i had gotten to a point that i couldnt meet even the minimum payments.
They were brilliant. They go through your budget realistically and then take over and in many cases get the creditors to freeze the interest. Yes you won't be able to get credit for at least 6 years ( i think) but the payments you agree with them are also realistic. You pay your direct debit to them and then they pay your creditors. You can change it as your circumstances change and you will have an annual review.
The night i did it was the first time i slept in about 7 years. I have now been on it about 8 years and the end is in sight. I had to learn to buy what we needed and not what I wanted and it was HARD but I will never allow myself to have credit again, even if i can/could get it as i know myself and know it is too much of a temptation and i cannot manage it. (no matter how much i may think that i can)
They will talk you through the best solution and for me it was a Debt Management plan rather than IVA, bancruptcy etc. Make sure you go via a charity though and not one of the debt solutions that charge you. Stepchange was the only charity one at the time and was backed by the goverment. I am not sure if there are others.
My uncle’s a mortgage advisor and the amount of people he has to turn away because someone doesn’t admit to their partners etc. they are in serious debt is really highWhilst it doesn't necessarily go 'against' you, debt will always impact on your affordability when applying for a mortgage. Some lenders, even if you have credit cards with zero balances, will take the credit limits into account in their affordability calculations - the reasoning being they could approve the mortgage then you could go and run up those credit limits the next day.
Yep, I worked for a mortgage broker for ten years and one of our advisors had to go out early to an appointment after the husband called him to meet with him before his wife got there. He'd actually fathered a seven year child during a one night stand (before he met her) that his wife had no idea about. He had no contact with the child but he always hid his wageslips as the CSA were deducting their payments at source but obviously he had to come clean to our advisor. It absolutely crippled their affordability and they couldn't get a mortgage. Oh to be a fly on the wall as that one played out. I wonder if they are still marriedMy uncle’s a mortgage advisor and the amount of people he has to turn away because someone doesn’t admit to their partners etc. they are in serious debt is really high