Newbie says Hello ...

[CHF]

Hi everyone,

after numerous searches, I landed on this website and feel that I can get the assistance and advice that I need in order to sort out credit card debts that I accumulated with RBS, Santander and Barclays (ex-Egg card).

Could someone point me to the correct section of this forum to post my questions ?


many tanks

[Johnboy007]

Re: Newbie says Hello ...

Welcome CHF, fire away with your questions and someone will direct you

[CHF]

Re: Newbie says Hello ...

OK, here is the story ... Over the years I opened a number of 0% interest free card and they have now all expired leaving me to pay interest on a combined £15k.

To made it worth, I was made redundant in January 2013 and only back into employment in April 2014.


In the meantime, I left the UK with my family last summer after selling our house to find work abroad. I managed to keep up with credit card repayment with the proceedings of the house we sold that also allowed us to live without receiving any unemployment benefit since we left the UK for continental Europe.

money has now ran out and my current salary is not enough to care for my family ( I have 4 children) and keep paying my credit card interest.

I believe I have ethics and do not want to simply default on my payments but simply cannot afford them any more and don't know how to deal with the next steps. Should I contact my credit card issuers and inform them of my situation? I am dreading the outcome and consequences ....

any advice ice or ideas how to proceed ?

many thanks

[Johnboy007]

Re: Newbie says Hello ...

Caring for your family comes first, before any credit card or other debts.
Ethics doesn't put a roof over your head, nor does it put food in your children's bellies.
I am not sure of the position of being able to chase you for debts, if you no longer live in England.
But I'm pretty sure that one of the more knowledgeable members on LB will be able to tell you.
If I was in your position, I would work out what I needed to live on.
If I had any money left, I would then write to the credit card companies, offering whatever I decided I could afford.
If they didn't like it, then tough. So come chase me on the continent for your dough.
Good luck mate, and look after your family first and foremost.

[CHF]

Re: Newbie says Hello ...

Caring for your family comes first, before any credit card or other debts.
Ethics doesn't put a roof over your head, nor does it put food in your children's bellies.
I am not sure of the position of being able to chase you for debts, if you no longer live in England.
But I'm pretty sure that one of the more knowledgeable members on LB will be able to tell you.
If I was in your position, I would work out what I needed to live on.
If I had any money left, I would then write to the credit card companies, offering whatever I decided I could afford.
If they didn't like it, then tough. So come chase me on the continent for your dough.
Good luck mate, and look after your family first and foremost.

Thanks John, agree with your priorities and necessities. The question is, do I notify them or just cancel my direct debits ?

[Johnboy007]

Re: Newbie says Hello ...

Thanks John, agree with your priorities and necessities. The question is, do I notify them or just cancel my direct debits ?

As a gesture of good will:tinysmile_twink_t2:, I would notify them on the same day I cancelled the direct debits.
But do make sure they have been cancelled first..........
Good luck mate..

[CHF]

Re: Newbie says Hello ...

As a gesture of good will:tinysmile_twink_t2:, I would notify them on the same day I cancelled the direct debits.
But do make sure they have been cancelled first..........
Good luck mate..

Anyone else ?

[Amethyst]

Re: Newbie says Hello ...

I was reading a useful blog post by [MENTION=48934]Debt Camel[/MENTION]; yesterday about snowballing which you may find of interest, though I don't know if your circumstances allow and it sounds like you are already making minimum payments on all three cards?...., but if you'd rather avoid defaulted debt and keep up with obligations then it could be worth a shot before anything more drastic such as entering a dmp. I'll find the link.

Another option of course is consolidating the cards into a loan, or transferring the balance to new %0 rate cards... but really I'd prefer the DMP, freeze interest and set repayments way of doing things so you know where you stand month to month.

[wales01man]

Re: Newbie says Hello ...

AS JB says family first if you cannot pay cancel DDs and wait for them to contact you you may then be able to make arrangements to pay.
You always have your family they come FIRST

[MissFM]

Re: Newbie says Hello ...

I was reading a useful blog post by Debt Camel yesterday about snowballing which you may find of interest, though I don't know if your circumstances allow and it sounds like you are already making minimum payments on all three cards?...., but if you'd rather avoid defaulted debt and keep up with obligations then it could be worth a shot before anything more drastic such as entering a dmp. I'll find the link.

Another option of course is consolidating the cards into a loan, or transferring the balance to new %0 rate cards... but really I'd prefer the DMP, freeze interest and set repayments way of doing things so you know where you stand month to month.

http://debtcamel.co.uk/debt-options/snowball/ This one? :tinysmile_kiss_t4: x

[Amethyst]

Re: Newbie says Hello ...

Here's the link to Debt Camels blog post I mentioned http://debtcamel.co.uk/debt-options/snowball/

"Snowballing debts pays them off faster and faster each month – just like a snowball that gets larger as it rolls down hill, picking up more snow.. To snowball you must to be able to pay at least the monthly minimum amounts each month - if you can’t, you need to look at your other debt options.
If you only pay the minimum amounts most of your money goes towards interest and not much towards repaying the debt. So the monthly payments reduce a little bit each month but it takes a long while to clear the debt. You will still be paying for that baby buggy bought with a credit card when your child has left uni!
With snowballing you pay the same each month – or more when you can manage it – so you do NOT let your payments fall as your balances decrease. This means you are overpaying your debts by more every month, so the amount paid off gets larger, the interest gets smaller and your debts start to drop faster and faster.''

[Amethyst]

Re: Newbie says Hello ...

http://debtcamel.co.uk/debt-options/snowball/ This one? :tinysmile_kiss_t4: x

Lol, you're too quick for me !!