Help needed with lloyds credit card debt etc.....

[hirsty07]

Hi,

 

I am searching for help concerning my credit card debt.

 

I have a credit card with Lloyds where the interest they are charging is £300 per month. I have other debt with a car loan, and Next store card.

 

My monthly outgoings for debt is £700 ( not including the mortgage payments and utility bills) , which really is becoming unmanagable .

 

I have tried to get a loan/transfer my balance across to reduce my monthly payments and to reduce my debt, but I am rejected due to my "credit history".

 

I am registered with Experian and having looked today it looks fine (all satisfactory,no late charges etc), but as my husband is still on a debt management programme from 2007, I think it is because I am linked to him.

 

I spoke with Citizens advise today who put me in touch with a company and they advised that I go down an IVA route. I really dont want to go down the same route as my husband. We have been trying to sell the house for over a year ,to release some equity to pay off the debt.

 

I would prefer not to go into bad debt, but I guess I already am if no-one is willing to lend me anything for me to reduce my debt and get a better interest rate etc.

 

I have also spoken with my credit card company, who are willing to agree to an "arrangement with them" to pay 5.9% and no charges will be added onto the account and the card will no longer be in use.

 

I am asking for advise as i am totally confused at which road to go down.

 

- Do i continue to pay massive interest each month until we sell the house ?

( which looks highly unlikely if the last 12 months is anything to go by , as we have already lowered the asking price by 20k )

 

- Do I go down the IVA route ?

 

- Do I come to an agreement with my credit card company ....?

 

 

I am sorry it all seems a bit long winded but i have tried the best to explain the situation i am in.

 

Any advice on which way to turn will be greatly appriciated.

 

Thanks.

[dx100uk]

firstly you need to investigate late/over/cat died fees all are unlawful

 

and PPI?

 

get reclaiming.....

 

dx

[hirsty07]

Hi Dx100uk,

 

I have already recieved my signed CCA agreement which i followed up at an earlier time.

 

To my knowledge i havent had any late fees etc.....

 

 

So any further avice would be greatly appriciated.

 

thanks again.

[fernack]

Hi - if you can't reclaim anything you would probably be better off doing the arrangement with the credit card company - this will affect (effect?) your credit rating but at least you wont continue getting hit with massive interest charges and so have some hope of paying it off. Make sure you agree an affordable amount though. Am sure someone with more knowledge than me will be along to help, but I am also in this situation and it's a great relief knowing that the debt is actually reducing and not growing month on month.

Good luck, kind regards, A