Need help with my credit card debt

[sssg4]

I am considering consolidating all my credit cards as am struggling to keep up payments. I gave up a job in London to study an alternative career, which has meant taking a large pay cut until I am employed in my new career.

In tha past I have transferred credit card payments to new cards which are interest free but I can no longer obtain these as I do not earn enough and have probably done it too many times.

I really need to get this sorted out as it is getting me down and am never going to get it sorted out until I take action. I did apply for a loan in the past for consolidating my credit cards but it got rejected.

Any advice would be very welcome. I want to approavh a company that are interested in helping me rather than making money from me!

[Kathyan]

Contact CCCS or Payplan or your local Citizens Advice Bureau. They will offer help free of charge/

[bednobs]

there arent any companies thatare interested in helping you rather than making money - after all, this is what companies are in existance for: to make money!

[shomer42]

CCCS have a good reputation, but they will make money out of you. It may be worth a call though.

What is the level of your unsecured debt? Do you have any assets?

If you have no assets I recommend you write to the credit card companies and advise them you currently have a lower wage and cannot afford to pay them, ask them to freeze the interest and then work out what you can afford to pay each one monthly and stick to it.

[sssg4]

Does writing to the banks really work? Sounds like a long shot. Does anyone have experience of this working? I have called the CCCS and have made an appointment to have an interview with one of their counsellors so hopefully they will be able to help.

If I can help myself though by contacting the credit card companies myself then all the better.

Thanks for your help.

[horselady]

Yes it does work as long as you stick to the arrangement. Lloyds and Barclaycard were really good when my son had problems for a while. They froze the interest and accepted a reduced payment. Obviously you cannot use the cards.

[sssg4]

Does anyone know where I can find a good termplate letter for thispurpose?

[horselady]

My son just wrote a simple letter saying he had some difficulties and asked if they could help in any way. The companies then sent a form which asked for a breadown of income and expenditure which he completed and returned. He had to say what he felt he could afford. Within about 10 days, they wrote back saying they would accept a certain payment for 6 months and stop interest and reminded him he must stick to the arrangement or it would cease immediately.
It certainly helped, it was amazing how quickly that debt cleared without interest!

[sssg4]

I have now written letters to all of the credit card companies and it seems that they are willing to help but are also very clear in stating the adverse affect that the repayment plan will have upon my credit rating/history. With being a non home owner is it going to be wiser to accept the damage to my credit rating by addresing my debt in this way or should I try and resolve the situation myself (i.e. waiting until I am able to take out a loan to consolidate). However, I am not sure when this will be as I have been in a temporary contract which is soon to end.

Thanks