hi,
having problems paying my credit cards,i am now using them to pay eachother,i have a mortgage and a secured loan and pay csa which i can afford,but my credit cards have got out of control and can not pay them off,already owe about £15000,i have endured a loss of 33% in pay cuts and have to use my cards to live and pay the minimun balance,is there anyway out of this mess???
When you realise that you are using more debt to fund the repayments on old debt it is time to take stock of your finances.
I would suggest that you arrange to have a chat with an insolvency practitioner to see what options there are available to you.
Do you have any equity in your property? And if you are paying a repayment mortgage, have you considered reverting to interest only to free up some more money on a monthly basis for your unsecured creditors?
Visit www.iva.com and see reviews on practitioners and select one or two to have a chat with. Good luck, their advice will be appropriate and free!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
