Any advice would be good. I have 3 credit cards, each with about 5k, paying min payments 0% interest.I move them around every now and again, i do not use them anymore. The problem is, i am leaving myself with zero money each month.
Do i go into IVA? Will this help the cash flow?
Or should i consolidate this altogether?
Or is there another option anybody has used?
Originally posted by muty90
LOL the OP says they are being left with zero money each month and responders say pay more LOL
In a word or rather an abbreviation, DMP. Try Stepchange. The DMP manager will calculated how much you can afford after allowing for living expenses. They should then contact your creditors and try to avoid defaults on your credit history.
The problem with a DMP is that as I said it has an effect on your credit history and may even affect your standing with your bank and lead to the closure of your bank account. Probably needless to say that you will also find it difficult to get credit but in your case that’s not really a bad thing.
The alternative is as stated above: Pay more off your debts, get an extra job, work more hours, get a different job that pays more, cut outgoings, eat spaghetti rings instead of steak …