I owe 103,000 on credit cards?

for the last 4 years I have been paying around 1 pound per month too each credit card company, but the last 4 months nothing.

All I get is the same old letter demanding money, what will happen next? I have no assets what so ever and now earn minimum wage with 2 kids.

I owe 103,000 on credit cards?

Declare yourself bankrupt

I owe 103,000 on credit cards?

Unlucky! You need to get in touch with debtdirect.co.uk or another debt buster company, they can help sort this out.

Whatever you spend on the cards - you always need to pay it back - there is no way out. Remember this in future.

I owe 103,000 on credit cards?

go and get some debt advice (try citizens advice). the credit companies will never wipe the debt off for you. best to face the reality of it now before it gets worse.

I owe 103,000 on credit cards?

You need to take professional advice. Try the CAB.

I owe 103,000 on credit cards?

What the bloody HELL have you been buying??

Great example for your children, bozo....

I owe 103,000 on credit cards?

A court case and you will be told to pay as much as you can afford, probably work out you will be paying it for the rest of your life at the rate of about 鎷? or so a week.

I owe 103,000 on credit cards?

Option 1 - carry on paying 鎷? per month and eventually they will all take you to court and you can get a judgement for 鎷? per week. Only problems- it will take longer than your lifetime to reapy it and they may attach your wages (if you brought home 鎷?55 that means they would tak 鎷?2 from your wage for each creditor that attaches )

option 2 - wait until you get a massive pay rise and go back to making above minimum payments - it would still take you years

option 3 - if you think that at any time in the reasonable future (6 months ish) you will have a disposable income at the end of the month - go for an IVA, like they advertise on tv

option 4 - if you have no assets and little income and its likely to stay this way (and you rent your home) go bankrupt.

Go to CAB or CCCS they will explain this in detail and advise you which is best for you.

I owe 103,000 on credit cards?

Holy ****!

I owe 103,000 on credit cards?

You need an exit strategy and quick! Take legal advice, talk to those who know this subject or have been in your position.

A smart person can turn this around...........

I owe 103,000 on credit cards?

My husband owed a large amount of money (ex wife ripped him off) he went bankrupt was the best thing he did go to your local county court and speak with someone there they will advise you and you can decide if it%26#039;s the right way for you.

I owe 103,000 on credit cards?

You must have a credit agency in the UK that you can go and speak to.

They can call the credit card companies and usually get your interest rates lowered and work out a payment plan with the credit card companies.They may even be able to roll all your cards over into a loan so you are only paying one company instead of many.

You will still have to pay the debt but it will be more manageable and at least eventually it will be paid off.

They generally make you hand your cards over to them and destroy them and cancel them.DO NOT get any new cards and any extra money you receive,even as a gift,use it to pay down your debt.

You may even have to declare bankruptcy.You really need professional advice on this.

Good Luck...by the way,you might also consider getting some therapy to find out why you feel the need to spend.

It is an addiction in many cases...it somehow fills a need we feel we have.

I owe 103,000 on credit cards?

What the bloody HELL does this have to do with cars? Is that what you%26#039;ve been buying? Or are just running up a bill trying to keep an MG running?

I owe 103,000 on credit cards?

Looks like it%26#039;s the credit cards problem, not yours, you owe them the money, they cant make you pay anymore than you can afford, and if it did go to court the judge would be on your side, thats why credit cards companys never really want to take you to court,

But the credit card companys always try to frighten you with going to court.

I owe 103,000 on credit cards?

I have owed around 80000 for around 3yrs.You will get a million letters from debt collectors but if you have no assets

they are f**ked.If you live in england you can make yourself

bankrupt I live in scotland and I have to wait until they take me to court.Which they wont.They will play the waiting game

as I have no assets either.

One very key thing change your phone number as they will

drive you bananas once debt agencies start phoning.Good

luck.

I owe 103,000 on credit cards?

damn get a business loan from the bank and start a company hopefully it will be sucessfull

I owe 103,000 on credit cards?

I have to say spartacus--a SMART person would not have gotten into this mess in the first place, not by this amount at least!! %26#039;If you can%26#039;t afford it--don%26#039;t buy it %26#039;til you can afford it%26#039; is a wise maxim from the %26#039;50%26#039;s/60%26#039;s--and still it holds true today.

I owe 103,000 on credit cards?

Have to say its a bit of a surprize to owe that amount of money and still have no assets The least i would expect is a ferarri tucked away I think its more the credit card company than yours,they must have kept upping your credit even on non payment.They really do want taking to task for this as its only short term happiness Still best of luck and try to keep your chin up,at least public hanging is now an offence Be lucky

I owe 103,000 on credit cards?

You were doing the smart thing by sending something every month. As a general rule in most industrialized countries, if the creditor accepts the token payment, they can take no further action, at least for that month; you%26#039;ve put yourself in an awkward situation by not sending in at least a token payment.

Send in something, anything, every month; it may keep you out of court. In the meantime cut up the credit cards, and seek credit counselling, perhaps to lower the payments to something you can afford; or seek bankruptcy protection, so you won%26#039;t lose your home.

And if you continue to use your kids as a defense against paying your debts you can lose custody of them. Not a smart thing to do.

I owe 103,000 on credit cards?

Sheesh, puts my bills into the small bracket!

Get yourself declared bankrupt, seek advice before your home, furniture, etc are placed into an auction for non payment!

I owe 103,000 on credit cards?

serves you right i hope you get all your possesions took of you didnt you realise you have to pay it back

I owe 103,000 on credit cards?

鎷?03K debt and no assets? Are you sure? How on earth has the bank ever let you build up a credit bill that high?

If you really and truly have no assets (car, house, mortgage) then you really need to be thinking about bankruptcy. If you don%26#039;t have it, then they can%26#039;t take it. The only reason to carry on paying a token amount each month would be to safeguard your house and keep the wolves from the door, and frankly, even if they did take your house, the local council would be obilged to provide you with accomodation, so it%26#039;s not like you%26#039;d be out on the streets, and bankruptcy these days only lasts a year.

Even so, the judge will want to know exactly how you%26#039;ve managed to blow 鎷?03K and have nothing to show for it before he stamps that little piece of paper. I would try and dcelare bankruptcy now, before your creditors do it for you. It%26#039;s really not worth worrying about. Bankruptcy is not the stigma it once was.

I owe 103,000 on credit cards?

Australia comes to mind.

I owe 103,000 on credit cards?

have a read of the GET OUT OF DEBT section on The Motley Fool website (the best site on the internet for these matters)

http://www.fool.co.uk/get-out-of-debt/ge...