sorry if this is very complicated
I have around £14k of debt spread across several credit cards/ store cards and family loans. Some with a high interest rate. I’ve been juggling repayments ( perfect payment history so far) but it’s becoming unmanageable and as I’m using 55% of my available credit it’s affecting my credit score. I’ve only managed repayments (£340 pm) due to low monthly fixed payments when issued. I cannot pay any more than this amount as I have zero access to further money.
This debt was run up over a few years of horrific MH and alcoholism and so I have nothing to show for it and won’t even pretend it was for essentials. Just poor MH and addiction and I’m now receiving lots of help for that element from various services and have stopped drinking and spending ( sober and spend free for 7 months on Friday) . I’m in a terrible relationship with DV etc and I’m also receiving help on that front but currently it’s safer if he doesn’t know until I’m moved. There are joint accounts so I cannot DMP / IVA etc at this time but it an option for the future.
In the meantime I’m wondering if if would improve my credit score and lower my repayments if all the debt was moved to a single 0% interest CC? Or would a high amount on one card be more expensive monthly?
I am no longer spending on any cards so am not concerned about using the new card it will be binned as it arrived ( same as others!). I just am trying to reduce my monthly payments and interest so I can continue to build my leaving fund discreetly without impacting on my credit file for when I leave.
I have an appointment with the CAB via my domestic abuse charity next week but wanted to have an idea of options to discuss as the charity is small and sometimes their support is understandably limited. I know I can’t dictate what people say but please don’t just insist I leave immediately and apply for DMP that element has been discussed with Stepchange previously but I need to be safe and so if answers could please just be about the question above I’d be so grateful - it’s taken a lot for me to post here and I’m working to been back safe down south with family by Christmas.
thanks again