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I owe £5,500 on my Abbey Card....PLEASE help
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curlyboy
Posts: 255 Forumite
in Credit cards
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Do you have a good credit rating? What is your income?Gone ... or have I?0
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MBNA cards have very low monthly minimum payments. Moving elsewhere could mean 2-3% minimum payments...£110 - £165 on your £5.5K debt. Would that be a problem? And if not, why aren't you paying £165 now?
Check out this table, which lists the best BT cards, along with provider names (avoid MBNA run cards) and minimum payment percentages...
http://www.stoozing.com/0fees.php0 -
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What If i apply for a second credit card, transfer the 2 overdrawn balances to a new card at 0% at least the debt is not increasing on that ??and close those 2 accounts ????0
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ok you need to do a proper soa to look at your outgoings and income .. you need to be paying as much as possible towards that credit card debt. (way more than £100 in total)
You also need to look at your current account overdrafts as they may be a high rate. Also check you are regularly putting money into both accounts otherwise they might suddenly chose to remove your overdrafts!
You've costed your brother's debt at 19% I think from working it out - so if you can possibly shift that debt and your other debts to a cheaper rate you will pay both pay off much faster .. maybe look at doing a balance transfer to another card with a low rate until the balance is paid off ?? Just don't then use this new card for purchases or cash advances!
All the best in paying it off quickly...Indecision is the key to flexibility
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to answer your overdrafts question, not many cards allow you to transfer money to current account, normally they are just credit card to credit card
I think there might be one or two that allow this. .. others will be able to adviseIndecision is the key to flexibility0 -
You need to reduce the highest APR debt first, and that's unlikely to be the current accounts? In any case, you'll need an SBT card to shift overdraft debt. SBT cards are denoted by a red marker on the table in the link I provided above.
Some general comments:
Is someone sharing the mortgage with you? And do they have a decent income/credit rating? If not, then to be honest, you may have some 'affordability' issues when the next lender credit scores you. Your income (after tax) is around £15K(?). They'll assess you on £7K for the mortgage, £2K on the credit card debt (based on 3% mins), £1K on Council Tax, and an amount for utilities and other essential spending. There isn't an awful lot left is there?
You need to get your credit file in tip-top shape before applying for another card. That means getting rid of excessive available credit...but not too much because that could mean you're seen as struggling if your used credit is anywhere near your available credit. On that point, what are the limits on the credit card and two current account overdrafts?
There may be another problem looming. If you're not using the two overdrawn current accounts (ie they're not seeing 'reasonable' monthly credits), then those facilities could be withdrawn at short notice because overdrafts are generally repayable on demand.
Maybe the debt-free wannabe board would be a good place to look for general advice on your situation?0 -
my missus lives with me i pay the mortgage and c/c bill shes pays everything else, I pay an amount in to those overdrawn accounts when I can.does that mean they can remove the overdraft and then I have to pay it there and then ????? Christ i would be stuck can I call them and tell them straight imstruggling to pay off the overdrafts ????...Also in feb 2011 ( i know its 2 years away I have around £5k in shares to come out possibly more ) cant come soon enough0
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Not sure, having never been in that situation, but maybe there's a managed loan alternative.does that mean they can remove the overdraft and then I have to pay it there and then ?????
No!!!! Don't do anything like that. Just keep routing some money through there each month and sit tight.Christ i would be stuck can I call them and tell them straight imstruggling to pay off the overdrafts ????
Could you get at this, or some of it, earlier if needs must?...Also in feb 2011 ( i know its 2 years away I have around £5k in shares to come out possibly more ) cant come soon enough0 -
my account that my wages go into I have £1300, in credit with a £1500 overdraft im tempted to pay of £1500 of the credit card i get paid in 3 weeks again so it wont be do bad...or shall i pay off the two overdrawn current accounts and then close them my missus can give me £300....shares wise i cannot tpuch them until feb 20111 ( tesco I work for them ) my missus also has £3k coming out in 2001 so a total of £8k in 2 years.....so I suppose I have to see it through, we dont have any children that cpuld change in a years time... thanks for your help anyway its a great web site...:):confused:0
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