Struggling to Pay Debt - Advice would be great!

vinerspans

Hi all, i've been reading thru the site and decided to post my circumstances hoping for some advice.

I'm a homeowner tied in with current mortgage for 2 more years. My problems are credit cards. I have a balance of £10,000 on a barclaycard (ouch) with a minimum payment of about £250.

My circumstances have changed over the last few months, wife had baby now only works parttime, i'm self employed and have lost some income etc, and we're really struggling to meet the B'Card payments, even min amount.

Is there any way of negotiating with them for a better deal, maybe dropping the interest rate and freezing the card?

Is there anything we could do? Thanks for reading :beer:

doodledo_2

Hi and welcome to the forum.

It is always worth contacting your credit card company to see if they can offer you an better deals. If you have a decent credit rating it may be worth looking into doing a balance transfer onto a 0% interest card or one with a lower APR. Although obviously making sure you close the other one down.

A good place on here to start is to post your SOA. This is basically a list of all your incomings, outgoings. http://www.makesenseofcards.com/soacalc.html

vinerspans

Thanks for the reply.

I have a decent rating but i can't get anywhere near the £10000 limit i would need to transfer it. I'll do a outgoings list tomorrow. Thanks