How can i pay off my £6K visa bill quicker with out destroying my credit score?

andysmithy

I currently pay an agreed amount of £165/month for my £6.9K visa debt, the credit facility has been removed from my account and it's a big strain on my monthly finances, how do i break free of these shackles with out having to pay over the odds for this visa balance over the next decade?

skintandscared_2

I'd guess your only options are to

1. Get a 0% card to transfer the balance to

2. Keep on paying what you are paying

3. See if your lender will freeze the interest for a while (which will wreck your credit rating) or

4. Review your monthly expenses, make cutbacks where you can (see debt free wannabe and old style forums) and throw every spare penny you have at this debt to pay it off as quickly as possible and incur less interest.

I think I read that just making the minimum payments can take about 27 years to pay a card off?

milliemonster

have a look at the up your income thread aswell to see if there are any additiional ways you can make some extra cash, I tend to do slicethepie and make approx an extra £50 a month from that which would be great to overpay your card and bring the repayment date forward

andysmithy

thanks for the info, looks like extra cash and paying it off, bankruptcy is out of the question.

brightonman123

you need to boost ££ available for instalments- account may end up being sold on as i am sure no one would want to wait that long to get repaid.

do you have any assets that can be sold? or shares? ISA etc?

a bit late (chilly?) for carboots, but some good money can be made from selling unwanted stuff- dvd's, music cd's, stuff left untouched for years, in the loft / spare room?

if you own a car- could you manage with a smaller one? (think of the petrol saved, too- try to walk locally instead.)

cut down on any entertainment- eating out, takeaways, booze etc- it all adds up!