depressed

[Deleted User]

Personally i think this thread should be moved to the DFW board.

Unfortunatly banks introduced cards at 0% to get people to build up a balance, now that promo deal has finished they increase the rates. Usually they advertise a Typical xx% APR, the interest they will charge you is based on risk, in your situation OP, £19k seems a high enough risk, though i dont know many other details, but that would warrant a high APR.

If you were to default and suddenly stop paying (as discussed before;) ) the debt would be sold on, 7 months of interest charges would cover the losses made by selling the debt at a reduced amount.

I would have to agree you have failed to plan ahead with your finances which leaves you a problem, but get an extra job/sell stuff on ebay etc etc for more cash and get it paid off asap.

Good Luck

IcklePickle_2

Cat695 wrote: »

telling someone your feeling sorry for them may make them feel better for a while....but pointing out the mistake so they can learn from it will be far more beneficial...will it not??

Yes, but you could be 'straight to the point' and then explain WHY you are being blunt with her, because you've been there yourself and you don't want her to make the same mistake.

You didn't say you felt sorry for her, you just gave her the facts. The OP seemed quite distressed and a bit panicky, so I just thought it would have been better to go gently with her.

I've been caught out too and it sucks. :mad: at myself and the financial institutions who raked in the profits from risky lending for so long and now are complaining about risk. :rolleyes:

Cat695

shelovestobuystuff wrote: »

We are just looking into some strange entries in the credit report i got today,i.e 3 second mortgages which we dont have,then we may be able to get a better deal.I guess the rate has zoomed up because they think we have tons of debt which we dont.

It might be worth ringing them up and getting more info on this before going to the bank

Have you ever had 2nd mortgages before??? as they do stay on your file for a certain amount of time but should show as settled??

Cat695

IcklePickle wrote: »

Yes, but you could be 'straight to the point' and then explain WHY you are being blunt with her, because you've been there yourself and you don't want her to make the same mistake.

You didn't say you felt sorry for her, you just gave her the facts. The OP seemed quite distressed and a bit panicky, so I just thought it would have been better to go gently with her.

I've been caught out too and it sucks. :mad: at myself and the financial institutions who raked in the profits from risky lending for so long and now are complaining about risk. :rolleyes:

I wasn't directing it to the OP though if you actually read my first comment I was directing it to what stebiz said and NOT the OP

Sadly the OP has just been caught out like many others with the one sided T&C that are allowed

shelovestobuystuff

NickX wrote: »

Yeah but its a dirty trick to advertise a card with a Standard Variable Rate of 15.9%, then as soon as the promotional period expires impose a rate of 34.9%. Very sneaky IMO :mad:

It is sneaky,yes.These cards were not new promo cards but ones hubbyb had used for about 8 years previouls without any problem and has always been able to keep the rates down under 9% ish.He really though that when the 0% ended he would revert back to his standard rate as it was before the 0%.Anyway once we get these anomolies on his credit report cleared up it shpuld be okay again.

To answer a previous question question salary is £27k before taxes and his total debts are £64K left to go on the mortgage and 19K credit card debt between 2 cards.Most of the c c debt has been to try to save our ramshackle old house from falling down,a boiler and pipes etc cost 2k,front of roof retiled 6k,a floor collapsed 5k so far and still dont have a proper bathroom after 2 years.It soon adds up.We dont overspend,we never go out,dont drink or smoke and now spend very little on groceries.Any cash left at the end of the month gets thrown at the cards.I dont have any debt and throw anything I have at his cards too.

stebiz

Cat695 wrote: »

I wasn't directing it to the OP though if you actually read my first comment I was directing it to what stebiz said and NOT the OP

Sadly the OP has just been caught out like many others with the one sided T&C that are allowed

I too read T&C'S.There was a time I didn't - about 9 years ago and I got stung badly. I have defended 8 court cases since and won all - so I am quite knowledgable on the legal side of things. That is 40k written off.

Overdraft T&C's often say that they can be pulled with 28 days notice - but many have overdrafts.

A typical CC say APR's are variable but it doesn't say the chances are we'll double or treble them in less than 12 months.

Have a heart!

shelovestobuystuff

These cards had been used before for short 0% terms then a low rate afterwards.He had moved his debt about between his cards to keep them low with bt rates and had no reason to think he wouldnt be able to do the same again.Variable artes have never worried us before as they have never varied this much.Now he cant even find a fixed rate loan to pay the cc,s off.I am still panicking a bit but now that I have spotetd theres wrong information on the credit report I am very hopefull that we will get this sorted.I just want this debt cleared as quickly as possible as its far too worrying to be at the mercy of the card companies re interest rates.

shelovestobuystuff

Cat695 wrote: »

It might be worth ringing them up and getting more info on this before going to the bank

Have you ever had 2nd mortgages before??? as they do stay on your file for a certain amount of time but should show as settled??

we have never even applied for a second mortagge but there are 2 showing as settled and one active.The active second mortgage has 23K outstanding and that must be why the interest rates have shot up,the companies think we have an extra 23k of debt which we dont have at all.Its all been paid by someone I guess,on time,which is why we never knew about it before now.

johnllew

Salary =£27k. CC debt = £19k. Spend on Wedding = £6k. Amazing.

shelovestobuystuff

johnllew wrote: »

Salary =£27k. CC debt = £19k. Spend on Wedding = £6k. Amazing.

In what way?A cheap wedding?
I am not married yet.I had just paid the remainder of the venue hire and the deposits for the musicians etc a couple of days ago and hubby2b told me last night that his cc rate had shot up and he was struggling to move the debt anywhere or cheaper or get a loan.
The wedding has all been paid for with extra money I have made on ebay etc and we were doing fine until the cc company upped the interest rate to 34.9%.