depressed

shelovestobuystuff

Grade_A_Reject wrote: »

Is there no way you could postpone the wedding and direct the £6k at the debt?

I know you say you've waited 18yrs but surely a little longer wouldn't hurt. No matter how enjoyable the day by not using the money to clear off the CC debt you're effectively funding your wedding on a credit card at 30%.

More than half the £6k has already been paid out.Of course I will redo the remianing items on the wedding budget,cancelling the musicians and using cd,s instead.I will lose the deposit for the musicians but thats tiny compared with what I still have to find to pay them in full.Less courses for the wedding meal will cut a bit off too.I am sure I can still manage it.At this point I would lose more by postponing or cancelling the wedding than I still have to pay.

IcklePickle_2

shelovestobuystuff wrote: »

At this point I would lose more by postponing or cancelling the wedding than I still have to pay.

In this case I think you should continue with the wedding plans but like you say, do the rest on a tight budget.

I'd console myself with planning a fantastic luxury honeymoon once you're debt-free and can save for it. Without any debt repayments you'll probably be able to save a large amount in a short time.

DFW board is a great support when going through this process of paying it all off.

JesseJames_2

A partial solution in the meantime can be to phone up your existing credit card companies.
There should be a telephone number at the back of the statements for people who are having difficulty paying their cards.

Tell them what your existing variable rates were and that you were expecting them to be that rate when your 0% rates were coming to an end.
Also tell them that we would have been able to manage them at these rates, but at the rates that they have now been hiked to will soon become unmanageable.
Remember the card providers want to maximise their profits but do not want you to default.

I would imagine that they won't put them down to the standard rate you were getting, but would put them down to their typical rate (check your card providers for this - maybe 15.9 to17.9%).

I recently made a thread on this board that a friend of mine with on 6K salary and 4K CC debt got his provider (MBNA) to cut their APR from 27.7% to 17.9%.
This was at the expense of the card being shut for use, ie not being able to use it again.
However, on this thread you stated that this was not a problem.

As a second possible solution, try your bank or mortgage company for credit card offers since they have a personal insight to your credit history. Fix the problem of that phantom mortgage credit entry forst though.

HTH

rodent

To jack the rate to 30% with no "fore" warning is outrageous......If it was stated in t&cs then OP should have been aware and planned acordingly.

My approach to this sit is:
1. Try to get it moved to another 0% card
2. If no joy then try and get LOB deal on it
3. Depending on how long it is realistically going to take to pay off: condsider converting it to a loan/overdraft

Failing this have you got mortgage , is there enough equity for a remortgage if get yourself an offset one and borrow from equity.

Like Nick i have made disgusting sums of money out of credit cards(>£1M), everything i own is a direct result of making use of their very generous offers, if you are going to use them learn the rules and STICK to them, if you do you can set your self up for life - if you dont they will wipe you out.

The Rodent

shelovestobuystuff

hubby2b spend hours already on the phone this morning to his cc companies,he is still on the phone now infact.MBNA just would not shift,they just said there was not a better rate available to him at the moment.He does have some cards he cleared a while ago and has not used so he is hoping to get a decent bt or life of balance rate from one of them today.Fingers crossed.

YorkshireBoy

shelovestobuystuff wrote: »

MBNA just would not shift,they just said there was not a better rate available to him at the moment.

Wait until Monday, and call customer loyalty on 0800 783 1116 during office hours.

shelovestobuystuff

Thank you.I will tell him that.
He was just offered 16.9% on his egg card and turned it down,he thinks he can get better.I hope he is right.

Snuggles

shelovestobuystuff wrote: »

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.

Sorry to ask, but something occurred to me - are you 100% certain that these second mortgages are nothing to do with your husband to be?

shelovestobuystuff

Snuggles wrote: »

Sorry to ask, but something occurred to me - are you 100% certain that these second mortgages are nothing to do with your husband to be?

I thought of that a little while ago.If he doesnt phone the bank to query it urgently first thing Monday morning then I will know he has got a second mortage.

rodent

Mortgage on credit file needs explanation !

The Rodent