HELP! Credit card debt. What to do?

MiniReilly_2

Right,

I know I may not be in the worlds worst debt as there are others with thousands of pounds worth of debt.

However, I am in a bit of a sticky situation at the mo. Just had my rubbish Natwest Gold Card Account terminated, and I've still got £5149.81 balance to pay off. I just phoned Natwest and asked if I could tranfer the cash to an account or card with a lower interest rate (as it's currently 17.9%!!!) and they said that I won't get it any lower. So much for their help!!! I am long past the 9 months 0% deal on the card.

I can't transfer my balance to another card as my credit rate is diabolical at the moment and I just get turned down. Don't want to keep apllying as its bad for the credit rating. Natwest have told me to just pay the card off at £125.00 a month for the time being. But I'll be paying it off for the rest of my twenties if I do that!!!

I have two other cards with very low limits. £200 and £480. They're fine and in credit.

Any suggestions anyone?

PS - Can I still transfer the balance to one of those stability '4.9% for the life of the card' account if my Natwest card has been terminated? Then I could pay it off.

Please help.

Bokken_2

MiniReilly wrote:

Right,

Natwest Gold Card Account terminated, and I've still got £5149.81 balance to pay off.
I can't transfer my balance to another card as my credit rate is diabolical at the moment and I just get turned down.

PS - Can I still transfer the balance to one of those stability '4.9% for the life of the card' account if my Natwest card has been terminated? Then I could pay it off.

Please help.

Hi,
As you know applying for too many cards/accounts in a short period can damage you credit rating so it may be an ideal to pay off as much as you can per month and in say 4mths time apply for a LOB card and take it from there.

Joe_Bloggs

That is a lot of debt. Ask yourself why it built up? Paying at £125 per month would take 3 and a half years at 0% and just over 5 years at 19%. It is worthwile getting your statutory credit reports from Experian and Equifax to see what Natwest have added to your reports. There is no quick fix for this problem. At least Natwest have brought this problem to your attention rather than let it spiral out of control. Cleary some realistic budgeting has to be done in order to pay back what you spent. Visit the debt-free wannabe board for more money saving advice and assistance.
J_B.