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Should I use a Barclaycard Cheque to pay back a debt?

Littlemiss-lotsofdebt
Posts: 612 Forumite
I currently owe £300 to a friend, and have done for some time. They have been extremely patient but it plays on my mind every day and I really want to pay this off. I can't see how I can pay this off any other way at the moment, and I have received a 0% until September cheque from Barclaycard today - should I use this and pay my friend back or make other arrangements?
Its nice to be important but more important to be nice!
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Comments
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If it is definately 0% and there are no fees, then perhaps you could. What will the rate revert to come September? You need to check - call them and ask - to find out exactly what the t&c's are. Otherwise, could you say that you will pay your friend £50 a month (or whatever you can afford). Just be careful that there arent any hidden costs, and make sure that you can repay the £300 before Sep.xx0
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Hi! :wave:
I think if it will put your mind at rest and get rid of any tension there may be in the friendship because of the debt then you should do it. However, can you have the £300 on the card paid off in full before the 0% runs out? If not, maybe your friend would accept smaller but regular payments?Official DFW Nerd Club - Member No.11.
"When the storm is raging round you, stay right where you are."
Queen, 'Don't try so hard'0 -
The APR is currently 12.9% and it looks like a 2.5% fee applies, so am I right in thinking that the fee would cost £7.50? I am currently looking for a better paid job nearer to home (aren't we all!) and I'll have paid my Next bill off by September so can chuck some more money at my Barclaycard.
However, this also means that I'm then only £200-ish away from my CC limit so am a little nervous about using it.Its nice to be important but more important to be nice!0 -
you would be best to address the overall issue of your spending/income balance, maybe you should post a SoA on the board and people might be able to suggest ways of reducing expenditure.0
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Hi Littlemiss-lotsofdebt,
If this takes you to near your credit card limit does that mean you already have a balance on the card? How will this offer effect any current rate you are on? What order will the balances be paid? Will you be paying off your original balance and the the extra 200 after, will this then incur interest?0 -
dont forget if you already have a balance on the account when you write the cheque out any future payments will pay off you 0% before the rest of your balance.Boro Cass
x x x
:exclamati Lightbulb moment 05/04/06
Halifax Credit card 4380 (28/04 £4300) Barclaycard 600 (28/04 £540). Car Loan £330 - paid 28/04/06 Store card £86 - paid 14/4/06. Store card £200. Store card £300
Currently claiming £843.00 from Halifax in unfair bank charges.
Also claims against Abbey and Halifax credit card charges.
20p savings club - £2.20 - Going to put towards paying one of my store cards0 -
Be very wary!! If you have a balance on the card then whatever you pay on the cheque will fester accruing interest until your current balance is paid off. If you can 100% say the whole lot will be paid off before the 0% runs out fine but if not I wouldnt risk it. If this person is a true friend they will accept what you can afford to pay back, I borrowed £1800 from my mum for my car and have a DD set up on my bank account for £10 per month towards it, also what I have left over each month I give to her in cash. Its good as if I have alot of things to pay out one month she still gets something, and the £10's have really started to add up. Obviously to just pay off £10 would be silly as I would still be paying it off after the car had died!! lol but its just a way of making inroads. Hope that makes sense!!Debt free = December 2010...as of March 2006 it is now January 2010..... as of December 2008 it is now December 2009 :j hopefully sooner!!:jDEBT FREE:j January 2012, took longer but I got there, all by myself, through sheer hard work and pride!0
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