um bit of help please

lumpy_bum

i have two credit cards which i pay the minimum amount each month ( £50 on one and £52 on another) but obviously its getting me nowhere tbh. i got these cards to better my credit rating which they did but now im stuck with 2 cruddy cards with extremely high rates, ones a barclaycard initial visa and the other is a capital one initial one.
my income is very limited as it is, i have big outgoings from 2 loans, catalogues and 2 credit cards
am i right in thinking that if i ring them and say im struggling with payments that they can stop the intrest or freeze it whilst i pay bits and bobs? i dont want the !!!!!!! cards anymore and i wish id never had them. i dont want to ruin my chances of credit for the future and i dont want any problems with people trying to put a claim on our house cos my oh would go ballistic
i dont want to completely balls things up for the future when im better off for say if i need a loan for a car. what can i do?
sorry for major lack of info with complete facts and figures
i owe 1100 on capital one and 850 on barclaycard. for each 50 quid i pay on each about 25 goes back on for intrest
any help gladfully accepted. thanking you

YorkshireBoy

lumpy_bum wrote: »

am i right in thinking that if i ring them and say im struggling with payments that they can stop the intrest or freeze it whilst i pay bits and bobs?

Unless you're missing payments, and lots of them, then you're not "struggling" in the eyes of the lenders.

i dont want to ruin my chances of credit for the future

Any leniency by the lenders will surely be recorded as an 'arrangement to pay', thereby damaging your credit file?

i dont want to completely balls things up for the future when im better off for say if i need a loan for a car.

Haven't you had enough of credit? After all, you only got these two cards to build your history and look how it's turned out!

Why not save your hard-earned and pay cash instead?

i owe 1100 on capital one and 850 on barclaycard. for each 50 quid i pay on each about 25 goes back on for intrest

These are not huge debts. In 2-3 years (less if your situation improves) they'll be gone. Your credit rating, should you have 'arrangements to pay' recorded, may take longer than this to recover.

lumpy_bum

Unless you're missing payments, and lots of them, then you're not "struggling" in the eyes of the lenders.Any leniency by the lenders will surely be recorded as an 'arrangement to pay', thereby damaging your credit file?Haven't you had enough of credit? After all, you only got these two cards to build your history and look how it's turned out!


im not missing payments no because it scares me. i was in major debt before and if im honest im just so rubbish with money, i should neve rhave had these i have had enough of credit yes but in a few years i may need it and i should be earning more than so i will be better off if you get me?

Why not save your hard-earned and pay cash instead?These are not huge debts. In 2-3 years (less if your situation improves) they'll be gone. Your credit rating, should you have 'arrangements to pay' recorded, may take longer than this to recover.

at the minute i get £70 quid a month left for me, thats without addng to the household bills, my oh pays all of those atm which is causing a few problems as you cna imagine 2/3 years is a long time, weve quite a big family and the money that ive spent on the cards has mainly been on things for the kids , what i thought they needed and wanted , big mistake and yes i am regretting it now.
i just want to put things right now and get out of the mess im in and start paying my fair share into the house

CannyJock

As YB says, the card providers won't freeze your interest without it doing further damage to your credit rating.

Only sensible option is to put the £ 70 per month towards the highest APR card.

Meanwhile lock the cards away so you don't spend on them again.

If you or your husband could get a 0% deal to transfer the balances on the cards to then even better.