paying C.C after it has default notice

i_wanna_save_money!

Hi I hope someone can help me.

Almost a year ago, i had a baby, and got myself unintentionally behind with alot of my bills. Most of them i have sorted out on my own and am in more control of my finances now, although i still owe alot of money. I didn't pay my RBS credit card for 3 months ( stupid i know but this was the biggest payment per month and i just couldn't manage it ) and a default notice got served and the card is now destroyed.

I decided to get a payment plan sorted of £120.00 per month D.D and the first payment went the other day no probs.

However, i recieved my monthly statement today and the interest i am paying monthly is very high. This month alone my monthly interest summary is for £49.17.

It is going to take forever to pay off my debt on card ( currently standing at £3383.17 ).

What can i do ?

Is there any way the bank may reduce the interest rates or any suggestions what i can do?

I really hope someone can help me because i have decided it is time to sort my life out, not just for myself but my family.

The_Boss

I'd say a 'life of balance' card is your best hope - dont think any of the 0% people would touch you with a default, and even then IF and AMEX might not want to know (they do the best LOB cards).

i_wanna_save_money!

Am i still allowed to put the balance on a credit card? I didn't know that was possible. That is one thing i can look at but if that's not possible does anyone else have any suggestions?

The_Boss

Yes, you can transfer. I'd only apply for one card to test the water. They probably will reject you, so dont take it too personally. BUT - is there a partner or parent who will apply for the card for you in their name for you to use? That will definitely help and it will reduce the crippling interest.

i_wanna_save_money!

I don't have anyone to help me out - my boyfriend can't get credit and nobody else knows. I just don't know what to do it is such alot of money to be paying out in interest each month, but it is my own fault for living above my means but i didn't realise how things snowball, and next thing you know there is just a large amount of debt to be paid.

smoosh_2

i had a problem like this i had 3 credit cards spread out and it was £5000 i am a student and could not afford the payments one call to egg they gave me a loan at 5.9% i now pay £85 a month for the loan rather than over £200 on the credit cards!