High Interest Card, Can't Get a New One

Skinteroo

Hi:o,

I have had the same credit card (from my bank, HSBC) since I started uni, 9 years ago. It is now on £4,500, the interest is 23.9% and my limit is £6,500. This month, it has gone up £120 in interest.

Two months ago, I realised what a ridiculous situation I'd got myself in, as the minimum repayments are now over £100, so I stopped using the card (I told them I'd lost it, they sent me a replacement and I've thrown it away without activating it). I then applied for a 0% balance transfer with a different provider, but I got refused:exclamatias I am living off my overdraft - I am permanently in my overdraft.

I then asked HSBC for help as I can barely afford the minimum repayments and the interest is growing and growing, and they suggested on the phone banking that I apply for a loan with them. I applied online with HSBC for a £5,000 loan, at 9.9% interest to pay off over 4 years. I got refused:exclamati, but I don't know why (apparently the letter is lost in the post). I phoned today to ask to discuss repayment options with them and they transferred me to someone I couldn't understand on a really bad line who just kept telling me that I'd missed my last credit card repayment. I never usually miss a payment, but I thought I was getting a loan to pay off this month and sort me out a bit. I am moving house next month so this month and next month are tight_pale_.

Does anyone have any suggestions of what I can do?? What are my options for repayment?? Do I just carry on paying off the interest each month, as that's the most I can afford?? I'm just scared that if I do that the debt will never go away. Or are there other options open to me?:question::question: Please help!

Thanks, :smileyheaXX

TFD_2

Firstly, it's unlikely you got declined for 0% card just as you use your overdraft facility.

If you're not sure of what your credit rating currently looks like, get yourself some reports and see what the issues can be.

If you just pay the minimum payment, you'll be at retirement age when it's paid off! But for the meantime don't miss any payments, as this will screw up your chance of getting better credit facilities for a fair while.

Pay as much as you can each month. At 23.9% APR, the monthly interest will be approx £80, and if you can't afford your minimum payments on a £4500 debt, then you need to seek some help with your finances...

Jemma-T

TFD wrote: »

If you're not sure of what your credit rating currently looks like, get yourself some reports and see what the issues can be.
.

I think the OP (and anyone with half a brain) can gather that from reading this thread or getting a bit of paper and a pen. No need to feed parasite scam companies preying on the helpless or ignorant.

If the OP can't afford to pay then that's the end of the matter. They'll have to contact a debt councillor service. A lot depends on when/if they can pay, are they getting a job soon etc etc.

It's a lot of work and it sounds like the OP is struggling a bit with the enormity of the situation. Try your local council office as they keep a list of places like Citizens' Advice etc.

www.citizensadvice.org.uk

Good luck and please don't faff about online or phoning call centres. You will benefit massively from face-to-face help. If you can't afford your next payments then stop immediately. Get all your paperwork together and get off to the help centre. Try and protect (ie look after) at least one bank account for future use.

Good luck!

TFD_2

Jemma-T wrote: »

I think the OP (and anyone with half a brain) can gather that from reading this thread or getting a bit of paper and a pen. No need to feed parasite scam companies preying on the helpless or ignorant.

!!!!!!?

Experian, Equifax, etc. will supply a credit report for £2. Hardly parasite companies, they serve a purpose! What a stupid ignorant reply to make.

PROLIANT

TFD wrote: »

!!!!!!?

Experian, Equifax, etc. will supply a credit report for £2. Hardly parasite companies, they serve a purpose! What a stupid ignorant reply to make.

Agreed, they are a database holding data on you and I, end of.

CLAPTON

you would be better posting on the debt free wannabe board

first thing to do is find out where your money goes ..this is a good format

http://www.makesenseofcards.com/soacalc.html

once you fill the SOA in and post it up people will be able to help