credit card arrears/ppi help

trguitar

Hi guys

Really need some help on this matter. I have a cc with my bank halifax which I have ppi for. I got into arrears when I was having a bad couple of months, thing is it was my ppi what knocked me into arrears, I didnt realise that when they take that out it affects my credit limit on the card. Anyways I have been struggling to get much paid on it with christmas and that but now with the new year I want to get back at clearing this but with all the late fee charges and interest I just cant manage to shift it and I really dont want it going to a collection agency. I just wanted advice on the best way to deal with this situation. I have read on here that you can reclaim the ppi, just wondered if this applies to me. Just want to raise the cash to pay the card off. tried getting a loan but nobody will touch me. been looking at 12 month cash loans also just to get some money to help get out of arrears and get back to paying the card off every month how i was doing. Come to think I dont know why I agreed to the ppi cos I work for the NHS and im paid when im sick. Also I thought it was naughty that the ppi was taken from my credit limit.

Any help/advice would be gratley recieved.
Feel free to ask any questions.

Thank you.

CannyJock

Cancel the PPI and use the template letters to try and reclaim it if you think it was missold.

Would be worth looking into a long 0% balance transfer deal like the Virgin Money 16 months deal. There's a 3% fee, but should still save you money over the 16 months. Be warned though, that MBNA who are behind the card are notorious for hiking the interest rate up if you miss a payment on the card and they will undoubtedly increase the APR to something like 35% at the end of the 0% period so you need to be ready to move the balance on again if you've not cleared the card by then.

trguitar

this is the thing though, Ive applied for another card to transfer the balance but have been rejected.
So I can still claim the ppi even if Iam in arrears?

CannyJock

If you think you've been missold it and haven't actually used it.

Full article on it here: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

trguitar

Thank you I will do that and I take it there is no point trying to apply for another card?

CannyJock

Difficult to say if it'll be successful, but no harm in trying if you ask me. If you're not accepted then it's only 1 search on your credit report.

Hopefully you've also been able to look at other parts of the site to embrace the whole moneysaving philosophy and can make the savings to clear the debt and avoid falling into the same debt trap further down the line.

trguitar

Dont know if this throws a spanner in the works but I got home today and Halifax have passed it on to albion debt recovery.

Itake it I'l just have to come up with a repayment plan with them and have it go on my credit report???

Also does this affect my ppi claim?

Cheers

jonesMUFCforever

trguitar wrote: »

Dont know if this throws a spanner in the works but I got home today and Halifax have passed it on to albion debt recovery.

Itake it I'l just have to come up with a repayment plan with them and have it go on my credit report???

Also does this affect my ppi claim?

Cheers

It could do they might apply any refund to your credit card debt.

trguitar

even if they have now passed it to a credit agency???
Really doesnt matter if they do this as I was just gonna use the money to pay the credit card.