CC. Question... What CAN I do?

jen_br

My DH and I both have CC's and through various things job loss, over spending, etc etc etc me being off on ESA etc having new baby the cards are VERY high.

We are working to pay them off but our minimum payments are unbareable we are looking at roughly 600 per mont

(yes i know we made the debt)

but im wondering if there is something we can do we are paying the min at this rate will be paying them for 50 years.

Is there somwhere we can go for some help like turning this into a loan will the CC do this?

or freeze the interest *yes i know we made the debt and should have to pay for using the money*

I do want to pay this back im not looking at any dodgy was your CC before the year XXX get it written off..

So helpful answers appreciated

CLAPTON

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CannyJock

jen_br wrote: »

My DH and I both have CC's and through various things job loss, over spending, etc etc etc me being off on ESA etc having new baby the cards are VERY high.

We are working to pay them off but our minimum payments are unbareable we are looking at roughly 600 per mont

Is there somwhere we can go for some help like turning this into a loan will the CC do this?

If the card companies notify you of an APR increase, you have a right to refuse this increase and they can close your account preventing you from using those cards going forward.

Apart from that, the only time a company would consider to suspend or reduce your interest is if you're heavily in arrears - which does a load of damage to your credit rating. Sure, it does no harm to ask them, but don't hold your breath.

Aside from this, your best bet could be to try and shuffle the debt onto 0% APR cards and buy yourselves some time to make a dent in the capital without too heavy interest.

You should also look at lower APR life of balance cards as possible places to transfer them.

The starting point is to list all your and DH's cards in APR order, listing balance and credit limits and see if there is any way you can transfer the balance from a higher APR card onto a lower APR card. If that's an option it'll save you some money. Once you know what they all are, you then pay the minimum on the lowest APR cards and pay every penny you can to the higher APR cards.

As you manage to clear a card in full and get a nil balance statement, you then phone the card company up and ask them for a low APR or 0% APR offer to help you move the balance from another card to them and cross your fingers

It's a slog, no quick fixes, but with a bit of shuffling between now/existing cards you can minimise your interest while you work to clear your debts.

The other tip is to pay as much as you can as often as you can, so don't wait till the end of the month and then make a payment if you can pay something every week - interest is calculated daily so the sooner you pay the less interest gets added.

jen_br

Well, What if we cant get another card.. Both cards are from the same company Lloyds bank... and ijust don't see what we can do!

we can;t afford the 600.00 per month its costing us.. And can't transfer we don't qualify for another card... the amounts are too high we have been rejected.

Jemma-T

jen_br wrote: »

Well, What if we cant get another card.. Both cards are from the same company Lloyds bank... and ijust don't see what we can do!

we can;t afford the 600.00 per month its costing us.. And can't transfer we don't qualify for another card... the amounts are too high we have been rejected.

Nobody with any sense is going to give you any more credit are they? You might find someone though if you keep trying.

You'll have to get someone or yourself to sort out your debts.

Forget about credit cards though and start living in the real world.

CLAPTON

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