Barclaycard Help

joanne0620

Hello

I'm new to this so please forgive me if I've posted this in the wrong area!:o

I have a Barclaycard that I owe £3000 on and am struggling with the payments, I just about manage to make the min payments every month.

I have approached Barclaycard about this today and they have told me that because I am not in arrears they cannot help me!

I am nearly 7 months pregnant and will be going on Maternity Leave in 12 weeks time and will only be getting £108 per week plus £17 a week child benefit so I want to get this sorted out as soon as possible.

Do I let my account slide into arrears so that they will have to help me, or do I try and struggle on with the payments, charges and interest???

Any help would be greatly appreicated.

Joanne

Bloke_with_a_simple_life

Hello Jo,

A total SOA is needed to identify how expenditure can be managed.

I presume that your ourgoings to BarclayCard willl be the only problem on the horizon, but other expenditure channels to and a total financial reorganisation is needed.

Looking at your other post, you have recieved Standard LIfe shares recently. How is this windfall being spent/saved? Is it being used on other pressing debts, or somewhere else?

Are you to be a single mother, or do you have a partner? THis will help understand who can assist in covering the minimum repayments to BarclayCard.

Good luck

james32_uk

Letting your account slide into arrears will affect your credit rating - plus there's no guarentee they will then decide to help you, more likely they will just wack on loads of charges at least at the start.

Is there anything you can cut out of your usual expenses to pay for slightly bigger payments? Have you asked Barclaycard for a reduction in interest or any promotion they can offer you? Is this your only unsecured debt?

Starry-eyed_surprise

Hi Joanne :hello: welcome to the best place for help and ideas. I'm only a newbie too and I am sure someone will be along soon who can give you more and better advice than I can. There's a lot of knowledgeable people on here. What is the APR on your Barclaycard? If it's high you could try asking their customer retention department if they could offer you a better deal. Tell them you're considering moving your balance elsewhere. I know MBNA cards will sometimes do this. This might give you a bit of thinking space.
Have you considered applying for a new card with a lengthy 0% balance transfer deal? Read Martin's article for help with this. This might make the difference between being able to keep up the payments or not. Hope this helps until someone with more info comes along. Good luck. Congratulations on the baby too.

tesuhoha

If youve got a good credit rating then you could try to apply for a 0% card and do a balance transfer from Barclaycard. That way at least all the minimum payments you are making will come off the outstanding balance and will not be eaten up by interest. At least while the introductory rate lasts. If you have a look on the main part of this site, Martin recommends the best 0% cards with free BTs. Once the introductory rate expires then you can apply for another and another till your debt is paid off.

researcher

Apply soon for a 0% card whilst you're still working - and there are still some cards out there with no bt charge.

Bloke_with_a_simple_life

Note of caution ... moving credit card debts around will only work IF you don't spend any more money on credit cards AND pay more than the miniimum payment off each month AND can pay off the balance at the end of the so called 0% period.

Moving debts around does not address why the debt was built up in the first place. If you are still spending on the card, you are not addressing the original reason for the debt in the first place.

That is why a full SOA is needed... see http://forums.moneysavingexpert.com/showthread.html?t=107280 for best initial advice.

Thanks.