Panicking about credit card! Really worried!!

sillystudent_2

Hope you guys can help me - this is really worrying me

Basically have a bit of a bad history with debt - although I've got a great credit report (lol as if its something to be proud of) last yr was in debt to the tune of £4k + as a student (all non-student loan debt :eek:) and was having nightmares and the like, just about keeping up the minimum repayments, before my brilliant parents gave me a loan to bail me out (that I'll pay back 100% in full when I'm qualified!)

However I'm really ashamed to admit I haven't had my LB moment yet, as although I'm much more careful with money than ever before (not saying much tbh!) I still overspend - the problem is as a student you've literally got nothing coming in!

Anyway, now to the main part: Atm I've got a £900 debt on my Nationwide credit card, credit limit £1250. Went to pay for some petrol earlier and it got declined panicked and after paying with cash, went home and checked my online balance to see it say a balance of £901, and an avaliable balance of £0!! (whereas before it was just under £300)

My question is - what's happened?? My suspicion is that nationwide have for some reason cut my credit limit, though I don't know what to. But I'm really scared as to what happens now will I start to get threatening debt letters and the like because obviously I'm in breach of the T&Cs - but I don't have the money to pay it off all at once!

What should I do? I don't want to go and ask my parents for any help after they've already lent me a hand before - what I don't understand is why Nationwide have cancelled my card? I've never missed a payment or anything like that - though the last successful transaction on my card was a £280 payment to my landlord for the deposit for next year's student digs - he said he took credit cards, but unfortunately its gone down as a cash advance :mad: for some reason. Could this have caused nationwide to drop my limit?

Sorry for the long rambling post, hope you guys can give me a hand, I've been a sillystudent yet again really worried because although I've been in waaay more debt than this before, I've never been over my limit or in breach of the credit terms etc - don't want a bailiff to come round or get nasty letters!

pure_dead_dopey

I would calm down, phone them and try to remember, YOU are THEIR customer.

uphillstruggler

What PDD says ^^

sillystudent wrote: »

though the last successful transaction on my card was a £280 payment to my landlord for the deposit for next year's student digs

Was the £280 a very recent payment and had it shown up in your balance yet? Am wondering whether maybe it's taken a while to show up in your CC balance and that that plus the petrol has tipped you over the £1250?

Try to chill as best you can and get in touch with them. If there's one lesson I've learned since my out-of-control debt days it's that keeping in touch much more with the banks and CC companies is a no-brainer. Instead of thinking the worst every time a card was refused and freaking out, I wish I'd picked up the phone right away and sorted it there and then. It's not worth the stress and you will find a way. If you've got free minutes to landlines on your home phone or mobile use the international number on the back of your card to call them, or google the "say no to 0870" website to find alternative numbers for your banks; you shouldn't have to run up bills calling 0870 or 0845 numbers.

Good luck x

sillystudent_2

Thanks tons for the (super) quick responses great to know there's some help with this stuff when you need it!

uphillstruggler wrote: »

Was the £280 a very recent payment and had it shown up in your balance yet? Am wondering whether maybe it's taken a while to show up in your CC balance and that that plus the petrol has tipped you over the £1250?

Good luck x

the £280 was only a few days ago but it has appeared on my balance unfortunately, so even with that included I should have £300ish of available credit, but I don't

I know I should give Nationwide a ring but I keep putting it off for fear of hearing the worst - that and plus one time I went over the limit by a few pounds a couple of years ago, and when I phoned up about something random (using it for a weekend abroad, I'd made a big payment to the card but it hadn't shown up on their system yet) the guy at the other end of the phone noticed it was over-limit and practically bit my head off :eek: so dunno how they'd be now!

JA1000

Just phone them, worst case is you'll get charged £12 for going over limit and your minimum payment will be a bit higher.