No way out....

welshmoneylover

Rochdale_Guy wrote: »

Hi, long time I was last on here....

Anyway, how things can change.

I currently owe:

£500 on EGG card (£3,000 limit), £30 min per month
£1,770 on a RBS MASTERCARD (£3,900 limit) , £39 min payment (£23 interest)
£2,750 on a MINT VISA (£6,900 limit) (£60 min payment)
£1,160 on a CitiBANK VISA (£1,750 limit) (£26 a month, but at 5.9% APR until paid off)





and the big killer....

£6,780 on an MBNA visa (£11,000 limit), my low offer APR rate has now ended and my monthly payments have gone from about £40 a month to a crippling £150 approx monthly payment with £147 interest. I only noticed this by checking my online balance last month

So, being totally strapped for cash, what are my options please?

The LEEDS Building Society 6.9% APR balance for life offer has ended, and the next best one is Halifax at 7.9% APR for life.

Or do I try for the longest 0% balance transfer card?

I can't afford to pay the MBNA extortionate £150 (and going up) each month in interest alone.

The next payment comes out of my account by D/D in a few days.

What are my best options please?

Someone throw me a life line.....

RD

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You really should stop treating CC as free cash, and start to live a little more frugally until it is paid off.

I bet you don't have anything to show for the money either, do you?

Fruit_and_Nut_Case

Valli wrote: »

[...] and DON'T let your daughter pick the magnums and get ONE special offer pack for £1.99 and one Origins for £2.99 thuis NOT getting the multibuy offer :eek: especially when YOU don't eat ice cream

(but that might just be me!)

I recommend the Mini Magnums; cheaper (especially when on offer), fewer calories but almost as much pleasure when consuming.

P9uma

Presumably the original poster has a good credit rating? It appears that the OP is keeping up the regular payments on the various credit cards. Would it not be easier to to borrow 13000.00 over four years form a bank @ 7.8% and pay off all the cards, then chuck them away. It would need a lot of discipline but at least there would be a forseeable end to this nightmare, even if the OP took a longer term loan at least there would be an end. It seems a less complicated solution than swapping about with cards.

Any

P9uma wrote: »

Presumably the original poster has a good credit rating? It appears that the OP is keeping up the regular payments on the various credit cards. Would it not be easier to to borrow 13000.00 over four years form a bank @ 7.8% and pay off all the cards, then chuck them away. It would need a lot of discipline but at least there would be a forseeable end to this nightmare, even if the OP took a longer term loan at least there would be an end. It seems a less complicated solution than swapping about with cards.

What, you think he will get a loan with the amount of debt versus his earnings for £13K??
A/The only way would be to go to his own bank who would listen to him and he could promise them to cut the cards up
B/There is no way he would get 7.8% rate
C/as he is overdrawn that would go against him

He could try, but the monthly repayments would be the same or higher then what he is paying now - and I think that is what the problem is here.

Any

Fruit_and_Nut_Case wrote: »

I recommend the Mini Magnums; cheaper (especially when on offer), fewer calories but almost as much pleasure when consuming.

Me too!!:T
I always get them when they are on BOGOF.

Rochdale_Guy

Hi all.

Really appreciate all the help and advice so far.

Haven't got long online, so just need to quickly ask what do I try and transfer onto the HALIFAX card when I apply properly, as I did a trial application (and closed it), and it wants the amount and card you want the amount transferring from during the sign up process.

If I put too much i.e. £6,000 - I am scared they'll give me a higher rate % APR and not the 6.9% I really want. Still anything is better than the extortionate MBNA card....

Will try and read / reply later tonight.

Thanks again and I know it's my fault and I have to face the music. I DO KNOW

*UPDATE* Sorry everyone, the MINT Visa has a £6,900 credit limit.

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Any

Rochdale_Guy wrote: »

Hi all.

Really appreciate all the help and advice so far.

Haven't got long online, so just need to quickly ask what do I try and transfer onto the HALIFAX card when I apply properly, as I did a trial application (and closed it), and it wants the amount and card you want the amount transferring from during the sign up process.

If I put too much i.e. £6,000 - I am scared they'll give me a higher rate % APR and not the 6.9% I really want. Still anything is better than the extortionate MBNA card....

Will try and read / reply later tonight.

Thanks again and I know it's my fault and I have to face the music. I DO KNOW

How about the most expensive highest interest charging card?
Of course the MBNA!! And try the Egg as well - there isn't much balance but with the speed you are repaying it will manage to accrue some nice interest before you get rid off it.

They might not give you enough credit limit, but if your credit history is good enough they should give you the right card.

(And if you manage to clear it, the chances are that MBNA will give you another 5.9% or 6.9% life of balance special offer transfer after while so that would deal with some other cards that are high interest).

euronorris

Hi OP,

Have you headed over to the DFW boards yet? You can get lots of useful help there also, especially with the budget and making your money last longer

Am curious though.....did you have a higher salary previously? Am surprised you've been given so much credit on your current income.

I think a lot of libraries offer internet access these days? If not, have you asked around friends and family members?

Good luck!

P9uma

Any wrote: »

What, you think he will get a loan with the amount of debt versus his earnings for £13K??
A/The only way would be to go to his own bank who would listen to him and he could promise them to cut the cards up
B/There is no way he would get 7.8% rate
C/as he is overdrawn that would go against him

He could try, but the monthly repayments would be the same or higher then what he is paying now - and I think that is what the problem is here.

There's no need for your sarcastic tone. It's not helpful and only serves to put a new poster off helping. My post was a suggestion and nothing more, and was meant as a helpful idea. It is possible, if the OP has the motivation and is canny, to get a loan to pay off his debts at a reasonable rate and thereby seeing a light at the end of the tunnel. It may not be the best result, but it was an idea. If I was in the OP's position, I would want every constructive idea available.

Any

P9uma wrote: »

There's no need for your sarcastic tone. It's not helpful and only serves to put a new poster off helping. My post was a suggestion and nothing more, and was meant as a helpful idea. It is possible, if the OP has the motivation and is canny, to get a loan to pay off his debts at a reasonable rate and thereby seeing a light at the end of the tunnel. It may not be the best result, but it was an idea. If I was in the OP's position, I would want every constructive idea available.

The OP has stated he has problems to pay the minimum repayments. I don't think you've read the whole thread.

Constructive help is always welcome, but for that people need to read the whole thing.