Aaaaarrgghhh!!!

Toomuchdebt

Just as I think I'm getting the hang of this I get a statement from Abbey with a minimum payment of £172.99 because the interest rate has gone up!!!I am not at all happy with them.They refused to reduce my payments and to freeze the interest.My previous payment was £124.I offered them £80 a month and they said no.
So now...my budgeting loan(0% interest and paid back weekly) of £1015 is due to appear in my bank account on Sept 4th.I was planning to use it to pay off part of a smaller card but now I am wondering if it would be better to use it to pay off part of this Abbey card and reduce the payments to a manageable level again?Or should I pay off a smaller card and do a part balance transfer to reduce the Abbey card assuming they offer me a good deal?The balance on the Abbey card is now £8963 and the interest is 1.8735 monthly.
My actual level of debt will be higher this month due to spending before my lightbulb moment but it should start to go down next month.

Toomuchdebt

shameless bump ...39 views and no advice?lol

Gemmzie

What buttholes!

Sorry didn't see your thread there.

What has the APR for Abbey gone up to? Will change it in Money and let you know x

Toomuchdebt

It was 15.9% and now 22.48%

savingmum

That's awful of Abbey - quite a jump in interest rate which over time will add to the loan.

I would run the numbers though a calculator but my instinct is to pay off some of the abbey laon and then try and get some transfered onto a lower interest card if you are able to. How much will your minimum payment go down to?

If you are not able to transfer any balance how much will be freed up if you pay offone of the smaller cards?

Have you had your appointment with payplan or cccs yet? Will they be able to negoiate with Abbey for you?

Gemmzie

That's the same as the Morgan Stanley card now then, and more than the Lloyds which is where the loan was gonna go wasn't it?

Why not clear Stanley and chuck the rest at Abbey?

Toomuchdebt

I can't transfer anything anywhere-all my cards are up to the max and I don't think I can get any more with lower interest rates.To be honest there's not much to choose between the interest rates on them all.I can pay off a small card in total which has a minimum payment of £14(Morgan Stanley) or half of a small card(Monument) which has a minimum payment of £52.Lloyds have frozen the interest so don't want to pay it off that one,so have Barclaycard.Halifax Visa haven't replied yet as to whether they will reduce payments or freeze interest so not sure what that one will be like.Mastercard are pretty high too but the minimum payment on that is about £120.
I have no idea what the minimum payment will go down to-will they be able to tell me that if I ring them up?

Toomuchdebt

Gemmzie wrote:

That's the same as the Morgan Stanley card now then, and more than the Lloyds which is where the loan was gonna go wasn't it?

Why not clear Stanley and chuck the rest at Abbey?

Gemmzie-it was going to go to Monument(to pay off half of it) as that has a min payment of £52 whereas Lloyds is £34 and has frozen interest.I could pay off Morgan Stanley but that's only £14 a month-I presume if I paid it off Abbey it would reduce my min payment by more than £14 a month?

Toomuchdebt

Have updated my siggy with amounts owed on cards.

Gemmzie

Whats the total owed on Abbey and I can tell you, it's 22.48% yes?

Toomuchdebt

Gemmz have just pm'd you with the amounts owed on all of them and the interest rates but will post it here too
Barclays -balance-7180.93 minimum payment £143 but they have agreed to take £73 and freeze the interest
mastercard- balance-8088.04 minimum payment £121(refused to freeze interest or reduce payments) interest 14.01%
lloyds tsb 1529.44 min payment 35.00 have frozen interest
monument balance 1981.27 min payment 59.00 interest 25.69%
morgan stanley balance 962.70 min payment 20.00
abbey credit card balance 8963.00 min payment 172.99 interest rate 22.48%
barclayloan balance 1384.22 min payment £40(taken by direct debit monthly and payment reduces as balance goes down) interest 11.43%
halifax 1211.55 min payment £24.23 interest rate 15.94