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Advice needed please

beckersuk
Posts: 11 Forumite
in Credit cards
Hi all, not sure if this is the right place but here goes.
I have a Capital One credit card and im finding it a bit of a struggle to pay it off. After looking around the forums i get the immpression that Capital One are stinkers and are not viewed very highly.
I need to dump this card really but the amount on it has to be repaid, but the intrest rate is really high. ill be paying it off for about 100 years!
Not sure whsat to do next so any help would be great.
Rebecca
I have a Capital One credit card and im finding it a bit of a struggle to pay it off. After looking around the forums i get the immpression that Capital One are stinkers and are not viewed very highly.
I need to dump this card really but the amount on it has to be repaid, but the intrest rate is really high. ill be paying it off for about 100 years!
Not sure whsat to do next so any help would be great.
Rebecca
0
Comments
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Hi
We need to know more about your situation to be able to see what options you might have.
How much do you owe capital one?
Have you missed any payments on the capital one card? What is the APR and how much are you currently paying monthly?
What is your credit history like? Do you have any other credit cards? overdraft? other credit accounts? do you have missed payments? defaults? CCJs?
Are you employed?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Hi all, not sure if this is the right place but here goes.
I have a Capital One credit card and im finding it a bit of a struggle to pay it off. After looking around the forums i get the immpression that Capital One are stinkers and are not viewed very highly.
I need to dump this card really but the amount on it has to be repaid, but the intrest rate is really high. ill be paying it off for about 100 years!
Not sure whsat to do next so any help would be great.
Rebecca
Depends who you talk to.. I have dealings with capital one fairly regularly on behalf of clients sorting out their debt problems and from my experience it varies on a case by case basis, and who you actually talk to. You have to remember the people in the call centre are generally on commission and are trained to get as much money out of you as possible. If you can back up your offer with cold hard evidence such as a financial statement, and can offer them something in return (such as regular payment and promise that it is only for a temporary period until you get back on your feet, and will increase it if you can for example..) then they will be more willing to negotiate.
You just have to be persistent. If you don't get any luck, ask to speak to a manager/supervisor, and back up your offer in writing if you initially call them.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
Ok, the amount owed is £956.40. No payments have been missed, My average monthly min repayment is about £47. Looking at the statement it says
'This month's interest is based on the following simple annual rates:
Standard Purchase: 34.080%
Standard Cash Withdrawal: 34.080%
Standard Balance Transfer: 34.080%
i dont have any other cards, or an overdraft, and i work part time 16 hours a week.
My credit history would come under the 'not good' section (i messed up with a catalogue)
i dont have any ccj's.
Hope this helps
Rebecca0 -
Ok, the amount owed is £956.40. No payments have been missed, My average monthly min repayment is about £47. Looking at the statement it says
'This month's interest is based on the following simple annual rates:
Standard Purchase: 34.080%
Standard Cash Withdrawal: 34.080%
Standard Balance Transfer: 34.080%
i dont have any other cards, or an overdraft, and i work part time 16 hours a week.
My credit history would come under the 'not good' section (i messed up with a catalogue)
i dont have any ccj's.
Hope this helps
Rebecca
Do you have any other debts?Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
Yes i have a personal loan with Santander. Not sure about the amount left on that, around £980 it was a £1,100 loan. It just goes out by direct debit every month.0
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Without wanting to state the obvious, the best thing you can do is pay it off as quickly as you can.
Have you got any means of getting more money coming in? E.g. can you work more hours, get a second job or sell some stuff on eBay / car boot?0 -
I can't pay it off any quicker than i already am. My current job dosn't have any more hours available for me, and i can't really get a 2nd job as im a single parent.0
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I can't pay it off any quicker than i already am. My current job dosn't have any more hours available for me, and i can't really get a 2nd job as im a single parent.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
It sounds like you won't get credit from anywhere else to move the debt to.
As you can meet your minimum payments then it doesn't sounds like a DMP would be a suitable option for you.
So I would suggest you pop over on the debt free wannabe board of the forum and post up a statment of affairs to see if people can help make suggestions as to how you could improve your finances to be able to pay the debt back a bit quicker. They pretty much always have some suggestions which could help.
Link to DFW board - Debt-Free Wannabe
Link to statement of affairs calculator - http://www.makesenseofcards.com/soacalc.html
You might also want to look at ways you could earn money from home - so the up your income board might be worth a look - Up Your IncomeA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
I can't pay it off any quicker than i already am. My current job dosn't have any more hours available for me, and i can't really get a 2nd job as im a single parent.
Various places on this site will give ideas on how you can do this.
I also do still think that having a clear-out and selling stuff you no longer want (or no longer need, if you're that desperate) is worth a try.0
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