Maxed credit card! Help

ogy1

I have a LLoyds Platinum credit card with a limit of £11050. My ex wife kindly maxed the card for me and amoungst other debts left me in a financial mess. I am left with the debt which I cannot at present pay off and am only just covering the min charges and interest. I am not bankrupt and need to find the best way of managing the debt.

It was suggested that I should try and transfer some of the debt onto other cards but I can see the savings or certainly cant get my head around it. Does anybody have any ideas on how I could best manage this debt and reduce the interest somehow. I hope to be in a position to pay a large % off once my divorce settlement goes through!:mad:

izools

How much do you owe in total and how much do you earn per year?

Do you bank with Lloyds TSB?

questionabout

I don't understand why any Bank or Card Company should give credit cards with 5 figure credit limits. For someone to be giving that much credit they surely would need to be earning a lot and so more likely to just pay for big items on their Debit Card! :mad:

Anyway enough of my Ranting. If your credit history is good (ie you've been making regular payments) then I would definitely try find another 0% Card to Transfer either sum or all of the balance or perhaps also consider a loan with your Bank?.

Cut the Card up though so your not tempted to use it when the balance starts going down. Best of Luck to you :T

[Deleted User]

questionabout wrote: »

I don't understand why any Bank or Card Company should give credit cards with 5 figure credit limits. For someone to be giving that much credit they surely would need to be earning a lot and so more likely to just pay for big items on their Debit Card! :mad:

I have large credit limits so that I can put all my spending through on the card and pay off at the end of the month, earning cashback along the way. I don't keep large amounts of cash in a non-interest paying current account when I can be making it work harder.

questionabout

Deleted_User wrote: »

I have large credit limits so that I can put all my spending through on the card and pay off at the end of the month, earning cashback along the way. I don't keep large amounts of cash in a non-interest paying current account when I can be making it work harder.

That makes sense but who needs to spend £11050 per month :eek:

izools

You think that's bad my mother had a £10,000 limit on one card alone (MBNA Platinum Plus) back along when she was still a single mother on benefits.

I think her total available was £21,500 across all accounts. Thankfully she's reducing this down now

[Deleted User]

questionabout wrote: »

That makes sense but who needs to spend £11050 per month :eek:

You haven't met my wife.

And she hasn't met my girlfriend...:rotfl:

ogy1

Hi izools,

I earn around £42500 a year and yes have an account with LLoyds! Hence they did give me a decent limit and I too used it for large purchases. Unfurtunatey my now ex wife decided it would be great to spank my acount and run off with her new fella. Unfortunately the law doesnt protect me for that and I am left with the debt although originally in join name!

ogy1

The card is already cut up! Dont worry!

questionabout

You earn £42.5k per year and yet she ran off with sum clown and a few grand spent on your card! :eek:

Try look on the bright side. It could have been worse - she could have made you sign a life insurance policy :A

Serious though good look mate. You'll soon have the card back under control. You may wanna speak to Lloyds first before you get in to repayment troubles and they may be able to freeze or reduce your interest. Let us know how you get on. :cool:

ogy1

Cheers! Will take your advice I think and speak to the bank!