What to do??

loulouloulou_2

Hi,

I have two cards out (almost to the limit) a Virgin card with £7000 on it (19.9%APR) and a Halifax Card with £8250 on it (22%APR)

These are my total debts!!! (Awful, i know - beaten myself up already!)

I know the interest is high, but i cant switch to another credit card at 0%, or get a loan as the banks are all telling me i have too much credit out as it is, even if i use the money to consolidate and shut down the cards, i still cant get a loan.

I've done Credit Expert and i have a good credit rating.... what else can i do??

Starting to feel desperate as i feel i'm only ever paying interest off!!!:mad:

I know its my own fault.......

Thanks for reading this

lynzpower

the only thing I can say to you, is overpay as much as you can. You can do this by making a) savings ( i know weve loked at your SOA)
b) making money through just suggestions here
babysitting, amazon, ebay, car boot, second job whatever.

the more you are paying off the better its going to look

thats all I can advise really.

How much savings did we find you on your SOA?

loulouloulou_2

Not too much i'm afraid!!! I ised it to pay off my overdraft... so im o/d free!!!

I think your right, the only thing i can really do is just try to get my head down and work like mad to get some extra money and pay everything into my debts!!

It just looks so easy to consolidate adn i earn not bad money (1173 i take home alone), so how does anyone get such big loans too??

Kevicho

Hi Lou,

I would pay the minimum on the 19.9%APR card and then pay as much as you can afford on the 22% one

With regards the OD, whats the interest, and limit on it?

Im sure its not 22% so i would use that bar £50-100 to clear off some of the 22% card

Again as lynz said you could look to increase you income, such as selling some stuff, doing extra work or something else

Good luck

Kevicho

Also check again in 3-4 months time, to see whether you can get a better deal, as you pay stuff off, and miss no payments over time your credit report will look a lot better

D&DD

Hi Lou I'm pretty much in the same boat with high apr's on all our cards bar one but the only decent rate one we have has got a limit of £850..not much help for a balance trsnfer.:rotfl: Have you done the snowball calculator?As Lynz said do try a second income ebay etc its surprising just what people will buy and once you start with chucking extra at stuff it actually gets addictive!!The spending diary is a must to see where the extra pennies go to too best of luck

loulouloulou_2

Thanks everyone...

My overdraft is cleared... i reduced it to £100 when i cleared it, so i cant even whack some money onto that!!

Thanks for the Snowball Calculator advice... acording to that if i stick to it i can pay all the money off within 5 years!

So, if i keep my head down and plough loads off now, sell some, get a second job, etc, then when the debt has reduced a little i can get a loan with a much lower APR and pay it off even quicker!!!!

Dont feel quite so down now!!

Thanks Guy's!!!!!:A

Kevicho

Cant you extend the overdraft again?

lynzpower

Kevs right, its better to have debt on an overdraft than a 22% credit card, unles the overdraft is higher APR than 22%

Kevicho

lynzpower wrote:

Kevs right, its better to have debt on an overdraft than a 22% credit card, unles the overdraft is higher APR than 22%

Am i ever wrong

Lol

robnye

have you tried asking the ccard company about a lower % rate?