Getting nowhere on RBS Visa balance - any tips??

gilly37

Hi everyone,

I'm relatively new to the site, posted in debt free wannabe board and got some good advice. Basically along with other debt, I'm also struggling with 4 small credit card debts from when I was younger and got caught in the student trap of taking out a few cards with low credit limits, and never paying them off in full. Fast forward 8 years or so and I'm still spending small amounts on them and therefore I'm stuck with them!!!

RBS is my bugbear, totally my own fault for continuing to spend on it and not monitoring things correctly (this is going to change as of now!), I am paying the minimum payment and occasionally a tenner here and there extra to it whenever I can afford it (which isn't often). I thought I was beginning to get somewhere this month and then my PPI payment came off and it took me over my limit by a couple of pounds and bang, there's my £12 overlimit charge thank you RBS!

How do I cancel the PPI because let's face it, if I can't make the minimum payment of only about £10 every month to this then it's not looking good for my other debts!

My balance is currently £418 with a limit of only £400. It's not much and I know if I actually worked at it I could be rid of it completely pretty soon, but this PPI has got to go for a start. Any other ideas for me or have I just asked the most obvious question that can be easily resolved with a bit of common sense??

Gxx

opinions4u

gilly37 wrote: »

I'm still spending small amounts on them and therefore I'm stuck with them!!!

Stop spending on all the cards.

How do I cancel the PPI because let's face it, if I can't make the minimum payment of only about £10 every month to this then it's not looking good for my other debts!

Ring them up and say "I don't want this PPI anymore".

I'd also suggest looking at the reclaiming PPI board. It may (or may not) be that it was mis-sold.

My balance is currently £418 with a limit of only £400. It's not much and I know if I actually worked at it I could be rid of it completely pretty soon, but this PPI has got to go for a start. Any other ideas for me or have I just asked the most obvious question that can be easily resolved with a bit of common sense??

Right, get it under the limit again asap. Pay £50 if you must and have beans for tea for a month if it needs to be done that way.

Then focus your efforts on:

1) Paying at least the minimum balances on all cards. (EDIT: plus £1)
2) Making sure that minimum balance payments don't allow the debt to increase above the credit limit.
3) Paying as much as possible each month towards the card with the highest rate of interest.

Start making some major changes to lifestyle and get rid of these debts as quickly as possible.

YorkshireBoy

opinions4u wrote: »

1) Paying at least the minimum balances on all cards.

Now that lenders are reporting more data to the CRAs each month, paying just £1 more than the minimum will remove the "I'm struggling with my debt" marker...thereby (marginally) improving your credit rating in the medium term.

2) Making sure that minimum balance payments don't allow the debt to increase above the credit limit.

Use the "estimated interest next month" figure on your statement as a guide...BUT ONLY if you've cancelled any PPI and haven't spent on the card.

To the OP, I assume BTing the debt(s) elsewhere for 0% on new cards, or the 'credit card shuffle', aren't options available to you?

gilly37

Thanks for the advice, it all makes sense and I knew it all but it was just stuck at the back of my mind. As of today I will stop spending on all of them, call up and cancel my PPI, this morning I've set up small extra payments 3 months in advance to all of the cards, the most going on the highest interest one. Unfortunately I can't get it under the credit limit until my payment comes off on the 10th as I have literally nothing left even after a loan of £100 from my parents (had an unexpected car repair, I know I need to start putting away money for emergencies like this but right now it's impossible until I get rid of a couple of these cards), I have done my grocery shopping up until I'm paid again on the 20th so can't save anymore there.

To YorkshireBoy I have always been declined for 0% cards and balance transfers (can't think why eh....?!) so right now the debt is where it is.

Gxx