Egg

75donz

I am managing to pay £150 a month into my Egg credit card but I owe £3700 and the interest is 26%. I sent them an email explaining that I was struggling and askng them to freeze the interest at 0% for 6 months so that I could stand a chance of sorting it out and the answer was a no. I'm not sure what to do but costs rising all over the place I'm not sure how much longer I can pay it. Any advice appreciated.

fozmcfc

How good your credit rating is could determine the answer.

If it is good, then you could try for a balance transfer to a 0% card which could give you at least 12 months breathing space.

I was in a similar postion to yourself, higher balance and lower interest, but a payment of £200 was still seeing £70 added back in interest a month.

I thought my credit rating wasn't that good, but I took a chance and applied for a Virgin card (which offerred 16 months at 0% interest) and I was accepted and able to transfer my whole balance over and pay it off within the 16 months.

So basically for the best advice give us some more details about how your finances are if you have a lot of credit available/outstanding compared to your annual income.

75donz

Thanks for that. Cards on table? I'm in my 30s and my finances are terrible but my income is good. I have in excess of £30k debt with a Lloyds TSB loan which costs £420 a month and still has 4 years to go, my Egg card, a Mint card (3k) and a Northern Rock loan of £11k. My monthly outgoings on repayments for these is around £800. I pay more than my partner in bills etc because I earn more and usually end up with about £300 disposible income a month (not really disposible - fuel, car insurance etc) and know that I really need to start putting that into my debt as well. I think I've avoided facing the reality and my partner also seems in denial but having just found out we're expecting a baby I'm in a state of panic at the thought of adding childcare costs to all this. I know its my own fault and if push comes to shove I can pay it off but I know its going to take the rest of my life. I will look into your advice re a 0% balance transfer - thank you.

fozmcfc

Hopefully others can give you some alternatives as well.

Myself I had what I thought was bad credit, I based my assumption on the high amount of debt I had, but because I had always paid everything ontime I guess I was wrong and my credit was actually very good.

Even if your debt is high as long as you have always paid your debts ontime there is still a possibility of getting a 0% deal.