Help Sorting Debt Please

djpleasure

I did post something in the credit card section, but was advised to give a shout here, so thats what I am doing.

My partner & I have a credit card each, although both are in here name, as my credit is not so good.

We have a Halfax one with approx £1400 debt on & A Capital One approx 1400 In debt also. We have maintained payments etc, but what with recent changes to interest etc & high apr, we are not really making a reflection on paying the balance owed.

Balance Transfer seams an option, but is new ground to us, basically any help & advice in regards to solving this debt would be appreciated.

Thanks In Advance

oops_a_daisy

Hi DJ pleasure and welcome to the friendliest thread on MSE ( but dont tell them that on the other threads or they will all want to come over here ) This forum is to help and give advice on paying off your debts and there are a lot of experienced people on here that can give you advice on where to cut back so that you can pay off your debts. You may not have to cut back too much - it might just mean a slight lifestyle change so that you are not wasting money. The best thing to do is to read the sticky thread called first time posters and fill in the Statement Of Affairs (SOA), then post it back on here so that the 'nerds' can have a good look at your situation.
All the best and good luck

loulouloulou_2

Hi there,

From personal experiance you need to be very careful with credit cards (well if your like me anyway!!):rolleyes:

you could transfer the balance to a 0% card - most of these go for around 9 - 12 months or do a life of balance transfer. Marks and Spencer are doing a really good one which is something like 3.9% for the life of the balance!!:T

Just make sure if you do transfer balance - SHUT your old cards down and dont use them - the interest rates are so high!!

Hope this helps

djpleasure

Hi
We dont really need to make any lifestyle changes, we can afford to pay the payments, but as stated, not really paying anything but interest, life of balance deal sounds good, gonna look into, and yes old cards will be fed to my humble shredder

HairyHandofDartmoor

I agree with loulouloulou (have I got that right?), do a balance transfer, preferably onto a low life of balance card like M&S &More card, which is offering a fantastic 3.9% for balance transfers. This will enable you to pay the debts off much quicker. But as you said, definitely shred the old cards. It is so tempting to start spending again when the old cards are showing a zero balance. Even freezing them isn't enough cos you can defrost them, cut them up!

oops_a_daisy

djpleasure wrote:

Hi
We dont really need to make any lifestyle changes, we can afford to pay the payments, but as stated, not really paying anything but interest, life of balance deal sounds good, gonna look into, and yes old cards will be fed to my humble shredder

if you are not paying off the debt and just paying the interest would it not be better to try to make some changes to pay the lot off ? moving the debt around even on lower interest is always just going to be just that - moving the debt. Have you looked at the information on the left of the screen under credit cards ?
all the best and good luck - OOPS

Mizz_Pink

If you partner has a good credit rating then I would apply for a 0% cardit card that doesnt charge a transfer fee (normally 2%). I have just got an M&S card. A 0% credit card only allows you 0% for 6 months or 9 months, then you would have to move it again at the end of the 6-9 months.

Hubby has just apllied for a Sky card which gives you 0% on balances and purchases til next November.

Please make sure you cut up the card as soon as you get it though or put it in the freezer. When you close the account they need the 3 digit security number off the back otherwise you have to put it in writing that you want to close the account.

I would check out the articles in the site about credit cards , it gives you the best rates around.

djpleasure

Applied to M&S & Got The Following Reply:

We have assessed the details that you have provided but unfortunately, we
are unable to assist you at this time.

A letter of explanation will be sent to you by post. We are sorry for any
disappointment this decision may cause but thank you for your interest in
Marks & Spencer Money.

Yours sincerely,


Underwriting Department

I'm now stuck on what to do

lynzpower

how is your credit rating?

Could you call them up and ask why they refused you?

Mizz_Pink

Go to Experian/Equifax and pay £2 for your credit report, this will show any late or missed payments you may of had in the past. This can affect your applications in the future.

newlywed

lynzpower wrote:

how is your credit rating?

Could you call them up and ask why they refused you?

They wouldn't tell me on the phone. Just that there would be a letter which would explain.

The letter just said check Experian so no help at all!! Think with me it was lack of electoral role!