Urgent Help Needed Please

Libero_2

Right here goes. I am pretty much up to my eyeballs in debts and adding them all up leaves me pretty short each month but they are being chipped away at.

The big problem now is that although most of my debt now is covered by loans so I know what I will be paying and when they will be paid I still have £5483 on my virgin credit card which was 0% for a while but has now gone sky high and my minumum payment is pretty much the same as the interest paid. Because I have a large amount of borrowing my bredit limit seems pretty screwed and the last credit card I applied for declined me and I applied for an M&S one but only got £1500 at 3.9% for duration which still leaves the £5483.

Does anyone know the best way to shift this debt to somewhere with a lower interest rate when I thin kmy credit rating is low?

Any help is much appreciated

lynzpower

what does your credit rating say? have you seen it?

My feeling is that if you have only been given 1500 from M&S you are up to your borrowing limit and no lender will touch you for a while.

Have you moved the balance from virgin to M&S, the 1500. HAVE YOU CLOSED down the 1500 off your virgin card? once this is done it can help.

Have you cut the cards up when was the last time you spent on them?

One thing I woulod say is that you may well need to accept the fact that you need to sit tight and overpay to the death as muhc as you can. Overpayments improve your credit rating.

Maybe in a few months ( even now might not be a bad plan) you could call Virgin and blag Virgin that someone else is giving you 0% for 9 months, but youd rather not move cards etc can they too? you never know they might say yes, they might call your bluff too all depends on how the land lies.

chevalier

Can you ask the people you are paying loans to to drop their interest rates? Could you sell things on ebay, amazon etc to get some extra money to throw at the virgin card?

If you post a Statement Of Affairs (see southerscousers sticky at the top of this forum), then there maybe some savings to be made, which would give you more money to throw at the virgin card? You could also try calling virgin and see if they will lower your interest payments as you are a regular payer etc.

If you have any credit cards with a 0 balance on them, you could close the account. Having less available credit may mean that you could improve your credit rating that way.

Could you get a second job to get some extra money?

Best of luck
chev

lynzpower

have you done an SOA before?