No More 0% ...Help!!!!!!!!!!!!!!!!!!!!!!!!

MunnyMan

YorkshireBoy wrote: »

The OP, like many of us, has been enjoying £25 per month minimum payments on MBNA run cards. However, the T&Cs are changing in April and will then demand a minimum payment of 1% plus interest...and this coincides with the end of 0% date. So £8,800 on Virgin will demand a minimum payment of around £200 (at 16.9% APR), which is a £175 increase per month!

Exactly yorkie boy so have got myself into somewhat of predicament really as with both cards my monthly repayments even just paying the minimun payment will be around £420.00!!! not good...helpppppppp!!

MunnyMan

mayling03 wrote: »

Cannot blame the banks here. Banks do not make you spend or force you to. People should be more controlled. It's alright living the hi life and spending 20k to fall back to reality and realise o I've spent this and need to repay. It's too easy to blame other people when it's the person who spends who should take responsibility.

are your family bankers by any chance :rotfl::rotfl::rotfl::rotfl:

fozmcfc

I take it you don't have anything you can sell from the £20k raked up.

Not judging, been guilty of it myself, though not £20k, spent money on sweet fa, had nothing to show but large credit card bills and a loan.

MunnyMan

fozmcfc wrote: »

I take it you don't have anything you can sell from the £20k raked up.

Not judging, been guilty of it myself, though not £20k, spent money on sweet fa, had nothing to show but large credit card bills and a loan.

only a car which i have to use to get to work and back all makes me sounds pretty reckless doesnt it

fozmcfc

It does but many of us are guilty of it.

The question is are you ready to say ok enough is enough, this is my lightbulb moment, it can't go on and I really need to tackle the debt. Or are you just looking to continue to try to shuffle it and just move the problem for another 8 - 15 months.

If you have reached the lightbulb moment and other 0% cards are out of the question, then I really would say try the debt free wanabee board loads of free support and advice on how to tackle it. Even if you can get more 0% cards, then still try the debt free boards, so you aren't in the same position down the line.

Nothing to be embarrassed about as hundereds if not thousands on these boards have been/are in the same position.

MunnyMan

fozmcfc wrote: »

It does but many of us are guilty of it.

The question is are you ready to say ok enough is enough, this is my lightbulb moment, it can't go on and I really need to tackle the debt. Or are you just looking to continue to try to shuffle it and just move the problem for another 8 - 15 months.

If you have reached the lightbulb moment and other 0% cards are out of the question, then I really would say try the debt free wanabee board loads of free support and advice on how to tackle it. Even if you can get more 0% cards, then still try the debt free boards, so you aren't in the same position down the line.

Nothing to be embarrassed about as hundereds if not thousands on these boards have been/are in the same position.

yeh have had enough Foz , i have already posted the same post over on the DFW with little reponse thus far...im thinking some kind of DMP with the card companies themselves or maybe speaking to CCCS ...i am willing and able to make repayments monthly but just cannot afford 420 quid to be honest

fozmcfc

Well hopefully some more debt free wanabee posters will post to your thread. Sometimes you need to bump it once or twice to get things moving.

notafan

dont know how helpful it is but i saw on virgin website the other day about the payments and it links you to mbna (as a lot of people already know virgin cc is just an mbna card with a virgin logo on instead) and it has a calculator to let you see how much you'll be paying. There is a page on virgin about the payments (maybe when you log in cant remember) but its essentially very very similar to whats on the mbna page and it still links you to this calculator anyway.

http://www.mbna.co.uk/understanding-credit/minimum-payments/index.html

Top of my head - sell the car and get a cheap run about put the rest to the debt.

Rather then default maybe swap it to a loan - dont take on anymore and remember they add the interest at the start but at least you could work it so you have regular payments that are more affordable. You have to stick to it though be really committed and dont take on anything else - i'd still try and sell the car to get the figure down first anyhow.

And like everyone is saying debt free wannabe is good place to start, loads of stuff like budgeting etc.

If your struggling look at it from the other point of view, its an opportunity to take a good look at it and get it sorted.

Look at everything, moving somewhere cheaper and closer to work (could you then walk - no car insurance costs etc) swap the car to something cheaper and more insurance friendly (less in fuel and insurance), cut out the easy stuff as soon as the contracts are done, sky/virgin/the gym etc. Short term loss = longer term gain.

Not judging at all and good luck cause paying the stuff back is the hardest part! But even the small stuff helps.

MunnyMan

I have been in touch with CCCS today and very helpful they were, i went through a SOA with them and they have basically made me open my eyes to my problem, when both my credit cards revert back to standard rates i will be expected to pay to them jointly £490.00 ...

im currently having to pay £225 jointly per month whilst i still have promotional rates running, my SOA leaves me some £150.00 in the red each month as it is without payment increases!

CCCS have given me letter templates to send to my creditors offering some payment at least and when i make this offer they say i should make it an affordable amount as im going to have to stick to it if im going to make the offer in black and white...... as im currently paying 225 a month and finding it hard to do that i am going to offer to split 100.00 between them ........ cheeky arnt i?

billymadbiker

Cheeky?
May not be so good if they actually accept it.
Ok, they will freeze the intrest but you still have to repay the outstanding debt.
At £100 p/m your still going to be paying in 16 years time.
This will also mean you have 'unsatisified' debts showing on your credit file etc. with a 16 year history of un-paid.
Although it may seem to you at the moment that you never want to borrow or have credit for anything again how about if you genuinally need the facality in 10 years or so?

Fair enough if you are struggling to pay the £225 now but could you manage £200? this would then clear the lot off in 'only' 8 years.

Still a long time but if you had a child next week the debt would be gone before they were old enough to understand credit cards, rather than when they were about to leave school.