Credit Card Dilemma

MunchkinKel

I have around £4000 on a barclaycard, so my replayments are £98 per month, fair enough but I cant afford to pay them anymore. So I called barclaycard who said they could put me on a 6 month replayment plan and only pay £50 a month and check my situation at the end of the 6 months. This sounds good apart from the fact they said it could badly effect my credit rating - which I'm really worried about.
I really do not know what to do for the best. I have debt coming out of my ears, and cannot get a 0% credit card with anyone in order to try and pay it back quicker. I have another credit card with around £1400 on, and a loan which I pay off £145 per month. Also have a £1200 overdraft in a different bank account which I've bee trying to pay off since Uni. On top of everything else I just dont have the spare cash to be paying £100pm on the barclaycard.
I know its my fault, I got complacent and never checked my bills and put stuff on my card for my wedding. Feel stupid and like I'm never going to get out of debt.
Also, I really want to have kids in the next year or so, but feel I'm NEVER going to be able to afford them

Tixy

I would suggest you pop over to the Debt-Free Wannabe board and post up a statement of affairs. The posters there will be able to help you and perhaps suggest ways that you can cut costs to free up more of your income to put towards your debts. Or they'll advise on other ways forward, and how best to approach this and the impact it can have on your credit rating.

redpete

MunchkinKel wrote: »

...This sounds good apart from the fact they said it could badly effect my credit rating - which I'm really worried about...

Your credit rating is a measure of how well you are handling your current debts and how well you might manage further debt. As you are not managing to pay off your current debt at the rate required by the lenders its difficult to see what actions you could take that will not adversely affect your credit rating.

Unless - there is some way of spending less on living expenses and/or earn more that will release funds to pay off your debts. As Tixy suggested DFW is the best way to get advice on this.

Trajal

You've been pointed in the right direction by people, so I shan't add my directions to theirs already. Just wanted to wish you all the best and a note of hope.

It's taken me best part of 3 years to recover from debts far in excess of what you are currently going through. I made it with one arrangement to pay and a fair bit of fast talking on the telephone. However, it is possible and as time ticks on, that arrangement to pay will gradually lose its impact.

Good luck, keep your chin up, you WILL get through it - asking for help is the first and best step, it'll be tough at times but it's so worth it. I still have some debt, but it's all easily manageable and will be gone in six months, so I am living proof of what you can do with some sacrifice and hard work.

GO FOR IT!

MunchkinKel

Thanks all, really appreciate the advice and encouragement. Will get on over the debt free wannabe thread asap!
Thanks again