What should I do!!?

diegeek

I have a Credit Card and its maxed out at £1250. I've been paying basically the interest every month for the last year and its starting to REALLY annoy me. This month I've had to leave it as had the choice of eating or leaving the usual monthly throwing of 50 odd quid down the drain. At one point I was gradually reducing the total amount but then I needed money quick and, bam! back to square one. When I did originally ring the bank up to cancel this thing and try pay it off, the woman said I may as well not canel it as Ill still be paying the interest on the owed amount regardless. Is this right?
Anyway, any suggestions will be much appreciated. As you may have guessed with the fact I had the choice of food over paying some greedy t**ts some cash which wont actually affect my debt in anyway. Simply tightening my belt and paying gradually wont do. I can only afford from £50 to possibly £80 a month and at the moment that leaves me with nothing :mad: I feel like Im banging my head against a wall.

[Deleted User]

Not sure what you want to hear.

Tightening your belt option a) and paying it off is the only way you'll clear it. But you don't want to do that.

So you need to get another card/loan at a lower rate to switch it to (option b). But that's not going to happen because you're maxed out and are now missing payments.

Cancel the card so you stop increasing the balance. But if you don't want to do a) and can't do b), then it's either make minimum payments for ever or default and be without mainstream credit for the next few years.

the_insider

You need to cut up the card. Then call them and ask them to 'close' the account. It won't stop the interest but it will stop you from being able to use the account. Have a think about what you 'needed money quick' for and if it's something that you could have done without or saved for then you have identified the problem. Take the temptation away and you'll start chipping away at the balance. Pop over to the debt free wannabe board, they'll help you get your expenditure down so you can throw more money at it.

chattychappy

Yes, interest will continue to run whilst the money is owed. Also if you miss payments you will likely incur further charges. You agreed to this when you borrowed the money in the first place.

If you can't make ends meet, then you really need some impartial debt advice (through a proper charity, CAB etc - not a paid for service). Greedy or not, the debt won't go away. But you might be able to negotiate something with suitable backup.

Try this link http://www.moneysavingexpert.com/loans/debt-help-plan

meer53

Cut the card up. Keep making the payments.

You can't really call them "greedy tw**s" you were happy enough to spend their money when it was available. Why won't tightening your belt and paying gradually do ? Thats the only way.

samba

diegeek wrote: »

I have a Credit Card and its maxed out at £1250.
...
As you may have guessed with the fact I had the choice of food over paying some greedy t**ts some cash which wont actually affect my debt in anyway. Simply tightening my belt and paying gradually wont do. I can only afford from £50 to possibly £80 a month and at the moment that leaves me with nothing :mad: I feel like Im banging my head against a wall.

I know it doesn't help, but to reply in the same vein as the original post...

If some greedy t**t hadn't spent money that didn't belong to them in the first place then there would be no problem.

diegeek

samba wrote: »

I know it doesn't help, but to reply in the same vein as the original post...

If some greedy t**t hadn't spent money that didn't belong to them in the first place then there would be no problem.

You're right, it didnt help. It was just a cheap dig at someone asking for help from someone who has NO IDEA why they are in this mess. It was a mix of things like a family member seriously needing money and the death of another which cost a couple of hundred just in funeral travel. At the time the money didnt matter. Now it does and im trying to sort it out. This wasnt a CC for goin out drinking or just buying loads of pointless crap, it was taken out with legitimate reasons and got held up in payments by more.

rodenal

Whilst these things can happen in life and it may not be on the same page as squandering the money drinking etc you did agree to the terms of the card you took out and knew that you were spending money that did not belong to you at the time. Legitimate and understandable reasons or not it was still somebody elses money.

Unfortunately it always has to be paid back, if that means cutting your cloth in other areas then so be it - if you are unable to do this then you need to speak to the card company and come to some agreement with them. Be aware that this will impact you for a number of years to come, though if you really have only £50-80 to live off each month you have far bigger worries than an arrangement to pay/default for 6 years, just deal with it proplerly and be upfront with the issuer.

paulmcerlean

Doesnt matter what it was for. You still spent the money, so I too dont agree with the 'greedy !!!!!' comment. You knew interest was payable. You took the card out. In terms of getting out of the mess, worst thing you can do is not pay the minimum as it will really hit you hard with missed payment fees, overlimit fees and more interest, as well as the black marks lingering over your credit files for years.

These days even one missed payment can really hit hard when applying for a loan or a credit card or any type of credit.

Trajal

paulmcerlean wrote: »

These days even one missed payment can really hit hard when applying for a loan or a credit card or any type of credit.

Quoted for truth. Absolutely this is the case.

diegeek

Cheers for all the help. Obviously I have to pay this back at some point and I knowingly got myself into this mess, albeit through good reasons. I dont want some magical excuse or way to rid me of the debt, just a few pointers apart from leaving out food for the month to pay it back. My greedy t**ts comment was mainly anger at how I do regularly pay everything I can with no help or suggestions from from the lenders to actually get to paying off the debt and not just the interest, when they can see Im struggling. I know this is why they lend and do this, just annoyed Ive been caught up in it all and I vent by rant sorry. Also about affecting my credit rating, Im really not fussed if I do have it ruined. As someone quite rightly said if im living of £50 -£80 a month ive more important things to consider.