Barclaycard Debts-Please help!!!

vince42

Hi all

Long time lurker, first time poster!

Am after some help about my debts, I really feel its starting to get out of control and am seeking some advice as I don’t know where to turn anymore.

I made the stupid mistake 4 years ago of getting a Barclaycard and maxing almost immediately without actually thinking (or knowing) about what the repayments would be or how much APR was involved.

I was young and foolish, working in a low paid job with the silly idea in my head that within a year or so would have a better paid job and pay of the debt in no time at all. This has no happened.

I have a credit limit of £3500 on the card and the balance at the moment stands at £3811. Each month I pay of the minimum, I have to say I haven’t been too good on it for a few months this year, which I know I have to change, but the interest and charges are killing me.

The balance is a mixture of cash and standard balances with 2.096% on the cash and 1.54% on the normal balance. Alone each month the interest is costing me £68 when im making payments of only £90!!! Its ludicrous, im paying Barclyacard so much money just for holding my debt.

I know ive been pretty stupid with the whole thing and I know that I should make regular monthly payments.

My question is (after that long winded introduction!) apart from an IVA or similar is there anyway of cutting the interest? I have spoken to Barclays about this, but obviously they don’t want to know, Im making them a huge profit all the time so there not going to help me out.

I cant switch to another 0% card as my credit rating is bad, partly because of this, I feel trapped and that Im never going to clear this debt as I have no other way of making more payments a month.

Apologies about the long ramble, and thanks to anyone who can advice me.

Mrs_pbradley936

Hello and welcome to the site. Before anyone can help you we neeed to see a SOA. That stands for Statement of Affairs and basically you have to make a list of all your incomings and outgoings, there is a Sticky on it (that is a set thread at the top of the thread list) which will help you.

Broken_hearted

Have tried putting it in writing to them, ask them to freeze interest for 3 to 6 months while you get back on your feet.

pudding06

Vince - welcome to the dfw boards.

Firstly you really do need to do a soa so the good folks on here can help you properly. Its difficult to advise you unless they know what your income and outgoings are. And they will problably be able to help you cut down your expenditure in order to pay off more and then your interest will reduce anyway.

please do it. It really is worth it..


cheers,

pudds

bluezone

phone up barclaycard direct and see what they say - maybe they can freeze interest for a while whilst making an atrangement with you for a certain amount a month?

how about you post you soa to see if there is a way we could help more

B x

climbgirl

To be honest, they're going to be pretty unreceptive to requests to freeze interest while your balance is over your limit....

first thing you need to do is post your SOA - full list of incomings and ALL outgoings, and a list of your debts - balances, limits and APRs. There will undoubtedly be ways we can free up more money each month for you to pay back. I've not seen an SOA posted here which hasn't been trimmed in some way!

in_over_my_head_2

Would they not consider turning the card into a loan? Egg offered me that option a while ago when it was obvious I was struggling...