lowering credit card payments.

somewhere_up_there

Can someone help?
Just rang barclaycard, to say i cannot meet this months payment.
Have always paid.
There response there is nothing they can do about lowering payments,until i go in to arrears.

I do not want to be in arrears just pay less .

Has anyone else had this problem.

I want to pay of my debts but need lower interest.


Looking for where i turn to next

[Deleted User]

somewhere_up_there wrote: »

I do not want to be in arrears just pay less .

You can't have one without the other unfortunately. Head over to the DFW board for advice on how you could make savings elsewhere, although it may be too late for this month's payment.

Tixy

Is a problem just this month? or an ongoing issue?

How do you normally pay your credit card?
What is the minimum and how much can you afford to pay?

Could you afford the remainder of this month's minimum and all of nxt months minimum payment next month?

somewhere_up_there

The card companies advise contacting them when you are having difficulties making payments.
Then say sorry you have to go into arrears before we can help.
Getting yourself in to more debt.
Where is the logic in that.
So looking for a logical person for some help on here

somewhere_up_there

Tixi.
The payment is 411.19. 25.9%
I can no longer afford this.
I have substantial other debts.

somewhere_up_there

Should have said i can afford 119.44.
I do not want to go down the £1 a month scenario.
I stupidly thought they were here to help.
Not get into more debt, then we will help.

Tixy

Ok if you are have several debts and are struggling to repay them then you first need to work out what you can afford to all your creditors and how that compares to the minimums to all, ie how much short you are each month, after accounting for normal living expenses.

If you are struggling its not really 'fair' to underpay just one of your creditors and keep paying the others the full amount. Creditors are most likely to help once you've demonstrated that you cannot afford your commitments in full and that you are treating all creditors equally.

As zx suggests its probably sensible to post for advice on the debt free wannabe board.
Debt-Free Wannabe

If you complete a statement of affairs calculator and post the results on there people will be able to advise you on the best options for you. On whether you may be able to restucture the debt so you can afford repayments, on where you may be able to make other savings / get things cheaper etc or whether you may need to consider something like a debt management program or other reduced payment approach.
Statement of affairs calculator

If there is no way you can meet your minimum payments then the next step is speaking to a debt advice charity and they'll advise on what options you have for tackling the debt - though all of them are likely to have a big impact on your credit file for at least 6 years.
IMPORTANT - Where to seek professional impartial advice about your debts.

somewhere_up_there

Spoken to one unhelpful person at barclaycard.
Said only way they can help is by going into arrears.

Spoke to virgin they were very helpful.

He did say what the person at barclaycard said is illegal.

Rang back barclaycard .
Spoke to a great person,who has lowered my rate to 6.9% from25.9%

Rang payplan, have an interview on phone on Friday.

Have you any tips for this Tixi

Tixy

Tips for the call to payplan?

Make sure you have all your financial information to hand. Details of all your debts, APRs, current status of the debts.
And then details of your income and outgoings every month (bascially the same data as from that statement of affairs calculator - might be worth filling that in and printing it off to have with you when they phone.)

Payplan_company_representative

Hi somewhere up there, I have left you a message on the other thread to answer your queries. If you have any more questions, then please do not hesitate to ask.