177%APR???? Seriously????

karolina1

Right, I'm slowly but surely dragging myself out of the big debt hole I, myself dug a few years ago. Now two of the credit cards I have, both issued by RBOS want me to pay in full (they put a default on the card a while ago so havent been making any money from me on interest or charges). Tesco credit card will accept 2200 (I owe 3) and Mint will accept 1100 (I owe 1500). However I'm having some difficulty meeting their 30th April deadline. Everyone has told me to ask friends but when I bring it up with the few who are in positions to help, they dont realsie where the conversation is going, and think i'm joking. Nice eh? So I looked on moneysupermaket under the bad debt section - not good news. My rating is poor (jaysus!) and the only loans offered for a poor rating have APRs of 50%, 60% or 177%!!! Seriously, how am I supposed to get out of this mess???? What should I do??? The DCAs acting for RBOS are adament they wont accept monthly repayments and I'd be glad to pay them to get some money knocked off but how am I going to do it? Help!!!
p.s anyone got 3 grand they can lend?;)

EnglishBrainIrishHeart

Wish I did have 3 Grand, and I wouldnt be in my mess!!

Have you spoken to Citizens Advice? Why are they expecting the payments in full?

Vickicb

DO NOT get another loan out to pay these off - especially at those interest rates!! You already have a default on your file and you are paying no interest at the moment so you simply need to tell them you can afford £X per month and send a cheque for that amount to them every month - don't set up a direct debit cos then they can take what they want, standing order is fine. They won't take you to court while you are paying a monthly amount, even if it's only £1.

lonely_2

Talk to CAB, CCCS or Payplan TODAY!!

beanielou

lonely wrote: »

Talk to CAB, CCCS or Payplan TODAY!!

Do not even think of taking out another loan.

karolina1

they want repayment in full as they're not making any money from me since the default was put on (no interest, no charges). I'd love to pay them off as I want to take advantage of their offer of knocking a thousand pounds from what i owe. i'm gonna try and stall them for requesting my CCAs, but when they ring back and ask how i got on with loan companies, i should just tell them i've been advised not to get another loan?

karolina1

oooh, another reason why i'd prefer to get it paid of as soon as, is that i want to work abroad and dont wanna have to be worrying about paying stuff back for the next 5 years. is this a foolish attitude? i really cant hack being miserable working in an office at 26!!!

[Deleted User]

Talk it over with them say you cant afford the settlement on the deadline is it ok if they freeze it and you pay off X (whatever you can afford) per month

What ever you do always talk to them and ensure you dont use expensive phone numbers see https://www.saynoto0870.com

OberonSH

I'd tell them that as they're advisong someone with debt problems to get another loan they had better watch themselves!!

Seriously chick, get hold of one of the debt charities. If nothing else it'll feel like there's someone else in your corner.

Work out your budget and send them a copy with a letter stating this is what you can afford to offer them (as they can see by your budget). Lets face it, if you haven't got he money, you haven't got it. I think most of them try this tack forst of all to weed out those who just say they can't pay. I'm sure they don;t want to take it to court and and risk being awarded a lower payment.

daysieblue

I've got a credit card with mint and they are accepting £30 instead of the £135 I was paying as a minimum payment. (I owe them about £6k) The reason they want you to pay in full is because they think that a couple of grand should be a doddle to find if you try hard enough, and their admin costs vs amount of debt is too high. Don't give in to them, these are bullying tactics, and if serious enough could be reported to the Financial Ombudsman as harrassment!

db xx

[Deleted User]

karolina1 wrote: »

oooh, another reason why i'd prefer to get it paid of as soon as, is that i want to work abroad and dont wanna have to be worrying about paying stuff back for the next 5 years. is this a foolish attitude? i really cant hack being miserable working in an office at 26!!!

Ill brew you up a filter coffee shall I...

You cant magic money from thin air so that you can disappear abroad :rotfl: :T

Plus the grass might not necessarily be greener

"I'd tell them that as they're advisong someone with debt problems to get another loan they had better watch themselves!!"

Definatly so, dont go to loans they are more evil then credit cards due to less flexibility and if you have defaults probably the same high APRs