Over £100 on repayments

2bak860

Hi,

MSE Newbie here - so please be kind!

We've had a pretty terrible year so far, with me closing my web design business, with mounting debts and to top it all, bad health. Luckily, I've secured myself a full-time job recently, but the debts still loom.

I currently have one Virgin credit card with £3k on it, and because we missed a payment, it's now up to over £100 on monthly repayments. I also have a Nationwide Credit Card with about £400 on it. We have a Nationwide current account and mortgage, so I'm wondering whether we should keep credit and mortgage separate moving forwards?

So my questions are:

1) Should I transfer my credit card debt to a lower repayment credit company? Over £100 is screwing us! Or do we just suck it up?
2) Is it wise to move over credit card debts to somewhere separate to our mortgage etc. ?

Though I'm wondering whether our credit score is now poor considering we missed a repayment.

Any advice appreciated! Looking forward to gaining more tips on MSE!

thanks, Marty

Hooloovoo

Unfortunately I doubt you have much choice. A missed payment will show as a default on your credit file which means your chance of getting any new credit (even for consolidation) will be slim.

CLAPTON

best to get copies of your credit files to see what they say.
maybe the missed payment shows or maybe it doesn't

100 on a 3k debt doesn't seem that too bad but there is nothing stopping you appling for another card or maybe transfer to your nationwide card

what are the APRs on the cards?

2bak860

Thanks for all your comments. 2 years on, I'm happy to say we're in a much better situation. I'm paying off the credit card by a DD every month. My parents helped settled a biz loan and I'm paying them back every month.

What I've learned is that there are no quick fixes when it comes to dealing with financial matters. You always need a contingency, you always should put some money in different accounts and pay things off long term and if you're a couple, ensure at least one of you has a secure full-time job - much easier further down the line.

Thank you MSEers!