Will any banks take personal circumstances into account?

threen

I have £3,500 on a Barclay card at 25%, and £2,100 with a debt agency. These debts are mainly my ex-boyfriend's who I was supporting. Now I'm not supporting him I'm trying to get out of debt. I have £1,500 in savings which I've recently been given by my Dad to help me get out of debt. I don't know where is best to pay this off.

I offered Barclay card a payment of £1,500 if they will lower the interest. They won't in anyway make any changes. No-one, including my own bank will lend me any money to consolidate these debts and lower the interest, even though I'm £400 a month better off and my bank account clearly shows this.

Does anyone have any advice?

McKneff

Pay as much as you can off the highets interest one, then snowball
it onto the next one.

If the debt is BFs, is he contributing anything to the debts.

DS4215

Is the debt in your name, joint names, or his name. If it is not in your name or joint then stop paying it (it isn't yours!).

Petlamb

Like the other posters, I'm wondering what names these debts are in? Joint or yours and you're liable, his and you can ditch them.

If they're in your name/joint names, is he contributing or has he swanned off and left you to deal with his problems? Seems pretty rough if so.

threen

Unfortunately all the debt is in my name. It's not all his, but a huge amount is from things I covered for whilst he was out of work as I wasn't actually able to support 2 people on my income. (And sadly, no - I'm not receiving any help from his end).

I'm in a very different financial situation now as I'm only paying for myself, but no banks will seem to take this in to account, and I just don't want to be paying 25%! It's funny, they were more than happy to lend me money when I had less......

Tixy

The debt with a debt agency will show on your credit file - and so to lenders you appear to be high risk, so they either won't want to lend to you, or will only do so at a high APR to reflect the risk.

You could pay off a chunk from the barclaycard and then use the extra £400 you mention to pay towards that debt. Assuming you are only paying the minimum of around £90 now, if you start to pay £490 towards a month towards your card it would be full paid in 8months and only cost you £242 in interest in that time.

Are the debt collection agency charging you interest? Another alternative might be to try to do a reduced full & final settlement on that debt for maybe around £1000, and then put the remainder towards the card debt, Whether that would be financially better would depend on what % of reduced settlement they would consider accepting.