Taken a Barclaycard CC, massive min payment issue

opinions4u

If you can't afford this minimum payment, how on earth will you cope when you run out of 0% deals?

Car crash waiting to happen.

alwaystryyourbest

opinions4u wrote: »

If you can't afford this minimum payment, how on earth will you cope when you run out of 0% deals?

Car crash waiting to happen.

Just what i was thinking, i know money might be tight, but i would stick with the card,and pay more of your credit card off.

grumbler

Pir8pete wrote: »

Surely there must be a cool off period where I can back out and have the debt transferred back to capital one?

You asked them to transfer money to C1. Return Barclays what you owe them and you are free to go. No cooling off period needed in this case, but it's your problem, not Barclays' how to get the money back.

sfax wrote: »

Your best bet is probably to call them again and ask them if they can return it. Be persistent and say you can't afford the monthly payments

Return what? They paid money to C1. It's C1 that can return money, but is highly unlikely to do this for free.

sfax

grumbler wrote: »

Return what? They paid money to C1. It's C1 that can return money, but is highly unlikely to do this for free.

You'd still have to go through Barclaycard who could (in theory) request that the money they paid to Capital One is returned to them. I agree they probably won't do this but no harm in asking

grumbler

Pir8pete wrote: »

I would love to be in that position but its not possible. I applied online through U switch and I'm pretty sure it didn't mention it.

Both Read summary box and Read balance transfer terms and conditions are on the first page. I appreciate that the T&C are long and at some point even without reading the T&C you ticked the box that you have read/accepted them. However, the summary box is specially designed to take no more than 30 seconds to read it.

Tiddlywinks

I know you say you can't make a larger repayment than 1% BUT you will never, ever shift this debt if you don't find a way to increase your payments.

Have you gone over to the Debt Free Wannabe board? Put in your income / outgoings and see if they can help.

Are you absolutely sure you can't reduce other outgoings? Reduce costs of socialising / TV / phone contracts / groceries etc?

How about upping your income by doing overtime or working in a bar / burger joint or whatever?

This is a problem that won't go away, so this might be an opportunity to sort it now rather than shelve it again.