Advice needed! Over credit limit & being charged

bulldogchief

Hello there,

I really need some advice as trawling endless website isn't really helping! Hoping one of you / some of you can help even a little bit.

I have a Barclaycard (sadly) and have been over my credit limit for some time. Current balance is aroud £2050. I have set-up a monthly £50 payment but new activity / charges is around £35 a month, so it's rather pointless. I can't afford to up my monthly payments at the moment, nor cover the recommended £282. Is there anyway around these charges / interest? I am presuming I can't transfer to another card now.

Many thanks in advance.

[Deleted User]

bulldogchief wrote: »

Hello there,

I really need some advice as trawling endless website isn't really helping! Hoping one of you / some of you can help even a little bit.

I have a Barclaycard (sadly) and have been over my credit limit for some time. Current balance is aroud £2050. I have set-up a monthly £50 payment but new activity / charges is around £35 a month, so it's rather pointless. I can't afford to up my monthly payments at the moment, nor cover the recommended £282. Is there anyway around these charges / interest? I am presuming I can't transfer to another card now.

Many thanks in advance.

Bit more info needed.

What's the limit?
What's the amount of overlimit charges each month?
What's the interest rate?
What's the amount of interest charged on your last statement?
Who do you bank with?
Do you have an overdraft facility available with your bank?
What's your current balance with your bank?
Do you have any savings?
What's the maximum you CAN afford to pay each month?

[Deleted User]

Unfortunately, if you've been over your limit on the barclaycard for some time then you don't have much chance of getting a balance transfer card from another provider. They will run a credit check and see that you're already struggling.

I'm not sure but you may be able to ask barclaycard to freeze the account. This will effectively close the account - you will still owe the money and won't be able to make any further use of the card but it will stop further charges being made while you pay off what you owe. This is kind of a last resort though as you'd effectively be defaulting on the debt which could mess up any future applications for the next few years.

The best way to sort this out is by getting the account back into the black as quickly as possible. Not sure what you're relationship is like with your bank but maybe ask for a loan? The interest rate on the loan will be significantly less than that of the credit card and it will prevent further damage to your credit record.