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credit card interest and debt drowning me!

hi all,
I have a Barclaycard which is now at £4300. However i am only able to meet the minimum repayments of £103 but about £80 is interest! Looking at my statement it says Purchase annual rate 21.9% and Cash annual rate 27.9%.
My question is.... HELP ME!! ...no really!! i have rung them up saying that i am struggling and could they lower the interest rate but they declined.
Is it worth me writing to them or what else can i do!???
I also have an egg card but only £2300 which i pay £60 a month .. plus a Barclayloan which ends next March ( thank god!!) which is £220 a month so i really am struggling to keep afloat.

Although i have had a gambling problem which has fuelled the problem but am happy to say i have conquered and have not gambled for nearly a month now.! :T
Any help or advise would be great ! cheers
Total Debt left £2501 :Total PPI reclaiming: £2500. Fingers crossed!
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Comments

  • Hermione54
    Hermione54 Posts: 176 Forumite
    Pop over to the Debt Free Wannabe board and post a statement of your affairs so the people there can offer help and encouragement. It is surprising how little you can live on if your really set your mind to it, and you'll find all sorts of useful advice there.
  • ravenk
    ravenk Posts: 152 Forumite
    Hermione54 wrote: »
    Pop over to the Debt Free Wannabe board and post a statement of your affairs so the people there can offer help and encouragement. It is surprising how little you can live on if your really set your mind to it, and you'll find all sorts of useful advice there.

    The statement "How little you can live on" -
    Yes I agree you should live like a tramp ...go hungry maybe ....
    But do keep up the payments on those high 20 percent loans.
    The execs must meet targets to get those huge multi million bonus.
    They charge huge interest rates to protect against risks and bad payers.
    I would call them again and tell them they are pushing you into a corner.
    Reduce the criminal interest rate or I will simply file for insolvency and you will get nothing !

    Why not just declare yourself bankrupt (Or the light version of it ) ?
  • hello,
    why not transfer you balances to 0%. Halifax have 0%for a year on purchases and balance transers. It would sve interest payments.
  • Hermione54
    Hermione54 Posts: 176 Forumite
    I was just trying to help. Some people do take their responsibilities seriously and try to repay the debts that they have knowingly racked up. I thought that's what these boards are for.
  • ravenk
    ravenk Posts: 152 Forumite
    Hermione54 wrote: »
    I was just trying to help. Some people do take their responsibilities seriously and try to repay the debts that they have knowingly racked up. I thought that's what these boards are for.

    Don't you find the criminal interest rates 27.9% he is being charged abuse of power ? Yes they now have power over him. Keep paying or else ....reduce the rate ...why should we ! If work houses and debtors prison were still allowed, these guys would be running them and be proud of it.

    I would in his case play them at thier own game. Reduce the interest rate to a sensible level (14 % or less or base rate + 2%) or default and file for bankrupcy. How much will he end up paying back over several years at a rate of 27.9% ? Is it right to make someone who is obviously struggling suffer even more ?
  • Gnid
    Gnid Posts: 112 Forumite
    natbubbles - one solution - consolidate all your debt into one bank/building societies/credit company - the rate will definitely be lower than credit card rates. That should ease the burden for the time burden.

    BUT you should really go to the Debt Free Wannabe board as someone above suggested. LOTS of people will help you and have been in your situation...
  • mrsmortenharket
    mrsmortenharket Posts: 2,131 Forumite
    Raven, you have a big chip on your shoulder.


    nats if you are in financial difficulties then they have to help you. Simple as.

    It is a good idea to post a SOM on the debt free wanabee forum. You do not have to live like a tramp or starve :rolleyes: but lots of people are very good in making suggestions on how to cut back on stuff or ideas of how to pay for things in a cheaper way.

    Also if your credit rating is ok, then try & do a balance transfer.

    Lisa
  • Raven
    Raven Posts: 1,729 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Raven, you have a big chip on your shoulder.


    Lisa

    Really freaked me out when I thought you were talking to me before I had asked my question. :D


    Raven
    I'd like to teach the World to sing in perfect Harmony :grin: :j :D:)
  • DawnW
    DawnW Posts: 7,800 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi Nats,
    Do post on the DFW board. There are lots of options, none of which include starvation - bankruptcy is certainly one option, but would ruin your credit rating for years, which you do not necessarily want to do, if you are meeting the payments currently and soon to pay off a loan in full. There are lots of ways you may be able to cut down, even if just temporarily until your loan is paid off. They are a nice helpful bunch, and many are dealing with much more debt than you are facing. You might even want to have a look at the old style board for suggestions for how to save money at home. Give it a go! Good luck,
    D.
  • Raven wrote: »
    Really freaked me out when I thought you were talking to me before I had asked my question. :D


    Raven


    sorry, lol!!!
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