Help please :-(

Apple1985a

Hello

I'm new to the forum and am lost. My partner has built up some debt. He currently has a credit card with mbna/virgin for 7,000 pounds. We've just been trough his statement and realised that last month he paid £255 off. £149 of which was interst and 50 payment protection cover. We've just moved in
Together so are sorting finances.


I don't know where to start! He advised that he was tried to transfer the balance to a 0% card but was refused (he has
Missed payments in the past).


Where do we start? I've never had a credit card so all is new to
Me. The interest is ridiculous! I'm
Not sure if he should be paying the PPC? Would you advise I see a financial advisor? Tried to have a look around the cried card pages but so confused!

[Deleted User]

If he ha a poor credit history, then his chances of getting a a BT offer are slim.

If he feels he doesn't need the PPI, then he should certainly cancel this.

And in the absence of any BT options, he needs to cut costs and throw as much at the debt as he can.

Hominu

How long has your partner being paying the payment protection cover? If he's never used it, you might be able to claim some of the premiums back. Don't pay anyone to help you do though (specially not solicitors), indeed use one of the template letters on this site to request it for free.

Maybe you can also arrange a loan and pay off the credit card. It seems the card has a very high interest rate, so that would cut down on the repayments.

grumbler

Apple1985a wrote: »

I don't know where to start! He advised that he was tried to transfer the balance to a 0% card but was refused (he has
Missed payments in the past).

Well, the only alternative is a loan that he is unlikely to get too, a least at a reasonable interest rate.

Where do we start?

Earn more, cut spending as much as possible and direct all money to paying the balance off.

Post your SOA on Debt-Free Wannabe board for advice on cutting spending.

Not sure if he should be paying the PPC?

Only you know this. Make sure you know what exactly you are paying for, then decide whether you need this.

Would you advise I see a financial advisor?

I wouldn't. What information can you get from them that you can't find here?

Apple1985a

Thanks everyone. He Owes about 7,300 on it. He is self employed so I've asked if the ppc defo covers him.

If he's been paying regularly a direct debit to meet payments do you think he would be likely to get a o% one now? He has
Missed payments but has kept them up recently.

Apple1985a

As in for the last 12 months he's kept payments up.

jonesMUFCforever

The PPI may not pay up for income but might have other benefits such as life cover to cover the debt or hospitalisation cover etc.
Get a copy of the policy before deciding to cancel.