Barclaycard Help

Phizpop

Hi, just looking for some advice on my credit card as I'm a bit lost with it all.

I'm currently a student and 3 years ago I took out a credit card with Barclaycard to pay my first year of tuition as I was ineligible for a student loan. At the time I didn't really research my decision and thought this was my best option. Now, my balance is £4000 and as I am only working part time I can only pay just above the minimum each month.

The interest is £90 and I pay £100 so my balance only reduces by £10 each month. Do I have any options to better manage this debt? I can't increase payments right now but don't want to leave university with the terrible credit I currently have (685 ).

I have looked into a balance transfer card but I'm not eligible for any so that's not an option.

Thanks for any advice and happy new year!

Dovah_diva

To be honest, you borrowed the money and therefore have to pay it back. At the rate you are paying it, it will take forever. Can you not get a job or a second job? No way of borrowing the money from relatives?

Failing that, you could try throwing yourself on their mercy and ask them to freeze the interest. I assume you're not still using the card?

CLAPTON

although credit rating numbers are meaningless what exactly do you credit files actually say


as you are making the monthly payment, I would suggest you continue as you are, as approaching Barclaycard will probably trash your credit files for years.

Dovah_diva

CLAPTON wrote: »

as you are making the monthly payment, I would suggest you continue as you are, as approaching Barclaycard will probably trash your credit files for years.

It will take over 30 years to clear the balance at that rate! Besides which, any potential lender will be able to see that the OP is barely covering the interest. Besides which, actually approaching Barclaycard will not actually trash his credit files. Defaulting will do that. There is nothing wrong with opening a line of communication with them. Of course, it is key to ascertain if the OP is still using the card.

bris

The best way is a term loan over about 4 years, only works though if you cut up the card and don't be tempted to use it again.

But the terrible credit may be a problem, looks like the card is only half the story.

Aquamania

Have you considered bankruptcy?

There's a dedicated board for that here