RBS credit card repayments horror

thriftylass

Using a snowball calculator I found even if you found an extra 50 quid a month to pay towards this debt it would reduce the time it takes to pay it off from 3 to 2 years and halved the interest paid over that time.

have you done a statement of affairs (SOA) before? Are you paying any other debt at the same time?

thewiseoldman

I wondered if by agreeing to a regular SO and repayments I was effectively scuppering my chances of saying I can't pay this...


I never thought I was being that profligate but obviously I was.

thewiseoldman

thriftylass wrote: »

Using a snowball calculator I found even if you found an extra 50 quid a month to pay towards this debt it would reduce the time it takes to pay it off from 3 to 2 years and halved the interest paid over that time.

have you done a statement of affairs (SOA) before? Are you paying any other debt at the same time?

I had to do a SOA with RBS before it agreed to a standing order being set up and the last couple of late payment charges being annulled. I must confess I was hoping for a bit more.

thriftylass

thewiseoldman wrote: »

I must confess I was hoping for a bit more.

Why? Have your circumstances changed? You generated the debt and seem to be able to afford the payments (sorry don't want to sound that harsh, but it's true).

Also RBS might not set the SO at the highest level possible (or try to give advice on how to reduce you other outgoings to free up money for it, i.e. if you tell them your grocery spends are £400 they won't tell you that's too high, could you shave 100 off and use it for repayments) as they want you to pay for longer and pay more interest.

Hence I meant a SOA here on this forum to see what your outgoings are and the lovely people of this community could maybe give you advice on where you could reduce costs etc to maybe find more money in the money you have available each month. I.e. are you on the cheapest electricity tariff, how much do you spend on groceries each month etc etc.

iAMaLONDONER

thewiseoldman wrote: »

I wondered if by agreeing to a regular SO and repayments I was effectively scuppering my chances of saying I can't pay this...


I never thought I was being that profligate but obviously I was.

It looks like it's time for you to cut your expenditure drastically to free up cash to pay your debts. I.e going to Aldi/Lidl rather than Waitrose/M&S