Unable to reduce balance - can only pay off interest

batchj

I need help for my Mum. She has a large credit card balance and can only afford to pay off the interest which is costing her over £200 per month. The debt is actually increasing. The card is a Barclaycard which she has had for more than 5 years and the interest rate is currently 28.9%. She fears that she cannot move the debt to a 0% interest deal as she may not have a good enough credit rating. I need to help her to move the debt or to get the interest rate reduced. Any ideas?

[Deleted User]

Why is the debt increasing? Is she still spending on it?

Or does she have PPI?

StuC75

surely the minimum payment would be more than just the interest - so might explain why balance still going up (if isn't still using the account or there is PPI - but theres many other posts about what to do with this)..

Sounds like this needs to be your Mothers Light Bulb moment - look at the Debt Free Wannabe sections and information on preparing a SOA (Statement of Account) - this will help to see where the money is going and what your mother realistically has available to pay ~ and will kind of make it obvious what her credit standing is like..

Check her credit file (statutory request or free trial - don't fall for the meaningless credit score)..

If that's shot then your hopes of reducing the interest is either to trash the file further through payment arrangements, or for you to take the debt into your own name on a deal - but that would be too risky to many...