Credit Card Debt help Needed Please

suwyn

Hi Sadly my Daughter has got into quite a pickle with 2 cards, We tried to get a new card with 0% tr balance , but she got turned down, we did it with another one that got turned down as well, she also tried to get a loan to pay them off as well so we were told not to keep on trying as it affects your credit rating, does anyone know of a way of getting out of the mess without declaring herself bankrupt
TIA Suwyn

CLAPTON

suwyn wrote: »

Hi Sadly my Daughter has got into quite a pickle with 2 cards, We tried to get a new card with 0% tr balance , but she got turned down, we did it with another one that got turned down as well, she also tried to get a loan to pay them off as well so we were told not to keep on trying as it affects your credit rating, does anyone know of a way of getting out of the mess without declaring herself bankrupt
TIA Suwyn

depends upon her debts
and her income
and her spending
and what her credit file say
etc

Foxy-Stoat_3

Yes, pay the debt off.

Pay the minimums on both cards and never miss payments. Overpay on the highest interest rate card and get her to stop using them NOW.

After 6-7 months, re-apply for a 0% interest card, balance transfer as much as she can and repeat the above until its all on 0% and pay it all down.

Paully232000

as above, what does she earn, what is the total of her debts, has she defaulted on anything, is she on the electoral roll.
The more info you can give the better your responses will be.

grumbler

Foxy-Stoat wrote: »

Yes, pay the debt off.

Pay the minimums on both cards and never miss payments. Overpay on the highest interest rate card and get her to stop using them NOW.

After 6-7 months, re-apply for a 0% interest card, balance transfer as much as she can and repeat the above until its all on 0% and pay it all down.

If the debt/income ratio is too high she stands no chance to get a 0% card and will keep paying minimum payments for the rest of her life.

As the OP considered a bankruptcy as a possibility, I guess she struggles to make even minimum payments. In this case just keeping making minimum payments without changing anything leads nowhere. I am no expert, but there are other more reasonable options like DMP, IVA etc. She definitely needs an advice from some charity instead of doing what you suggest.

pethorder

i suggest youre daughter only uses them in a dire emergency if she goes shopping leave the cards at home and only take cash ring the credit card company up explain the situation ask if they will reduce the interest rate or freeze it till she gets back on track i managed to reduce my payments for 3 months was paying 160 on one card and got it reduced to £49.00 ok its only for 3 months but ive got some breathing space for now a dmp is a good idea if its under 5000 and iva is for this amount and above also if she has mobiles or sky etc look around for cheaper deals