Newbie looking for help/advice

caveo

Hi guys , I'll cut to the chase, I have £15,000 on a Halifax Visa card. the payments are around £350 p/m and this brings the total bill down by pretty much nothing. I have been at this limit for over 2 years now and to make matters worse they put my % rate up to 28.95% !!

I called the guys at Halifax Visa and they were not willing to budge on any kind of help and pointed me in the direction of the loans team.

So I calls up the loans team, bearing in mind I already have a loan which has one year remaining ( £4400 remaining at £416p/m). so Im looking to consolidate these two loans into one and was quoted £350 p/m over 6 years (so halfing my outgoings).

Then came the stinker, the loan was refused (even though my credit rating is "good" 890points iirc) I really am at my wits end with it all -_-

Where can I go with this ????

Fruit_and_Nut_Case

You could refuse to accept the rate increase. The downside is that you wouldn't be able to use the card for purchases again. That's probably a good thing, though.

Halifax won't know your good/890 score. That's between the CRA and you; and now us.

caveo

the rate increase was a while ago now unfortunately they did say to try again when the loan is paid off next year. but by then I will have paid an extra £4200 on the Visa for nothing.

Tixy

Is this you only open credit card account?

You could possibly see if you can get another card with a promo balance transfer rate to move the debt to, or move some or all of this card debt to. You could check out the MSE eligibility checker for an indication as to whether you may be accepted.

Is £350 the current minimum payment on the card? and is this the maximum you can afford?

If you cannot move the debt anywhere cheaper then the option are to continue paying off very slowly, try to find a way to throw more at the debt each month to reduce the balance quicker, or if you are struggling to meet the repayments and are having to reuse credit then you could consider seeking advice from a debt advice charity (though any option with them is likely to significantly impact on your credit file.

caveo

The minimum payment is around 350 ( it does go up n down by a few £ ) other credit cards wont have a limit that i need though ??

Fruit_and_Nut_Case

caveo wrote: »

The minimum payment is around 350 ( it does go up n down by a few £ )

It will vary according to the number of days in the month.

caveo wrote: »

other credit cards wont have a limit that i need though ??

A partial balance transfer could still be advantageous to you.

stator

Start paying slightly above the minimum payment, it will make you look better on your credit report

caveo

stator wrote: »

Start paying slightly above the minimum payment, it will make you look better on your credit report

Think I will do this and try again in a few months, when the loan will also be less too

thebritishbloke

caveo wrote: »

Think I will do this and try again in a few months, when the loan will also be less too

Unless you're earning at least £60k, you more than likely won't be approved for a £15k loan to pay it off.

caveo

thebritishbloke wrote: »

Unless you're earning at least £60k, you more than likely won't be approved for a £15k loan to pay it off.

its a joint application with me and the wife and yes we jointly earn over that amount