Advice wanted

psychosia2

me and my partner have virgin credit cards charging 30% APR each. we are making minimum payments, which is obviously just clearing off the interest each month and would like to start paying off the actual debt, any advice on how to get this interest rate down would be helpful, we have tried loans but unable to get this, also unable to get other credit cards to balance transfer. I have just started training as an accountant so IVA's and bankruptcy is not an option. basically we are asking advice on how to go about tackling virgin to get them to lower interest. At present we are also trying to save for a wedding and pay collage tuition fees.

Here is our monthly situation;

Monthly Incomings:

My salary - £1139
Partners salary - £970


Total - £2109

Monthly Outgoings:

Mortgage/Rent - £425
Council Tax - £95
Gas - £20
Electric - £25
TV License - £12
Virgin Media - £40
Food - £200
Car Insurance - £31
Petrol - £100
Pension - £12

Total: £960

Debts per month;

Intelligent Finance £6700 - £257 - 6.7% APR - ends Sept 2009
My Virgin Money card £3970 - £100 - 29.9% APR - just clearning interest
Partners Virgin money card £6000 - £132 - 29.9% APR - just clearning interst
My Sainsbury bank card £2300 - £50 -15.9% APR pays off £20 /month ish
Partners Sainsbury bank card £1100 - £30 - 0% until december 2007 then 15.9%
Cahoot £1200 - £48 - 6.8% APR ends sept 2009
Debenhams card £408 - £16 - 28.9% pays off £10 /month
store £480 - £40 - 25% pays off £30 /month


Total - £673
Total outgoings - £1633

hypno06

hi there, often just a phone call to the credit card company asking for a reduction will do the trick - just give them a call and try! Nothing to lose!!

As for the rest of the debt, have a play with the snowball calculator - www.whatsthecost.com and see if you can work out your debt free date - use this as a starting point, and then see if it acts as a motivator to you to chuck a bit more at the debt.

good luck - others will be along soon with better advice, I'm sure!