Cannot Make A Balance Transfer and Cannot Reduce Balance

poor_impoverished_student

I am a 22 year old student with one academic year remaining.

I owe £2000 on a HSBC credit card and make the minimum payment each month of £46 which has no impact on the balance.

This equates to £552 a year down the swanny.

I also cannot afford to pay more than this as I am on a very low income, less than £4000 per year. I destroyed the card over two years ago and so am I still paying for debt from before I came to university, and only just covering the interest!

I realise that I was foolish to get into debt and I have changed my ways since.

I have applied to balance transfers but obviously I cannot apply to many as this affects my credit rating and, as I said before, I could not increase the payments by very much.

Could anyone suggest anything for me in terms of balance transfers, debt advice, or debt help agencies?

Many regards

Karl.H_2

Hi. Can I point you to this article. I hope that it helps.
http://www.moneysavingexpert.com/loans/debt-help-plan

I am not sure what you can do as a student, because I would assume applying for a credit card might be difficult, as your income is below £4000. If you keep constantly applying for new credit cards you're more likely to be rejected for all new applications. Also, read this: http://www.moneysavingexpert.com/cards/cut-credit-card-interest

Barclaycard Graduate: http://www.barclaycard.co.uk/products/apply/graduate.html

Regards.

poor_impoverished_student

many thanks... I have applied for new credit cards in the past but no good... But it has been a while now

I did not include my student loans in my income but I suppose this is not income if I have to repay it... that is around £3500 a year.

I think I might try for the Barclay graduate card now I have read it. any reduction on the 15.9% i pay per month is an improvement.

Karl.H_2

Well, I have recently phoned Barclaycard – as I would like to apply for the Student Card soon – and they said a Grant/Loan is classed as an income. So, make sure you put that down!

Good luck!

danielbb

You can just put false employment details, :A i PM'd you

Karl.H_2

danielbb wrote: »

You can just put false employment details, :A i PM'd you

Surely that's fraud.

tom188

Yes fraud and if found out will bear the consequences. (For example no access to credit ever again).

Lavendyr

Do not put down a false employment, this amounts to obtaining credit by deception and will be taken very seriously if found out.

Do include your student loan as income, as well as any part-time or holiday work you do.

Are you trying to earn money on top of your loan? When I was a student I worked through every vacation I had to earn money to pay for everything.

Also, assuming you have an HSBC student account, do you not also have an interest-free overdraft facility? Can you use any of that to pay off a chunk of the debt?

danielbb

Surely that's fraud.

Who is the victim? the card company's for making money from me?

Karl.H_2

danielbb wrote: »

Who is the victim? the card company's for making money from me?

We all have to abide by British Law, and giving false details is illegal. Remember, card companies don't have to give people credit. tom188 must be correcting in saying it has a serious consequence on your credit score – hardly worth the risk. Perhaps your circumstances change, say you get paid more, will Credit Card companies consider your application after you lied?