I NEED ADVICE: Credit charge hike

SuzanQ

Hi I hope someone can help me with advice, I am feeling a little desperate.....
I have a Barclaycard which on 0% interest was £125 a month which I could just about afford, when the interest went up a couple of months ago it went to £169 and I haven't been able to manage this. I called them yesterday to come clean and see what my options were - they told me the only option was to enter into a repayment programme which would affect my credit rating - as this would also affect my husband I said i would think about it so i could chat things through with my husband first.
Today I have received a statement which now shows my monthly charges will be £220!!!
My personal circumstances have changed - I am not in full time work and just starting up my own business - so i can't get any credit anywhere to move to a new 0% interest card - of course I know I should have been more mindful with my spending - can anyone help me get a steer on what best I can do? Bite the bullet and enter into a repayment agreement?
I haven't had any prior notice of the % increases. Thank you!

PeacefulWaters

I'd repost on the Debt-free Wannabe part of the forum.

Spending less to free up cash to pay the credit card payments with us one option.

Selling stuff on eBay to free up cash to reduce the debt.

Loan in hubby's name to clear the debt.

grumbler

SuzanQ wrote: »

Hi I hope someone can help me with advice, I am feeling a little desperate.....
I have a Barclaycard which on 0% interest was £125 a month which I could just about afford, when the interest went up a couple of months ago it went to £169 and I haven't been able to manage this. I called them yesterday to come clean and see what my options were - they told me the only option was to enter into a repayment programme which would affect my credit rating

Well, it's perfectly reasonable to expect to have your credit history affected if you fail to fulfill your obligations. That's what the histories and CRAs exist for.

- as this would also affect my husband I said i would think about it so i could chat things through with my husband first.

If your husband really cares about his history, can he not help you?

Today I have received a statement which now shows my monthly charges will be £220!!! ...
I haven't had any prior notice of the % increases.

If it was an increase in the standard APR, not from 0%, they should have given you a notice and an opportunity to freeze the original APR:

• Reject Credit Card Rate Hikes

solentsusie

If it is going to affect your husband as well then I would suggest speaking to him and seeing if you can sort this out jointly.

Definitely join the debt free board and do a statement of affairs so you can see what you have coming in and going out. They will pick it over with a fine toothed comb for where you can make savings.

If you enter into a repayment plan this is going to cause you lots of problems going forward for at least the next six year. I really would avoid this if at all possible.

Good luck.

solentsusie

SuzanQ wrote: »

I have a Barclaycard which on 0% interest was £125 a month which I could just about afford, when the interest went up a couple of months ago it went to £169 and I haven't been able to manage this.

Today I have received a statement which now shows my monthly charges will be £220!!!

I haven't had any prior notice of the % increases. Thank you!

If you took out a 0% card you would have been informed how long the deal was for.

Did you not keep note of the date that the deal ran out on?

Has your interest rate gone up again? An additional £50 a month is quite a bit. Have you checked the interest rates on your statement? Or have you missed any payments or not paid the full amount at any point and they are claiming arrears?