Barclay card changes

thequeenscheese

when new law on maximum late payment charges being capped to £12 and now Barclays has made anyone with 2 late payments interest rise to just under 30% can they actually do this?

also I want to look at clearing this card by turning it into a loan I've got just under 7k my work is sperodic at the min which is why I've missed or made late payments and I'm wondering what my options are, I'm just about managing to cover my outgoings but minimum payments only

my situation is
Barclay card 7k or just under
Halifax card 3k or just under
overdraft 1k
loan in special measures ( couldn't make min payment) 1k left
I've thought of doing an IVA but I don't want the years of bad credit to come ( I've heard stories of 12 years later and still messed up) as we will be looking to move into a more expensive house in the future and I don't want to affect the mortgage possabilities.

so what are my realistic options here thanks?

grumbler

thequeenscheese wrote: »

when new law on maximum late payment charges being capped to £12 and now Barclays has made anyone with 2 late payments interest rise to just under 30% can they actually do this?

Why not? They don't need any reasons to rise your rate, but you can always reject the rise at the cost of getting unable to use the card any longer: Reject Credit Card Rate Hikes

also I want to look at clearing this card by turning it into a loan I've got just under 7k my work is sperodic at the min which is why I've missed or made late payments and I'm wondering what my options are, I'm just about managing to cover my outgoings but minimum payments only

Your only options are either to keep managing the debt or default.
£7K is a lot, not "just", especially for a sporadic income

my situation is
Barclay card 7k or just under
Halifax card 3k or just under
overdraft 1k
loan in special measures ( couldn't make min payment) 1k left

Well, with 'special measures' you can find it difficult to get another reasonably cheap loan.

I've thought of doing an IVA but I don't want the years of bad credit to come ( I've heard stories of 12 years later and still messed up)

I don't know much about "special measures", but my understanding is that your history is already trashed.

thequeenscheese

hi thanks for replying, what I meant was can they increase my rate without giving me the option not to accept it as I'd had that previously but now I don't use the card it pointless really having the option as they keep dropping the limit to just above what's owed which causes another problem as I can then easily go over the limit if I miss a payment.

just to be clear my work is now sperodic it wasn't always but the cards helped to pay the bills for a time.


the special measures from Halifax rightly or not is was told wouldn't affect the rating yet.

grumbler

thequeenscheese wrote: »

hi thanks for replying, what I meant was can they increase my rate without giving me the option not to accept it as I'd had that previously

You don't need this option to reject the increase, but they always mention it when notifying you about the increase.

but now I don't use the card it pointless really having the option as they keep dropping the limit to just above what's owed which causes another problem as I can then easily go over the limit if I miss a payment.

If you care that much about your credit history, you really have to make sure that you don't miss payments.

the special measures from Halifax rightly or not is was told wouldn't affect the rating yet.

It's hard to believe to what you were told. Instead of relying on their words check your credit file. A lot of information is available for free.

thequeenscheese

maybe I got the term wrong, what I meant was I had to reduce the amount I was paying due to work circumstances, although in the past I have made late payments which will obviously affect my rating, my credit score is one thing but black mark of an IVA would affect me for a lot longer wouldn't it?

grumbler

All 'black marks' remain for 6 years after placed.

thequeenscheese

yeah I know the 6 years bit but the IVA can affect for a lot longer, the mother in law used to work in a bank and had numerous customers who were still affected by the IVA long after the 6 years one that's been mentioned was 12 years later and still couldn't get credit, maybe that was more their circumstances I dnont know but it makes me cautious of that option.

thequeenscheese

the main options I need are how to deal with the Barclay card, currently on minimum payments of around £180 and of that about £30 is coming of my bill the rest is interest, obv pay more will be the first response but I can't always do that and if I can it will be minimal extra, is there a way/possibility to get them to freeze the interest so it becomes more of a fixed rate loan ?

chanz4

thequeenscheese wrote: »

when new law on maximum late payment charges being capped to £12 and now Barclays has made anyone with 2 late payments interest rise to just under 30% can they actually do this?

also I want to look at clearing this card by turning it into a loan I've got just under 7k my work is sperodic at the min which is why I've missed or made late payments and I'm wondering what my options are, I'm just about managing to cover my outgoings but minimum payments only

my situation is
Barclay card 7k or just under
Halifax card 3k or just under
overdraft 1k
loan in special measures ( couldn't make min payment) 1k left
I've thought of doing an IVA but I don't want the years of bad credit to come ( I've heard stories of 12 years later and still messed up) as we will be looking to move into a more expensive house in the future and I don't want to affect the mortgage possabilities.

so what are my realistic options here thanks?

"as we will be looking to move into a more expensive house in the future and I don't want to affect the mortgage possabilities."


Do do you think you could afford to?

YorkshireBoy

thequeenscheese wrote: »

the main options I need are how to deal with the Barclay card, currently on minimum payments of around £180 and of that about £30 is coming of my bill the rest is interest, obv pay more will be the first response but I can't always do that and if I can it will be minimal extra, is there a way/possibility to get them to freeze the interest so it becomes more of a fixed rate loan ?

Any deviation from the standard contractual minimum payment/other terms will result in an arrangement to pay (AP) marker being placed on your CRA files (you may already have one of these anyway with the loan?). Speaking of which, have you taken a look at your files to see just how bad they're looking?


There are generally 3 ways out of debt:


1. Earn more (why can't you?)
2. Spend less (could you cut corners?)
3. Restructure the debt (your CRA file will determine if this is a possibility, although with AP and late payment markers this may not be possible)

grumbler

thequeenscheese wrote: »

... is there a way/possibility to get them to freeze the interest so it becomes more of a fixed rate loan ?

What do you mean by 'rate'?

Regardless, no way except defaulting first.