Bad credit and debt + PPI

sonicboom34

I've a few questions regarding my credit and debt that I've been trying to sort over the last five years without getting very far... though all my frequent defaulting ended well over 6 years ago. I'm a 34 yo student and will start full time work in one year.

I've managed to get over £4000 on two separate high interest credit cards, and of course I am unlikely to get a 0% interest balance transfer card. Only today I've increased the repayments to more than the minimum again, and both cards are getting hidden at the back of a draw from now on. Any tips on paying them off, as it'll take almost two years at my current rate that I can kind of afford? Should I try to get another credit card and use it properly to improve my credit history or just focus on clearing these cards and keeping one?

Also, just over a year go, I tried to change my direct debit payments from an amount to minimum, but Santander's website messed up (the truth) - firstly, it didn't let me amend the DD, but it allowed me to delete it. I set up a new one, however, the new one didn't get set up on their system, and I received a default the next month. Santander say that there was no evidence of computer problems and gave me some story about even if i had set up a new one again it would have been too late to collect payment. They never sent me a letter to say there was an issue, just the letter with the default. I guess I should complain? Not sure who to?

Lastly, when I took out one of my credit cards, I did tick the box saying I wanted PPI, as it sounded like a good idea at the time (now cancelled). Because I ticked the box, does that mean I wasn't miss-sold yeah?

Thanks

CKhalvashi

Focus on clearing the cards - temptation is a brilliant thing sometimes.....

2 years is not so bad; there was one lady who estimated it would be nearly 100 years until debt free. It's best to look on the positive; if you can clear 4% in one month, then you will be at a lower point each month.

Another advice is to leave the cards with a (trusted) relative, for emergency use only. This will ensure that you're not tempted to remove them from the draw for any reason other than a serious problem.

boo_star

CKhalvashi wrote: »

Focus on clearing the cards - temptation is a brilliant thing sometimes.....

2 years is not so bad; there was one lady who estimated it would be nearly 100 years until debt free. It's best to look on the positive; if you can clear 4% in one month, then you will be at a lower point each month.

Another advice is to leave the cards with a (trusted) relative, for emergency use only. This will ensure that you're not tempted to remove them from the draw for any reason other than a serious problem.

Agreed, interest can compound but the reverse is true, paying 4% means you're paying off more of the remaining balance a month and less interest.

And while 2 years isn't great, a lot of people are looking at 10+ years.