Debt, I feel like I'm drowning.

scrappydez

Can anyone offer me advice on my debt problems.
I tried applying for a AA credit card to shift my balance from my 3 cards but my total is over the credit allowed.

My problem.
I have 3 credit cards totaling about £13,000 with Virgin, halifax and barclaycard
I know that I'll never be able to pay this of with the Interest they charge and I can't shift the balance to another card because the debt is to much.

What are my options? Do I get a loan, go bankrupt or other.
I really need some help with this, can anyone help.

[Deleted User]

Visit the DFW boards and fill out an SOA. This will allow you and others to see where costs can be cut and they will offer great advice on your options.

You almost certainly won't get a loan and further credit is probably not advisable in any case.

grumbler

Transfer as much as possible to AA from the card(s) with the highest APR and post on Debt-Free Wannabe board: DFW Newbies: Where to start, Challenges, SOAs, Nerds & Debt Free Roll of Honour!

Ben8282

When you say that your total is over the credit allowed, what do you actually mean? If you are saying your balances are in excess of your credit limits then I am not surprised that your application for the AA card was declined especially as after a quick look at the website I get the impression that this is an upmarket product.
Before you apply for anything else you MUST get the balances back below the credit limits. This is very important.
Or are you saying that somebody (Experian? the AA?) have decided that £13,000 is the maximum amount of credit that scrappydez is to be allowed?
Unless you are in VERY SERIOUS financial difficulties and have nothing to loose then forget about bankruptcy.
My solution would probably to approach bank for a loan. Only problem is I don't think you will get one.
What is also unclear is whether you are having financial problems generally and are unable to cope or if this is more a case of 'all my payments are being eaten up by the interest and it will take me a million years to pay the cards off'.'
You cannot realistically expect to be given another card with an initial credit limit in excess of £13,000 anyway.

scrappydez

Thanks for the reply's.
@ben8282
When I say 'total is over the credit allowed' is that the AA card only has a balance transfer limit off the credit limit - £200. In this case that's £1000 - £200 = £800 total balance transfer.
The card was never actually declined as I never proceeded with the application after the failure of the balance transfer.

grumbler

Ben8282 wrote: »

When you say that your total is over the credit allowed, what do you actually mean? If you are saying your balances are in excess of your credit limits then I am not surprised that your application for the AA card was declined especially as after a quick look at the website I get the impression that this is an upmarket product.

That the new card limit ('allowed') is smaller than the 'total' balance of old cards.
For some mysterious reason many people are determined to transfer either everything or nothing.