Cards full what can i do??

Justgot2run

Hi All,
I have 3 credit cards and they are at the limit.Its around 6k between the 3 of them.
Im paying around £200 between the cards as its the minimum.I cannot pay more so i'm thinking of a loan to pay it off but i live with my parents and do not have a good credit rating.
Ideally i would like to half the payments every month through a loan.
Can you please give me some advice of a way either to contact the card company to lower monthly payments or a loan company that will accept me?

Many Thanks
J

Ebe_Scrooge

A loan for debt consolidation is rarely a good idea, unless you can get a loan at a massively lower APR than your existing debts. From what you've said, it sounds like you'd struggle to get a decent APR, even if you can get a loan at all. Since you say you're paying only the minimum to the cards, this suggests that you have little spare cash.


The best advice is to reduce your outgoings, or increase your income ( part-time job, evening/weekend work etc. ). If you head over to the Debt Free Wannabe board and post an SOA, folk there will be able to help you.

grumbler

Justgot2run wrote: »

Hi All,
I have 3 credit cards and they are at the limit.Its around 6k between the 3 of them.
Im paying around £200 between the cards as its the minimum.I cannot pay more so i'm thinking of a loan to pay it off but i live with my parents and do not have a good credit rating.
Ideally i would like to half the payments every month through a loan.

It's time to start thinking in terms of APRs, not just monthly payments.

Can you please give me some advice of a way either to contact the card company to lower monthly payments

For this you have to default first and trash your credit rating completely. For some people this can be very useful.

or a loan company that will accept me?

Well, you don't need just some 'loan company'. You need the one that can give you a loan at lower APR than the ones of your cards. And even for a lower APR monthly repayments for a loan are likely to be higher than minimum payments for CCs.

>> Loans Eligibility Calculator

And if you get a loan don't forget to close your cards after paying them off.

than_prutt

grumbler wrote: »

And if you get a loan don't forget to close your cards after paying them off.

This may turn out to be a stupid question but could you tell me why this is please?

grumbler

To prevent a similar thread appearing here again in a year or so with a small difference:

I have 3 credit cards ... at the limit and a loan...

than_prutt

grumbler wrote: »

To prevent a similar thread appearing here again in a year or so with a small difference:

Ah!! I see!!

jonesMUFCforever

IMO the OP should grow up I bet its gambling that has put him in this mess.
Stop spending and start paying the debts back.

chattychappy

jonesMUFCforever wrote: »

I bet its gambling that has put him in this mess.

I bet £5 it's not.

Can I pay by CC?

grumbler

Do you imply that gambling can't by funded by CCs? It certainly can, just is more expensive.

Robin9

Justgot2run wrote: »

Hi All,
I have 3 credit cards and they are at the limit.Its around 6k between the 3 of them.
Im paying around £200 between the cards as its the minimum.I cannot pay more so i'm thinking of a loan to pay it off but i live with my parents and do not have a good credit rating.
Ideally i would like to half the payments every month through a loan.
Can you please give me some advice of a way either to contact the card company to lower monthly payments or a loan company that will accept me?

Many Thanks
J

It may help if you post a SOA so you can see where your money is going. Living at home you should be able to pay more than the minimum.

cheesetoast

Agreed - we need to know which card companies, what the limits are, exact balances, APRs, and details of any currently available balance transfer or money transfer offers that each card is offering.