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£14k CC debt, £65k combined salary can't get any loans!

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Comments

  • zombeana
    zombeana Posts: 130 Forumite
    It is approx £375 as the 6.2k card is 29.9apr £175 PM, 4k card 19.9 £87pm (that doesn't look right now I think of it but that is out next expected payment amount)
    MBNA £25x2
    Barclaycard £60? That one seems a bit off too.

    Going to ring them all tomorrow and also post on debt forum thank you
    Comping Since June 2016
    Wins:
    Trunki, Cranberry snacks, Astonish cleaning hamper, Organix kids box, Abode tap, Cath Kidston tea set and cook book, £300 Sainsburys voucher, £152 Clarins hamper, Foot care gift set, Aromatherapy associates body balm, tickets to Winter Wonderland Nutcracker on ice.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    zombeana wrote: »
    Barclaycard £60? That one seems a bit off too.
    Not necessarily. £60 on £2K is 3%. Barclaycard's minimum payment is the greater of 2.25% or 1% plus interest. So if the Barclaycard is around 25.9% APR that'll explain it.
  • Dan83
    Dan83 Posts: 673 Forumite
    Eighth Anniversary 500 Posts Combo Breaker
    I haven't read all the post's so unsure if this has been said.

    Have you tried credit cards with 0% Apr & 0% fee? Apply in single names and joint if needed.
  • eskbanker
    eskbanker Posts: 38,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    zombeana wrote: »
    It is approx £375 as the 6.2k card is 29.9apr £175 PM, 4k card 19.9 £87pm (that doesn't look right now I think of it but that is out next expected payment amount)
    MBNA £25x2
    Barclaycard £60? That one seems a bit off too.

    Going to ring them all tomorrow and also post on debt forum thank you
    Ah right, you implied you were paying £375 in interest, whereas it sounds like you're making total payments of £375, some of which will be interest but the rest of which is the remainder of the minimum monthly repayments. Obviously the £110 you're paying on the 0% cards isn't interest for a start (but is wholly going towards reducing your debt)!
  • eskbanker
    eskbanker Posts: 38,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    YorkshireBoy wrote: »
    zombeana wrote: »
    Barclaycard £60? That one seems a bit off too.
    Not necessarily. £60 on £2K is 3%. Barclaycard's minimum payment is the greater of 2.25% or 1% plus interest. So if the Barclaycard is around 25.9% APR that'll explain it.
    Unless I've misunderstood, OP's Barclaycard is on 0%, so minimum should be £45....
  • moneycantbuyyouhappiness
    moneycantbuyyouhappiness Posts: 181 Forumite
    Debt-free and Proud!
    It may be worth closing the Very account and get rid of the overdrafts. Lenders sometimes look at the amount of available credit to you and you have 4k just sitting there that you could use in an instant.
  • thriftylass
    thriftylass Posts: 4,058 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hiya,

    First of all it's great that you see there is a problem and want to make changes.

    I would still recommend you post a SOA. You have 3.3k just now after tax and childcare, minus rent that's still 2k. Where is the money going?

    Agree also with making a definite list of all debts with interest rates and starting to throw any extra money at the highest interest (see snowballing) and closing any unused overdrafts/cataloque accounts.
    finally tea total but in still in (more) debt (Oct 25 CC £1800, loan £6453, mortgage £59,924/158,000)
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