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

zombeana

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

YorkshireBoy

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

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

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

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

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

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.