Credit card experts needed!

Candyapple

You earn £43k which means your monthly salary after tax would be circa £2700. Why are you only paying off £650-£700 per month - where is the remaining £2k going?

Also, your debt is £26k so no wonder you are failing to get any more credit because you are more than likely failing on affordability given that your debt to credit ratio is very high.

Consolidation loan is not the solution, not that you'd be able to get one anyway.

Here is the answer:

1. Increase your salary at your current job.
2. Get a better paid job
3. Get a second job
4. Cut all unnecessary spending
5. Pay off the highest interest incurring debt first and pay minimums to all the others.
6. At 6 months in, try and see if you can apply for a 0% card. If you get declined again, try again in a further 6 months time. Rinse and repeat.

http://www.whatsthecost.com/snowball.aspx

Call or writing to lenders and asking for a rate freeze or decrease will more than likely lead to them placing you an 'arrangement to pay'. If you do this, kiss goodbye to your credit history for the next 6 years as these are deemed on par with defaults.

National_Debtline

Hi Ollie


Do please share that full budget here if you can - it's so much easier for folk on here to offer advice with that extra bit of context.


Dennis
@natdebtline

kindofagilr

Have you tried ringing barclaycard? We found a few years ago the interest on the cards was killing us, we rang all our cards and barclays were the only ones who agreed to do anything, they reduced the apr from 25% to to 6.9% for lifetime of balance, that was the first step for us which helped a lot, then over the course of the year we managed to move it all to 0% (other than the barclaycard stuff we left that with them)