Paying off CC

MarkMick

Ben8282 wrote: »

But do Barclaycard Initial cards come with 13K+ credit limits?

I would be curious as to the advice that the family friend gave you. I hope that it doesn't involve applying for 0% cards as there is NO WAY you will get one with anything like the sort of credit limit that you appear to have on this card

The initial credit limit was something like 5k, over the years they have increased it to its current limit which is nearly £16k.

As for advice no not at all he agree's get it paid off.

The mention of balance transfer was in response to an earlier post and is not something even if given the opportunity that id like to do.

Candyapple

Ben8282 wrote: »

You say this is a Barclaycard.
Barclaycard minimum payment is 1% plus interest.

Barclaycard's minimum payments are 2.25% not 1%.

OP - use your £15k to clear the £13k debt and then you have £2k to put into savings or use it clear any other debts.

chattychappy

Ben8282 wrote: »

Be careful with this 'freezing' of interest after being told that no promotional offers were available to you.. It may be reported on your credit files as some sort of arrangement to pay.

Yes, particularly if they interpreted the call as some sort of plea for help from a customer in financial distress.

Personally I'd apply for a 0% BT card and transfer some of the balance. I'd pay off the rest from savings. This allows more of a buffer for unforeseen events than running down savings.

molerat

MarkMick wrote: »

The mention of balance transfer was in response to an earlier post and is not something even if given the opportunity that id like to do.

Why not ? A BT gives you breathing space, it is a useful tool to have in your box and will help keep your savings intact.

Stop spending on the card. Every penny you spend costs you interest and increases the time to pay down. If you want to spend get another card.

PixelPound

chattychappy wrote: »

Yes, particularly if they interpreted the call as some sort of plea for help from a customer in financial distress.

Personally I'd apply for a 0% BT card and transfer some of the balance. I'd pay off the rest from savings. This allows more of a buffer for unforeseen events than running down savings.

As per FCA guidelines this will be breathing space due to financial difficulty. So long as something is sorted it shouldn't affect it too much. Especially if still making payments, but agree sort something out

Sncjw

Why not get as the 13k of cash you have and pay the debt off.

PixelPound

Sncjw wrote: »

Why not get as the 13k of cash you have and pay the debt off.

The OP wasn't about not paying the debt but hoping somehow they will be let off some of the debt by paying now. In reality the CC would prefer the OP to not pay the whole debt, since they have been paying a little above the minimum some. They are the ideal customer for the CC co, continually paying interest and never defaulting.

People get contacted by debt collectors who buy debt for a fraction of the original and then offer discounts to settle (effectively the settlement figure is more than they paid, so it makes sense to get a quick resolution) and think that all creditors will discount to settle quickly. Not the case, especially with multimillion pound companies.