Barclay Loan - Breathing Space

Hopeful_Duo

Hi all,

Desperately seeking some advice....
My partner and I are both changing jobs in an attempt to better ourselves, however due to pay cut off dates etc all surplus money has been put aside to pay mortgage, council tax etc.

In addition, we have a 2.5 year old and we're not receiving any form of "benefit", therefore paying child care has took a big chunk from our money!

Anyway, without boring you too much, we're hoping Barclays' may allow us to breathe for two months, even if we were to pay a small amount? Does anyone have any experience in this? We could use a credit card to make the payment (money transfer), but we've only just got out from under that black cloud of thinking "yeah, we'll replace it" and not!!

Many thanks - we are both worrying like mad as we have worked hard to get this far and don't want any problems with our credit file

MallyGirl

I would expect that any sort of 'arrangement to pay' will show on your credit history in the future.

Willing2Learn

Hi Hopeful_Duo and welcome to the forum

Are either of you two eligible for a money transfer card?

A 0% money transfer allows you to shift cash from a card to your bank account to clear your overdraft or give yourself a 0% cash loan for up to 36 months.

https://www.moneysavingexpert.com/credit-cards/money-transfers/

Hopeful_Duo

Thanks guy

I plan on phoning barclays as they encourage people on their website to phone them if they hit a wall!

Yeah I have a MBNA credit card (£0!!!! finally ) that has a offer.. however my fear is that we won't pay it back right away and it will drag on like it has done previously. I was hoping (maybe being naive?) we could get two months paying a smaller, arranged, fee (currently £470 pm we pay) to allow us to breathe until we're up and running in our new jobs

Again thanks for the replies

Willing2Learn

Hopeful_Duo wrote: »

I plan on phoning barclays as they encourage people on their website to phone them if they hit a wall!

They also say on their website that they don't do payment holidays.

Hopeful_Duo wrote: »

Yeah I have a MBNA credit card (£0!!!! finally ) that has a offer.. however my fear is that we won't pay it back right away and it will drag on like it has done previously.

Is that a 0% balance transfer or money transfer offer, as you would want a money transfer card...

Also if you both feel you are struggling generally with your monthly budget, then why not post your SOA over on the DFW board? That way you are guaranteed to get lots of useful budgeting suggestions

foxy-stoat

I would choose money transfer option than having 2 defaults on my credit file, if its only £940 and the money transfer is like 3% fee and 12 months intro then its only £80.68 a month for 12 months.

MEM62

Hopeful_Duo wrote: »

My partner and I are both changing jobs in an attempt to better ourselves, however due to pay cut off dates etc all surplus money has been put aside to pay mortgage, council tax etc.

Then stagger your job changes to ease cash-flow.