Credit card

YorkshireBoy

Have you dealt with the DD yet?

Candyapple

mklowden wrote: »

Normally ask my parents but already borrowed 2grand of them during winter . I'm hearing alot of people saying put some away but that is easier said then done because I'm the only one that works at the moment and don't get help from benefits e t c

And how do you think millions of other people survive without the help of benefits? That's right, they learn to budget!

Sounds like you should be posting up a statement of affairs over on the DFW board to ask for advice on how to save some emergency funds so you aren't in this situation again and also to start paying your parents back the £2k you owe them.
https://forums.moneysavingexpert.com/forumdisplay.php?f=76

mklowden

I do alot of work in my parents house so it covers most of the 2k

PixelPound

Can you pay the minimum, at least? You can cancel DD, make a payment of as much as you can above the minimum and contact the bank to reset DD for next month. You will get charged some interest, so the sooner you can clear it (rather than waiting for the new DD to take it) the better, but it will avoid late payment markers etc.

YorkshireBoy

mklowden wrote: »

I do alot of work in my parents house so it covers most of the 2k

I've always worked for my parents, and siblings, for nothing. I couldn't take money off them.

Anyway, you asked for advice. I gave you some re the DD. I then asked if you'd taken on board that advice. You haven't yet answered. Did I waste my time?

gionnetto

mklowden wrote: »

Hi I have a Halifax credit card normally I would pay off in full by direct debit . But I'm not able to this due to not enough work , the payment is due on 18 July for £697
What is the best solution ?

Because of the nature of your work and the fact that you are the only one working, switch you DD to minimum payment and keep it that way. Then, every month repay it in full with your debit card.

Given that you are the bread winner, keep your significant other and kids on a budget, so you are sure they don't overspend.

mklowden

I've called Halifax they said cancel dd and start minimum payment.
With a charge of course.
To all that has commented it is very much appreciated and I have took on board what has been said.

Dobbibill

Bear in mind the DD change may not take effect soon enough for the min payment on this statement. You will prob need to make a manual payment.

Terry_Towelling

Others have asked this but no answer yet - are you able to meet the minimum payment and is this issue likely to recur next month too?

On the basis that you always pay in full, your current balance should have no interest included. This means your minimum payment is going to be £6.97 (1% of balance). You could pay this and save any spare cash for living on (or for paying next month's statement if you are still in a fix then). Alternatively, pay as much as you can now and use the freed up credit on the card for next month's living expenses.

Either way, you will take an 'interest' hit. Is that likely to give you long-lasting financial issues? - it will only be a tenner or so for next month. One word of warning, once you get interest showing on a Halifax statement, your next minimum payment will be 1% of the balance plus any interest showing on that statement.

The problem going forward is exacerbated because you seem to have no 'spare capacity' in your finances and no emergency fund (that's not a criticism, just an observation). This means some of this month's debt is going to be hanging around incurring interest until you can get yourself a month ahead with your incoming cash.

I wonder whether your credit standing is good enough for you to get a 0% Balance Transfer card for this debt (probably too late for this month's payment though) or whether you might try to get yourself a 0%-on-purchases card to help get you through - perhaps try to get a card that does both.

mklowden

I can make more then the minium payment. My rent comes out weekly and I have last payment for my car next month so that will free £185 a month. Ive looked into 0% transfer cards and I am eligible for them because I do have a good credit score.