Paying off a Credit Card....advice

clarey75

Hello
I have recently paid off a lot of debt as i’m finally wanting to buy a home

I have one debt left which is really hard to pay off it is £9000 with Barclaycard

I wanted to convert credit card to a loan but can’t do this as i stupidly got an Arrangement to Pay on the card teo years ago after changing jobs and not being paid properly
I didn’t really understand the impact and thiugut. Was being sensible paying anything i could

I really want to pay this and am going to chip away at it but does anyone have any advice as it is such a big debt or any loans that might consider an ATP marker

Thanks

[Deleted User]

Cut costs and clear it as soon as you can.

You won't get mainstream credit with a current AP as it tells lenders you can't afford your current commitments, let alone any more borrowing.

clarey75

I am going to remove Arrangement & pay as much as i can monthly...that is the plan
Would it worth moving some of the balance onto another credit card to bring the balance down?

[Deleted User]

You’re not getting the balance down though - you’re just moving it.

YorkshireBoy

clarey75 wrote: »

...i stupidly got an Arrangement to Pay on the card teo years ago after changing jobs and not being paid properly

You'd generally have to miss 3 or 4 payments before getting an AP in place I'd have thought? How long were the work payroll issues going on for?

I am going to remove Arrangement

Can you do that? I believe the AP marker will be visible for 6 years? Might not matter a few years down the line but while it's fresh it'll hurt!

clarey75

I meant i was going to stop the payments and go back to the normal monthly payments
8 months of incorrect payments - i called them month 3 as I didn’t want to miss a payment or default so i agreed to arrangement which was their suggestion for the short term

clarey75

True
I have still made every payment, i have not ever missed a payment on any account
I was struggling and took their advice, i wish i had understood the effect it would have - I didn’t!

My fault, i am paying and intend to pay the full debt

My thought of moving the debt would be to be able to clear it sooner and close it

[Deleted User]

How?
Are you eligible for a 0% card to move the debt onto?

Willing2Learn

clarey75 wrote: »

I meant i was going to stop the payments and go back to the normal monthly payments
8 months of incorrect payments

Thing is... (if I have understood your posts accurately) ...is that the months where you were paying an AP amount would have bought the account into arrears (as per the terms of the original credit agreement). I believe you would still have to repay all of the arrears (in addition to the contractual minimum payments) before the negative markers can be updated to show that the account is up to date.

Have you tried any eligibility checkers for a balance transfer card option?

boo_star

Willing2Learn wrote: »

Thing is... (if I have understood your posts accurately) ...is that the months where you were paying an AP amount would have bought the account into arrears (as per the terms of the original credit agreement). I believe you would still have to repay all of the arrears (in addition to the contractual minimum payments) before the negative markers can be updated to show that the account is up to date.

Have you tried any eligibility checkers for a balance transfer card option?

This is correct, you can't go back to normal payments unless you clear the arrears.

clarey75

Oh they said at the end of each year (April) they will let me go back to normal payments and didn’t mention paying the arrears. The letter says if my circumstances change to call and it goes back to normal but ATP marker will stay on

I can’t get a transfer card as the balance is too high so essentially stuck!