Credit Card: Interest is killing me: No Blanace Transfer available

Warpspeed

Hi Guys,
I have a credit car which I am paying £100 per month towards. I was told by the company an average of £50 per month is going on interest. the balance is £1511. 
I can't afford any more on it and its going virtually no where. I have tried to get a balance transfer card to help but I'm not entitled anywhere.
Any advice would be appreciated.

Willing2Learn

Hi Warpspeed and welcome to the forum 

How many credit applications have you made?

Did you try the CapitalOne balance transfer card, as they are easier to get?  Try their eligibility checker...

https://www.capitalone.co.uk/creditcards/balance-transfer-credit-cards.jsf 


Apart from your current card with a £1,511 balance, do you have any other debts?
Do you have any negative data recorded on your three credit files?  EG Defaults, late or missing payments etc

born_again

Warpspeed said:

Hi Guys,
I have a credit car which I am paying £100 per month towards. I was told by the company an average of £50 per month is going on interest. the balance is £1511. 
I can't afford any more on it and its going virtually no where. I have tried to get a balance transfer card to help but I'm not entitled anywhere.
Any advice would be appreciated.

So 50% a month is off the balance. That on £1511 is going to reduce pretty fast. so long as you are not still using the card. In  year you will owe less than £900. 

DCFC79

Warpspeed said:

Hi Guys,
I have a credit car which I am paying £100 per month towards. I was told by the company an average of £50 per month is going on interest. the balance is £1511. 
I can't afford any more on it and its going virtually no where. I have tried to get a balance transfer card to help but I'm not entitled anywhere.
Any advice would be appreciated.

2 options I see, either increase your income or reduce your spending. Do either and you can put more towards the debt.

Ergates

Another option -speak to the bank with which you have the card.  Ask them if they would consider you for a loan to clear the balance.  If you've had a persistent debt letter from them (it sounds like you might have had one), then they are meant to help you - and one of the suggested methods is to make loans available..  A loan would, generally, have a significantly lower interest rate.  On the downside, the repayments would be a lot less flexible.  One thing to note - if you were to get a loan, and the monthly payments were lower than £100, then check if you could overpay  (up to the £100 you're currently paying), as this would clear the debt quicker and save you money.

Wert56

Escrow account – is an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party (usually a bank) receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfilment of contractually-agreed conditions by the transacting parties. It is commonly used to support sale/purchase transactions, such as the purchase of a real estate, reducing the risk between the parties to the minimum, and providing a mechanism which ensures trust and confidence.

Gerry1

Stop watching and / or recording TV as it's broadcast, stop using the BBC iPlayer.  You won't need a TV licence, but there's still a lot you can legally watch on catch-up.  You can use that £157.50 to make a nice dent in your debt.

It will also reduce your interest payments so you'll clear the debt a little bit faster.  Ditto if you have any TV subscriptions, you can't justify them if you're in debt.