Persistent debt credit card

redstar1707

Hello 
hope someone can help.
we are in PD with barclaycard, currently owe just over 11k.
was foolish, limit increased to ridiculous amount for income £12k limit for lesss than 12k annual income. 

Had PD letter and letter stating may have raised limit irresponsiblly but offering no solution. 

Went on a pay down plan of £400 per month. Half of husbands wages. 

Been paying as instructed but interest is £240 per month so balance isn’t really taking a hit at all. 

Both our children have disabilities so we only work part time now to Care for their needs. 

We have lots of other debts including mortgage arrears atm and feel this disruption with Barclaycard is not helping. 

Credit rating is not good due to other debts and Ccjs and realistically won’t be repaired until all paid off and had some time, starting to wonder if it’s worth keeping this account from defaulting? 

My credit card with vanquis defaulted and now I’m paying £100 a month but no interest.

I understand letting this account default too would worsen credit file but when it’s not going to be prepared for 4-5 years regardless are we better off defaulting and stopping interest? Would the interest definitely stop? 

At the rate we are now it’ll take 4 years plus to clear and cost us £6k in interest. 

Have no problem paying it back at all just feel like we are drowning with no way out. 

Apologies this is a ramble just stressed.
thank you in advance 
RS

eskbanker

You'd probably find it worthwhile posting over on the debt-free wannabe board, where there's plenty of helpful advice about managing debt, minimising expenditure, access to debt charities, and the implications of defaulting, etc.

MalMonroe

Hi, sorry to hear you're in this situation and, having been in a similar place a few years ago I know how awful it can be. But, and I'm not being trite here, there are two of you. There was only me, a single parent and I struggled so much - especially as I was so ashamed that I had nobody to talk to about what was happening. I'm okay now though. And it's because I contacted StepChange.

It was strange how it happened because one day I was sitting in front of the TV thinking there was just no way out, what to do when an ad came on the telly for the Consumer Credit Counselling Service (CCCS). It was just before the name changed to StepChange. They said phone the free number. So I did. (Although it was a few days later when I'd plucked up some courage). But the person I spoke to became my personal adviser and she was so helpful, right from the start. There is no judgement and no embarrassment. I have to admit that I cried when I finished that call but things started to look up as there was a solution for me. And I didn't feel a total failure any more.

Here's the link https://www.stepchange.org/

I can't recommend them highly enough. Please contact them. 
They will ask you about your outgoings and incomings so make a list of them (you don't have to publish it here) and then they'll work with you to find the best solution for you. I just found the reassuring and kind voice made me feel so much better, before we'd even looked at my dismal finances!

And I know that if I can do it, anybody can. It may take a while but you will get there.