Help with options clearing my cards.

GhostHunter_3

Hi

I have come to a standstill with my credit cards. I am currently paying off the minimum (maybe a few pounds more) each month on all of them due to budgets being tight at this time of year.

I was previously self employed, but since August have been signed off sick due to a progressive condition. I have recently received a letter from benefits people to say they have put me on 'long term' sick until September this year (2008). Some of my credit cards are aware that I am now in receipt of Incapacity Benefit due to them having to call about late payment recently. Thankfully they were helpful and out of good will removed the late charges.

Anyway my aim is to get rid of at least 2 cards but I need 1 card for grocery shop online and emergencies etc. The rest will from now on be in cash again. I have tried requesting a credit increase so I can do a ballance transfer onto 1 card and concentrate on repaying that 1 card rather than 3 but none of them will help until their card is fully repaid. I tried applying for a few other cards but have been refused. I don't think I would be entitled to a loan either and don't feel debt agencies are a good option just now. I haven't used any of the cards for 'splashing out' on they have been there just to keep me out of trouble with threats of being taken to court etc. Got me out of 1 hole and into another.

The info I have is:

Capital One Credit Card

Credit Limit £800.
Current ballance £720.46

(Card is already cut up. They wrote to me to advise the % rate was going up late last year so I called them to say I wasn't using the card anymore just repaying it so they froze the rate and agreed not to increase it if I didnt use the card anymore).

Sky Card credit card
Credit Limit £750
Current ballance £616.08

(Also cut up and informed the company just concentrating on repaying it off).


Aquacard Credit Card
Credit Limit £1,100
Current ballance: £1,161.57

(I have just paid the over limit of £61.57)

Nationwide Credit Card
Credit limit £1,500
Current ballance £1,522.68

(I have just repaid the outstanding overballance of £55.68).

Ideally I would like to keep the Nationwide Credit Card as this is linked to my finances and 1 other card (or a new card if I can get accepted) to hopefully do a ballance transfer of other cards onto, company accepting.

I have £1,000 in savings to come to me left to me in a will.

Also I am considering either trying to claim on the Payment Protection policies I have with each card or as I suspect they have been miss-sold due to previous self employment trying to claim them back.

Thanks in advance for the help.

:eek:

gax23

Hi GhostHunter,

First things first - use that £1,000 of savings and pay off your highest rate card with this. The interest rate you'll be getting on the savings is going to be much lower than the interest rate you're being charged on your debt, so you'll actually be slowly losing this money each month.