barclaycard repayment plan

dennis_denman

I owe Barclaycard £10,000 on my credit card. I have always paid on time but for the most part have only paid the minimum. I am now a pensioner and have paid off my mortgage. The debt is only reducing very slowly and as I am now on a fixed income I have asked Barclaycard to help. They have offered me a repayment plan until the debt is cleared. And have been told I could increase the repayments if I needed to.The deal appears very attractive. If I accept however, they have told me I will lose my credit rating. How will this affect my future please? What are the pitfalls ?. If I leave things as they are I can't see clearing it until I am in my nineties.

youknowwho

If you have paid off your mortgage in full then have you considered taking ten k off of that to pay off your CC?

If you accept then you wont really be able to apply for any more credit for a while, it will show on yyour file that you are on a fixed plan, and in this current financial market, ohter lenders wouldn't even touch you.

Bu tif you do accept, and your not planning on taking out any more credit, then that wont affect you.

jumbo747_2

Try not to add any debt to your mortgage, without intention you may pay the debt you add for the term of the mortgage thus end up paying more interest. look at this link i found on google.... it may work for you,
http://news.bbc.co.uk/player/nol/newsid_7190000/newsid_7195100/7195126.stm?bw=bb&mp=wm&news=1&bbcws=1

CLAPTON

there are insufficient fact here to give any meaningful advice.
what are the details.. amount, apr, minimum monthly payments of your current CC and what are the details of their proposals.. maybe there are other alternatives but without the details it's impossible to say