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.

I just wanted to say how grateful I was to find this site and to thank the caring people who set it up. Thank you.

bethanyrayne

dennis_denman wrote: »

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.

I just wanted to say how grateful I was to find this site and to thank the caring people who set it up. Thank you.

For free expert advice go and see CAB

If you never want anything on credit again losing your credit rating means nothing.

However, I don't feel comfortable answering your post in full. I am sure CAB can advise and get you a better solution than anything Barclays will offer you.

BenL

Have you got anumore details on the repayment plan?

Do they freeze interest?

Is it for a lower amount to repay?

From what I can see in your post Barclaycard haven't helped at all.

If you increase your repayments you will pay your debt off faster, this is just normal.

dennis_denman

Thank you. The amount is approximately half of what I am paying at the moment. The interest is 0.025 until the debt is paid. This is only what they have told me on the phone. I have nothing in writing yet.