OH's Debt - Any Advice?

Staciep88

Hi Everyone,

Sorry if this turns out to be quite long, I tend to babble on a lot! My OH owes £675 on 1 Barclays card and £4000 in another Barclays card. Interest rates on both of them are stupidly high - 1st card is 22.5% and the 2nd is 26.5%!!! :eek: Last night he applied for a Virgin 0% on Balance Transfers for 15 month but the answer was no , obviously due to his credit rating with is between bad and fair. He pays over the minimum payment every month but as you can see from the interest rates it doesnt really get him anywhere. We then applied for a 0% on Balance Transfers for 12 months with Barclays - his own bank. They didnt say yes and they didnt say no..so we have to wait!

Just wondered what other people would or have done in this situation and what to do if Barclays say no. Surely his own bank would want to help him out?

We have sat down and worked out spending and he is paying everything he can towards his 2 credit cards, he has a loan of £2000 also with Barclay but are not too fussed about that as the payments are going out and that will be finished in Feb 09.

Sorry it turned out long!
Any advice welcomed!

Stacey x

clearmydebts

Hi Stacey,

Don't have any advice but just wanted to bump your thread up a bit so someone with more knowledge than me can advise you.

jazza77

Hi Stacie

I also recently applied to Virgin for their 0% BT offer and was given a straight no - they said I was refused because my existing cards with other lenders were at or near their limits. I then applied to Barclaydard as well and was expecting the worst when I was told I couldn't be given an instant online decision. When I chased them up a week or so later though they advised that I had been accepted on the Platinum BT card with a credit limit of £4,500:j so don't be too disheartened by Barclays initial answer. I also noticed that MBNA (for the virgin card) searched my credit file with Experian, but not Equifax, whereas Barclays checked with Equifax but not Experian. Not all of my other cards show on Equifax;) .

Hope Barclays do come good for your OH, but make sure he follows Martin's advice and pays off the balance once it is transferred - hard I know - trying to do it myself.

Staciep88

Thanks for that clearmydebts and jazza - thats great to hear! OH is also very near his current credit limits so that could be the reason why. £4500 would be great for him... fingers crossed! Thanks again!! xx

RAS

Hi

If yu can complete a joint SOA as per SS' instruction here http://forums.moneysavingexpert.com/showthread.html?t=107280

People can help you find bits extra to put towards the debts.

Also:

1. Is there anything he can put on e-bay, amazon take to a car boot sale.
2. Amke minimum payments on the first card and put every spare tenner on the higher interest card. That way you maximise the effectiveness of your payments.