Defaults and BarclayCard

Beaujolais7 · 16 January 2019 at 10:31PM

Hello I had posted this post on credit cards, and I was suggested to post it on here Debt free Wannabe.

I was made redundant back in 2013, I had 3 credit cards, 2 cards I came to arrangement with the card companies so I could them off with a very interest, both of these cards are now defaulted but are nearly paid off. I have a barclaycard which has gone back up to it usual rate of interest after a couple of years of me explaining my circumstances and becoming financially more stable. They now want to increase my minimum (persistent debt) payment from £120 to £190 a month too much. I owe £4500 on it.
What should I do, consolidate if I can, stuck with a default.
I have checked my credit score with experian it says fare 813.
Be grateful of any help, as I am trying to sort myself out financially, it is slowly getting better, looking to move house in a few years to bigger house, and change/ up the mortgage all being well, I have always paid my bills and mortgage. So I dont want to impact my score to much!?

Any advice would be great, many thanks.

EssexHebridean · 17 January 2019 at 2:17PM

Have you done a current up to date SOA so you can see where your budget is? If so is there the slack in it to meet the increased payment - obviously the more you can pay off, the sooner the debt will be gone and the better your financial picture overall will be.

Have you gone through the MSE Credit Club to see what it says about the likelihood of you being accepted for a 0% balance transfer card? That might work, although there would likely be a fee to pay for that amount.

I'd suggest SOA and get the budget up to date first, see how much you can free up to OP the card to get it paid as quickly as possible. Maybe look at rustling up some extra cash through online surveys etc? I see you were advised back in 2013 to put together an SOA but you never responded on that thread to say whether you'd done it or not. If you did is this something you have kept up to date since for your changing circumstances?

From your previous posts it looks like you've done well to get yourself back to a stable position so well done there.

Beaujolais7 · 18 January 2019 at 1:33AM

Thankyou, I have kept a excel spreadsheet SOA, every expenditure and left over is accounted for, I've become a bit geeky with it. But I shall try MSE credit card club. I will need to speak to Barclay Card, I just find them unhelpful, compared to the other Card companies and lenders I have dealt with.

Defaults and BarclayCard

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