I want to stop drowning

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  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    enthusiasticsaver wrote: »
    Which credit card company is that?

    Barclaycard
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    It looks like they "temporarily" reduced their minimums back in 2009 from 2.25% plus interest to 1.5% plus interest and have come under pressure to bring them back in line. Are you paying minimums on all your cards? If not you may have to redirect any spare to the Barclaycards but I seem to recall a lot of your credit card debt was with them?

    Sorry, I guess this is not what you need right at this moment with money so tight but long term low minimums keep people in debt for decades :(.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    enthusiasticsaver wrote: »
    It looks like they "temporarily" reduced their minimums back in 2009 from 2.25% plus interest to 1.5% plus interest and have come under pressure to bring them back in line. Are you paying minimums on all your cards? If not you may have to redirect any spare to the Barclaycards but I seem to recall a lot of your credit card debt was with them?

    Sorry, I guess this is not what you need right at this moment with money so tight but long term low minimums keep people in debt for decades :(.

    I have two barclaycards and I’ve been paying 2.25 on one but 0.25% plus interest on the other one. I have a balance of just under 10k on this one and under 5k on the one I was paying 2.25% already. I’m assuming my dh will also have to start paying this new minimum rate and his balance is just under £11k. I really don’t know what we will do as we can’t get a new cc as we have too much credit. We have approx £20k coming off deals next July.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    you could try ringing and pleading financial hardship to see if there is any way they could maybe accept 1% plus interest. I did not realise your minimum was as low as 0.25 plus interest. That is awful as you would have been forced to deal with this much earlier when presumably the debt was lower.

    I do wonder if speaking to stepchange may be the way forward although I know you are reluctant to consider DMPs. Are you still job hunting?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    enthusiasticsaver wrote: »
    you could try ringing and pleading financial hardship to see if there is any way they could maybe accept 1% plus interest. I did not realise your minimum was as low as 0.25 plus interest. That is awful as you would have been forced to deal with this much earlier when presumably the debt was lower.

    I do wonder if speaking to stepchange may be the way forward although I know you are reluctant to consider DMPs. Are you still job hunting?

    The only reason I’m reluctant of a dmp is due to the housing situation. I’m not job hunting due to childcare costs and my mental health , I’ve been referred to a psychologist so will see what they say. I’m still trying to do surveys and my business and I have this adhoc job that I’m doing.
  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    I rang barclaycard and they can set me up on a payment solution but it will mean bad credit and 0% deals ending . Aparently all credit cards will do this, has anyone heard this? I’ve tried looking it up but I can’t see anything about increased minimums.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    https://www.moneysavingexpert.com/news/cards/2009/11/barclaycard-to-fix-minimum-payment-blunder

    It looks like the 0.25% minimum payment was supposed to be temporary. I never heard of a minimum as low as that before. Yes any payment solution will show on your credit history. Have you got other cards with 1% minimums with any space on them?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • Little_Miss_Winner
    Little_Miss_Winner Posts: 4,168 Forumite
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    Just managed to catch up with your diary..

    Have subscribed :D
  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    enthusiasticsaver wrote: »
    https://www.moneysavingexpert.com/news/cards/2009/11/barclaycard-to-fix-minimum-payment-blunder

    It looks like the 0.25% minimum payment was supposed to be temporary. I never heard of a minimum as low as that before. Yes any payment solution will show on your credit history. Have you got other cards with 1% minimums with any space on them?

    I didn’t realise it was a glitch or temporary. I have got space on my Tesco ( not for the full amount) but I’ll end up paying interest plus the person at barclaycard implied that all credit cards were going to increase their minimum to 2.25%.
  • debtaghh
    debtaghh Posts: 1,794 Forumite
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    Little_Miss_Winner wrote: »
    Just managed to catch up with your diary..

    Have subscribed :D

    Wow, thanks.

    I’m sorry for my up and down posts!
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