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  • FIRST POST
    • Smivvers20
    • By Smivvers20 13th Apr 18, 3:46 PM
    • 4Posts
    • 1Thanks
    Smivvers20
    Credit Card Debt Advice
    • #1
    • 13th Apr 18, 3:46 PM
    Credit Card Debt Advice 13th Apr 18 at 3:46 PM
    Hi All

    I have got 2 credit cards that have large balances, and I have recently had to take a lower paid job further away (so less salary, more petrol).

    I need to get this sorted as I am currently paying over 500 a month to them (which is 1/3 of my salary) and it is not making a dent.

    Virgin Card

    I have 6,978.48 on this charged at 17.48% and 5,190 at 0% until September 2018. Currently paying just over 200 a month as minimum payment.

    Barclaycard

    This is who I bank with. Debt is 13,045.20 at 13.08%. Again paying around 300 a month which is just over minimum payment.

    I have asked both if they could stop interest on the cards for a short while but Virgin has said no chance, and Barclaycard have asked me to phone and discuss my outgoings.

    My partner (we have a mortgage together etc.) has said he would get a 0% CC out to do a balance transfer and I just pay towards that, but I don't think he will get the full amount I need to pay off both cards (he is self employed) plus I feel awful he is having too.



    Is there another way? I don't think I would be able to get another CC out to transfer the balance of both, I mean my credit rating is good, I don't miss payments. Would I just do the Virgin one as its the higher APR if I did manage to get one?

    I really want to try and sort by myself as I was the one that spent the money (even though it was for our new house etc. I used the cards).

    Thank you in advance


    (p.s. I have cut up both cards, and disassociated them with any online accounts - PayPal, Amazon etc.)
Page 1
    • fatrab
    • By fatrab 13th Apr 18, 3:55 PM
    • 908 Posts
    • 3,239 Thanks
    fatrab
    • #2
    • 13th Apr 18, 3:55 PM
    • #2
    • 13th Apr 18, 3:55 PM
    Always focus on the highest interest card first so if you are eligible for another 0% card then go for it.


    And don't look a gift horse in the mouth, swallow your pride and accept the help IF it's available. I'm not sure if he can transfer a balance that's not in his name. He might need to apply for a 0% money transfer card and give you the money that way?


    Best of luck
    Last edited by fatrab; 13-04-2018 at 4:06 PM.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • Smivvers20
    • By Smivvers20 13th Apr 18, 4:04 PM
    • 4 Posts
    • 1 Thanks
    Smivvers20
    • #3
    • 13th Apr 18, 4:04 PM
    • #3
    • 13th Apr 18, 4:04 PM
    Thank you that's really helpful. It didn't even occur to me about the debt not being in his name. I will have to look into that.


    Thank you Time to take my head out of the sand!
    • fatrab
    • By fatrab 13th Apr 18, 4:08 PM
    • 908 Posts
    • 3,239 Thanks
    fatrab
    • #4
    • 13th Apr 18, 4:08 PM
    • #4
    • 13th Apr 18, 4:08 PM
    Even if you don't get offered a high enough credit limit for the full amount required, 0% on part of the balance is better than 17% on all of it. Just keep focussing on the debt with the highest rate.


    Can you make savings elsewhere in your budget?


    Maybe post an SOA and let us see if we can spot anything.
    http://www.stoozing.com/calculator/soa.php


    All the best
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

    • sourcrates
    • By sourcrates 13th Apr 18, 4:10 PM
    • 15,297 Posts
    • 14,380 Thanks
    sourcrates
    • #5
    • 13th Apr 18, 4:10 PM
    • #5
    • 13th Apr 18, 4:10 PM
    If Push comes to shove, just pay whats affordable and contact stepchange debt charity.

    Your creditors will accept lower payments if you enter debt management.

    Its just once the line is crossed you are defaulting on your contractual payments, see if you can tackle it without a DMP, but the help is there if you need it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
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