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  • FIRST POST
    • Daddy_hulk
    • By Daddy_hulk 5th May 18, 7:43 PM
    • 3Posts
    • 0Thanks
    Daddy_hulk
    Credit card debt
    • #1
    • 5th May 18, 7:43 PM
    Credit card debt 5th May 18 at 7:43 PM
    My girlfriend has managed to accumulate credit card debt of 12,000 on one card, and 1,500 on another. Both have an interest rate of around 28%. This is in addition to being overdrawn plus having a car loan. She can barely manage minimum payments.

    Clearly a balance transfer card isn't going to cut it.

    What is the most efficient method of moving and tackling a debt of this size predominately on credit cards?

    Thanks in advance
Page 1
    • BorisThomson
    • By BorisThomson 5th May 18, 8:04 PM
    • 1,586 Posts
    • 3,427 Thanks
    BorisThomson
    • #2
    • 5th May 18, 8:04 PM
    • #2
    • 5th May 18, 8:04 PM
    She needs to maximise income and minimise outgoings. Tell her to post a statement of affairs on the Debt free board and we will help.
    • Dobbibill
    • By Dobbibill 5th May 18, 8:34 PM
    • 3,212 Posts
    • 4,108 Thanks
    Dobbibill
    • #3
    • 5th May 18, 8:34 PM
    • #3
    • 5th May 18, 8:34 PM
    I agree - post a SOA on the DFW baord.

    She will also need to address why she has the debt - was it to plug a gap in her income, if so has this stopped or is she still using the cards.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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.


    It's not about being the best -
    It's about being better than you were yesterday.
    • Nebulous2
    • By Nebulous2 5th May 18, 9:00 PM
    • 1,916 Posts
    • 1,146 Thanks
    Nebulous2
    • #4
    • 5th May 18, 9:00 PM
    • #4
    • 5th May 18, 9:00 PM
    A balance transfer card would be worth it, even for some of it, if she was able to shift it to 0% and save interest.

    Debts are relative to income. It becomes increasingly difficult both to get more and to pay it if debt exceeds 50% of annual income.
    • Daddy_hulk
    • By Daddy_hulk 5th May 18, 9:22 PM
    • 3 Posts
    • 0 Thanks
    Daddy_hulk
    • #5
    • 5th May 18, 9:22 PM
    • #5
    • 5th May 18, 9:22 PM
    What is a statement of affairs?
    • Gary_Dexter
    • By Gary_Dexter 5th May 18, 9:28 PM
    • 1,504 Posts
    • 854 Thanks
    Gary_Dexter
    • #6
    • 5th May 18, 9:28 PM
    • #6
    • 5th May 18, 9:28 PM
    Incomings and outgoings
    • Daddy_hulk
    • By Daddy_hulk 8th May 18, 12:02 PM
    • 3 Posts
    • 0 Thanks
    Daddy_hulk
    • #7
    • 8th May 18, 12:02 PM
    • #7
    • 8th May 18, 12:02 PM
    We have a good plan of attack with regards to cutting back and have already done quite a lot, and her outgoings at the moment don't amount to much (approx half her salary). What we really need advice on is where to move the two credit card balances so that she can hammer them faster and get the most for her money. For a while, all she has been able to pay is the minimum balances.
    • zx81
    • By zx81 8th May 18, 12:03 PM
    • 17,752 Posts
    • 18,855 Thanks
    zx81
    • #8
    • 8th May 18, 12:03 PM
    • #8
    • 8th May 18, 12:03 PM
    What results have the eligibility checkers thrown up?-
    • Candyapple
    • By Candyapple 8th May 18, 12:12 PM
    • 2,936 Posts
    • 2,277 Thanks
    Candyapple
    • #9
    • 8th May 18, 12:12 PM
    • #9
    • 8th May 18, 12:12 PM
    What is your girlfriend's annual salary?

    Please list all her credit card limits, along with outstanding balances and names of lenders.

    Please list how much she owes in overdrafts and what her limits are.

    Please list how much she owes in car finance and how much is left.

    Does she have any late payments / defaults / CCJs?

    Is she on the electoral roll (does it show on all 3 files?)

    Does she have many other 'credit' accounts showing on her files such as bank account / mobile phone etc.?

    Have she made any credit applications in the last 12 months?

    How was the debt accumulated? Is there any chance of this happening again at a later date?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • No_6
    • By No_6 8th May 18, 9:23 PM
    • 640 Posts
    • 129 Thanks
    No_6
    I would walk AWAY
    as you will be paying her debts for HOW long


    daughter did it and cost her thousands
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