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What to do with this credit card debt?

(20 Posts)
KateSpade Sun 18-Sep-16 20:43:51

Disclaimer I know how utterly stupid I've been. Absolutely shitting myself that I've ruined it for my future mortgage applications,

I have 3k on a credit card, interest period has run out - 30% now almost, I'm paying a fortune in interest & not chipping away at the balance.

I can't get another credit card with 0% interest, I can't get a loan, as I already have £7500 loan,

Any solution for interest free? Or do I just have to accept it?

ImperialBlether Sun 18-Sep-16 20:49:39

I know it sounds obvious, but do you have anyone who'd lend it to you if you gave them more than £3,000 back?

Badders123 Sun 18-Sep-16 20:51:16

Kate...
Could you add it go the current loan?
Not ideal but...
Why can't you get another 0% deal btw?

melibu84 Sun 18-Sep-16 20:51:36

have you spoken to the credit card company about going on a payment plan? Aside from borrowing £3k from someone, I don't see any other way you can resolve this.

poorbuthappy Sun 18-Sep-16 20:53:26

Are you sure you can't get another 0% card?
I think we have 6 between us...

KateSpade Sun 18-Sep-16 20:55:56

I've applied for quite a few - nearly every offer going in the last month & 2 today, both declined, I've no idea why I can't get another one!

Afterthestorm Sun 18-Sep-16 21:01:37

Have you seen a copy of your credit report? If not, you should to make sure there are no mistakes on there. Are you on the electoral roll? I have just signed up for a new moneysavingexpert credit club, it would be very helpful for you I think.

Badders123 Sun 18-Sep-16 21:01:58

Have you been on the MSE website?
He lists all the best deals and y can apply direct from the site...

Paddybare Sun 18-Sep-16 21:03:05

Go to the monesaving expert site and use their eligibility checker for credit cards. They'll give you a percentage chance of acceptance for loads of 0% rate cards and only use a soft credit search which is invisible to lenders. Good luck.

Afterthestorm Sun 18-Sep-16 21:04:01

Every card you have applied for leaves a record on your file, the more you apply for the dodgier it looks. A declined looks bad. You need to sign up to the club I mentioned above (it's free) and read about it. I wouldn't apply for anything else until you do or you may make it worse.

ImYourMama Sun 18-Sep-16 21:05:23

DO NOT APPLY FOR A PAYMENT PLAN

This is absolute last resort as it will do permanent damage to your credit file. Call them and say you're thinking of moving it and do they have any interest offers they can do for you? Our barclaycard went from 23.9 to 9.9

SingaSong12 Sun 18-Sep-16 21:05:39

Are you struggling to pay or actually behind on the payments or any other payments. If you are behind you might want to get debt advice - try your local citizens advice bureau.

AndNowItsSeven Sun 18-Sep-16 21:13:35

Cancel your direct debit and set up a standing order for the amount of your first payment. You can afford to pay that as you paid it then. That can cut years of your repayment term.

Poshsausage Sun 18-Sep-16 21:19:40

My and my partner were in this situation and are still in it 20 years later sorry I don't have the answer ! I had store cards and then bank loans at 36% in didn't know about Apr ! We are still paying it off we had 25k. Each debt loans etc not lavish lifestyle I was a single parent and we got together but we have load over 100k back interest etc it makes me feel quite sick , we are in our forties now and can't get on the property ladder
Get rid as fast as you can !

Mum4Fergus Sun 18-Sep-16 22:40:09

Have you written up a full budget to see if you can find any extra cash to throw at the debt? Cancel everything you can...renegotiate gas/electric /phone bills etc...

annielostit Mon 19-Sep-16 08:26:15

As *mum4fergus *says, list your incoming funds check all your necessary outgoings.
You'll then know what you can pay. Set up a standing order not a direct debit,rounded up to the next whole amount,at least above the minimum payment. The balance will reduce a bit quicker then.
Try to get a % reduction if your 0% deals are out.

KateSpade Mon 19-Sep-16 19:52:40

Why a standing order & not a direct debit? annie

I have the funds to pay around £300 pcm shortly, so I'm hoping over the next 12 months, it'll go!

annielostit Mon 19-Sep-16 20:32:35

If you set up a direct debit the cc company will take the minimum so you don't pay off anything as the interest adds on more.
With a standing order it takes some ££ of the value. With 300 to pay the debt will be gone soon.

annielostit Mon 19-Sep-16 20:40:00

Credit Cards
If you pay the minimum on a credit card, it will take up to 18 years to pay off.
With a couple of really simple steps, you can clear those debts in a fraction of the time.
Input your numbers here
docs.google.com/spreadsheet/ccc?key=0AiZqlQ7-gn07dHRoTXA5Qnlld25UWkw1TEhZZk9IYVE&authkey=CMjc4JEB&authkey=CMjc4JEB#gid=0

Have a look at the drowning in debt thread on this site.

bouncydog Sat 24-Sep-16 07:35:08

Make sure there is a direct debit set up for the minimum so you never miss a payment and also set up a standing order to pay extra. Get òver to the debt free board on www.moneysavingexpert.com and post up a statement of affairs. The people over there will cut your budget to pieces allowing you to throw more at the card. Do not apply for any more credit for at least 6 months, otherwise you look desperate and this will impact your ability to get a new card.

Also sign up for a free trial of experien so you can see what is on your credit report. The amounts you have outstanding aren't too bad. Some of the people on the debt free board have had 10x that amount! Good luck.

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