CC debt - any advice??(10 Posts)
NC as I am so ashamed of how I’ve let myself get into this situation
No idea how this has happened but I have accumulated £1500 on a credit card, I am a student teacher and am freaking out how I am going to finish my course (from now until May) with literally no money! recently got a part time job but this is weekend only due to my studies and will only really cover enough for my food and petrol costs per month. No idea how I am going to pay this back, have sold everything I own that’s worth anything (kindle, old laptops for spares ect) and my bursary / loan which I receive only covers my outgoings such as car payments (insurance ect), phone, rent, then along with my income once I receive my first payment I’ll only just cover the min payments of this credit card IF THAT! The interest is approx £30 per month now.
Any suggestions? I’m starting to really panic and don’t want to forgo my studies for short time debt. Not entitled to anything additional from uni I’ve already asked :-(
If we can all pass the hat around and donate 1p each I’m sure I can pay this off lol, but seriously, any tips on clearing this quick?? Would be open to anything! 😀
Thank you x
Restructure to a personal loan so your interest bill is substantially lower or borrow money off parents or someone else who can offer you a gentler repayment schedule?
Parents can’t afford to lend my money, I grew up struggling so I wouldn’t ever ask anyway!
I’ll maybe look at different loans so I’m paying a fixed amount back but I’m nervous I’ll not be earning enough to cover this. My income and out goings are soooo tight and will remain so until next September
Ahhhh why is money so shit!!
Thanks for replying xx
Can't you transfer it to to a zero interest card?
look at moving it to a 0% card, some only charge 1% of the balance or 25 as a min payment ie mbna do this least then you will sae on the interest
Do you have a student overdraft? These are often cheap or free. I wouldn't normally condone borrowing more but dire straights and all that. Do not go to a pay day lender. It will absolutely wreck your credit rating as well as costing you far more than £30 a month.
I am going to Look into a balance transfer today. 😀 thank you x
Don't feel ashamed! All the information out there about credit can be really overwhelming, and the current credit scoring system is a mess (it's all very confusing tbh). That's why I'm at an organisation trying to help ordinary people get a better understanding of their credit.
I agree with the above, a 0% balance transfer card could be a good way to deal with your credit card debt and avoid paying silly amounts in interest.
About half of people who take a balance transfer card manage to repay all of the balance by the end of the 0% promotional period - so if you plan carefully you can save a lot this way. Just be careful not to rack up any more debt on the card you already have!
I also recommend from now on keeping track of your credit so you don't end up in a similar position in the future. And don't just rely on checking your credit score - lenders don't actually look at your credit score! bit.ly/2vFoaJg
The standing order to pay off credit card trick?
I set up a standing order last night. I've read on here that paying more than the minimum every month by standing order (and then pretending the card doesn't exist!) can reduce the repayment period from the length of a mortgage to 2 or 3 years so thought I'd give it a go.
Today when I got home from work there was a letter saying I am in fact entitled to a pay out for misold PPI. Fab! By the time I pay off niggling overdraft and put some in savings I'll have 10% of my total credit card balance left over.
What should I do? Will it affect the "magic" of the standing order trick? Or should I just make an extra payment towards the balance of my credit card?
Thanks in advance :-)
Sorry - thought I was starting a new thread!
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