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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think that were in shit street with this credit card and ask for any advice?

32 replies

BipBop123 · 21/01/2019 16:56

DH and I got a credit card from our bank 2 years ago as due to a contraception failure we needed to sort our house and car ready for our suprise but very loved second and last child. Financially we were in a far better situation than we are now. The card is currently at 4000 and were struggling to pay it off and in September the interest free deal we have stops and I worry that were just going to be paying interest off and be stuck with this awful debt.
We're struggling at the moment and were paying 140 each month on the card plus anything else we can manage but rarely manage any more.
I have awful anxiety and I can't sleep at night worrying about the situation. The situation were in now we wouldn't get another interest free credit card or loan to transfer the balance.
Can anyone offer any advice on money saving or paying off debts?
It's totally our faults the situation were in but were honestly trying to make things better! Sad

OP posts:
allotmentgardener · 21/01/2019 16:58

Call them and negotiate no interest.

Seeingadistance · 21/01/2019 17:00

You could contact CAP - Christians Against Poverty. You don't have to be a Christian to receive help, and they are recommended by Martin Lewis, the Money Saving Expert.

Sugarhunnyicedtea · 21/01/2019 17:01

If you won't be able to get a loan or credit card I assume your credit rating is low?

Do you need access to credit in the near future? If not I would suggest contacting the provider to ask if they will freeze interest, they don't have to, but many will. It counts as a payment arrangement so will impact on your credit file.

Do you have other debts?

ImNotKitten · 21/01/2019 17:03

Try to keep calm. Can you call the bank the debt is with and explain you’re in financial hardship? They may be able to make allowances with the interest charges. They would rather you were paying it off steadily than not at all so should be willing to come to an agreement.

popehilarious · 21/01/2019 17:03

Have you been on moneysavingexpert website? They'll have a list of potential credit card deals

Littlepond · 21/01/2019 17:04

call PayPlan. They can sort a debt managemen5 plan and get the interest frozen. You’ll pat the debt off however much yo7 canafford.

Original poster
BipBop123 · 21/01/2019 17:05

Thankyou I honestly appreciate any advice. We are not using the credit card now and do not plan to we are just trying to live to our means to pay it off. This is our only debt but DH had debt when he was younger so credit score isn't brilliant.

OP posts:
45andahalf · 21/01/2019 17:05

Can you try to get a consolidation loan, and pay off the credit card? Usually the APR is less than on a credit card, and there's an end point in sight. Or transfer to another 0% interest card? If you do do either of these, make sure you cut up/close the first card though!

blueluce85 · 21/01/2019 17:05

You say you can't get another credit card... Have you checked? If you check via clearscore, they can tell you cards you are most likely to be accepted with and then you could try to apply to one. If you get a knock back, then perhaps try the other things people have suggested about

All is not lost

Hollywoodcheesecake · 21/01/2019 17:13

Is the credit card in your name or DH’s? If his credit score is poor, then contact the card issuer and ask for a payment arrangement with all interest frozen. CAB or Step Change can help you compose a letter if you need to put it in writing. If the card is in your name and you haven’t missed payments and have no other credit issues, you may well qualify for a new card with a balance transfer offer. Good luck

EleanorofCastile · 21/01/2019 17:14

If you carry on paying £140 per month it will be under 3,000 in September. This means the figure you see on your statement will start with a 2 which is a lot less anxiety inducing than a 4! If you can get another 0% deal then, you should be able to clear it! Why do you think you won’t get another 0% deal?

I don't know if it’s worth asking for help (and possibly risking your credit rating) if you can afford to carry on paying it off, albeit slower than you would have liked. There is a debt free forum on moneysavingexpert which has lots of people paying off (sometimes huge) debts on it, slowly but surely, where you will find some support!

Petalflowers · 21/01/2019 17:16

Can you get a new credit card with a free balance transfer deal? There may be an initial,cost to transfer the money, but this will cheaper as it’s only a one off fee.

icannotremember · 21/01/2019 17:20

The money saving expert site has a tool to show your chances of being accepted for new cards, so maybe try that and see if there are any balance transfer card deals you could access.

In all honesty September is some months away and if you stick to making payments on your current cc- and don't miss payments with anyone else or make new credit applications, there's surely a good chance that around August time your credit record would mean you could get a new 0% deal.

Wittow · 21/01/2019 17:22

I didn't think I'd be able to get another 0% card but I looked on a comparison site and it tells you how likely you are to be accepted. I got a 28 month 0% with virgin money! It had a 4% fee but much better than paying compound interest. I have divided up how much to pay each month to pay it off and have cut the card up. Determined to get debt free over this time period.

Good luck OP.

FinallyFree123456789 · 21/01/2019 17:26

I did a balance transfer to another 0% credit card for 32 months.

I used the Martin Lewis money saving expert website as he was able to search my probability of getting the credit cards without damaging my credit score.
I ended up with Tesco 32 months 0% balance transfer.

September is quite a way off, you'll be better to continue paying the one you have currently and search for another deal nearer the time. Or search now and swap if you want to.
There is normally always 0% balance transfer offers.

I had quite a bad credit score - couldn't even get a mobile phone contract - but was able to get another 0% balance transfer card

LutherLover · 21/01/2019 17:27

Try for a 0%. You can usually do an eligibility check.

I really wouldn’t be getting this worked up over £4K of debt. It’s not ideal but it’s certainly not the worst position you could be in.

ILoveAllRainbows · 21/01/2019 17:30

Is your credit score better than his? If so, try to get a 0% deal in your name. Most will accept balance transfer from a card in someone else's name except Tesco.

Somewhereovertherainbow13 · 21/01/2019 17:32

Martin Lewis was on ‘this morning’ today talking about this, you might be able to find a repeat of this with his advice or go onto the itv website for his information

Original poster
BipBop123 · 21/01/2019 17:35

Thankyou all so much DH and I are going to go on the money saving site tonight and see where we stand with everything properly! I really do appreciate your fab advice I just want to get this cleared so we can start to save for our future and our children's.

OP posts:
AdaColeman · 21/01/2019 17:35

Are you able to cut back on any other expenditure and pay more into clearing the debt?
Food shopping might be one area you could look at.

Have you done a breakdown of absolutely everything that you spend each month to see where savings could be made?

Try not to get despondent, you will overcome these difficulties.
Thanks

Missingstreetlife · 21/01/2019 17:41

Try to get he interest frozen, it will affect credit rating for whoevers card it is but everything you pay will be off your debt.

HopeIsNotAStrategy · 21/01/2019 17:48

I've just come on here OP to say well done for thinking about this now, rather than burying your head in the sand till September.

The advice others have given you about going on the money saving expert website is spot on. There is loads of advice on there that would be helpful to you, and lots of knowledgeable people on the forums who will be very happy to help and advise you.

You are quite right to take this seriously, but I'm sure it can be sorted. Good luck and don't worry.

princessTiasmum · 21/01/2019 17:49

Martin Lewis is on ITV tonight at 8 o clock i think, might be worth watching
Although i think tonight is mainly about insurance, he might mention credit cards, but his website is well worth looking at

TulipsInbloom1 · 21/01/2019 17:52

There is a Youtuber called Jordan F Page who has loads of YouTube videos on budgetting/debt repayment etc. She honestly has some excellent advice. She is incredibly American though Grin. I think she has a website called Cheap or Free or something like that. I'd watch some of her videos see if you can pick up any tips for budgetting/loan repayments.

boblin · 21/01/2019 17:54

We move ours from 0% to 0% when they run out. It's definitely not a long term fix, as the debt just keeps mounting, (we've had a run of bad luck financially, and just when it's looking good, we end up back in the pit) but if you're committed to clearing it, it may give you a little more time.

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