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Original poster

Barclaycard debt

34 replies

ilovetrifle · 29/03/2017 15:03

I owe around £1300 on my Barclaycard, I can't afford to make the minimum monthly payments and with late payment fees and interest whatever I do pay isn't going to clear it. I was thinking of getting another card and doing a balance transfer but I really think my credit is ruined now so I wouldn't get accepted.

What would be the best thing to do?

OP posts:
hangingkebab · 29/03/2017 15:05

Contact Barclaycard and explain the situation, and tell them what you can afford to pay. They may be willing to come to an arrangement with you.

hangingkebab · 29/03/2017 15:06

Sorry, posted too soon...also wanted to say good luck and you have my sympathy, debt is horrid!

Original poster
ilovetrifle · 29/03/2017 15:17

Once starting a payment plan would that effect my credit do you know?

OP posts:
GinIceAndASlice · 29/03/2017 15:25

Call them and explain the situation. They have different options depending on your circumstances. It can impact your credit rating, but missed payments can too.

They are quite nice and will put you in touch with other organisations such as stepchange, who are a debt management charity, if they feel thats the best course of action.

trufflehumper · 29/03/2017 15:47

Contact stepchange for advice and help, they are brilliant!

MyFirstMyLastMyEverythingBagel · 29/03/2017 15:55

Can you apply for a loan with barclays? I did this and shifted the debt into a loan and paid the credit card off with it. Then at least the interest and loan amount is paid off in a set amount of time, see how long thwy will loan you the amount so the payments are more managable. Mine went from making the minimum on credit card and would have been paid off in 60 odd years Shock to paid off totally in 5!! Also I had a month gap where no payment was made. I wouldn't have got credit anywhere else but because I had been paying the credit card they accepted my loan application

Good luck!!

19lottie82 · 29/03/2017 16:06

If you can't afford the minimum payments then what's the point in a balance transfer?

You need to call Barclays and discuss this with them. They should be able to help, but your credit history will be affected I'm afraid.

Have you missed any payments already? Why can't you afford the minimum payments? (Not being judgemental, just curious, as £1300 isn't a huge debt so the min payments shouldn't be much)

Original poster
ilovetrifle · 29/03/2017 16:15

Minimum is £150, I haven't missed any but I'm not paying over the £150.

My partner works and I'm a sahm, the only money I get is £40 tax credits and £20 child benefit which always gets spent on other bills.

OP posts:
Original poster
ilovetrifle · 29/03/2017 16:17

The reason it's even so high is because we moved house an I paid for carpets on it. Partner earns more than enough to cover my monthly payments, but always says how he owes his money etc. Even when I mention it and how it's stressing me out he still doesn't offer to put any money towards it

OP posts:
Munchkin1412 · 29/03/2017 16:24

Are you sure that's the minimum payment? I owe about 2k on Barclaycard and minimum is around £60 so seems very high.

A payment plan will affect your credit reference but so will not paying the minimum payment - you'd be better speaking to the asap and getting something in place.

Munchkin1412 · 29/03/2017 16:26

And you have a bigger issue with your partner. Does he realise this will probably affect his credit rating too? Tell him that and he might start helping you out!

loobylou10 · 29/03/2017 16:28

Why is your minimum payment so high? It's usually only about 5% of the balance

19lottie82 · 29/03/2017 16:37

Is your OP correct in that the balance is £1300? If so then your minimum payment shouldn't be anywhere near £150......

A quick google suggests that a min payment with Barclaycard is 2.25% of the total balance, which would equal £32.50.

Late payment charges ect would be added to the total balance, not the minimum payment.

Original poster
ilovetrifle · 29/03/2017 16:44

Sorry that must be the arrears added on then, do you think if I cleared the £150 it would go lower? I could pay £30-50 a month

OP posts:
loobylou10 · 29/03/2017 16:48

I'd ring them but yes that seems likely.

19lottie82 · 29/03/2017 17:55

Even with arrears they are added to the total balance, not tacked on to the minimum payment so still doesn't sound right.

Call barclaycard and see what they say. You don't want to miss any payments if possible and risk trashing your credit history.

GinSolvesEverything · 31/03/2017 07:40

Wait, so you don't work because you care for your kids. You paid for a household expense on a card, and your partner refuses to help pay the balance?

It's not the credit card that is your problem here.

Do you have access to family money from your partners earnings, or is your only source of cash from tax credits etc?

specialsubject · 31/03/2017 09:27

Tell your partner that until he pays, he is not allowed to walk on your carpets. And you would also like his payment for caring for the kids that are half his.

OhGreatnotu · 31/03/2017 11:39

No I don't gin, just tax credits.

RockingChairRockingChair · 31/03/2017 16:27

I suggest you register for moneysavingexpert credit club. You can see what cards, if any, you are likely to be accepted for in order to do your balance transfer. Choose cards where your elegibility can be assessed without leaving a footprint on your credit file.
clubs.moneysavingexpert.com/creditclub/register?_ga=1.98891550.1692471233.1490973739

If you are not paying interest that should help you pay this off much quicker but you must pay monthly minimum. Good luck

IJustWantABrew · 31/03/2017 17:08

My Barclaycard is about 2k (oopsie), and I only pay a minimum of £60?, speak with them and explain you are struggling with the minimum amount, if they are no help speak with stepchange, they are a free charity who help deal with financial issues. They will advise you what to do and what will/won't work for you. They will look at your income/outgoings and work out what's affordable. You can do a debt management plan. This will help you pay this back but may affect your credit temporarily.
Try not to do a balance transfer, you will probably only get 3 months interest free on a balance transfer.

delilahbucket · 31/03/2017 22:45

Definitely ring them. When I was in such a position they gave me an interest break and cancelled all fees. They were very good and understanding (unlike Halifax...)

GinSolvesEverything · 31/03/2017 23:00

Personally I think you need to have a bigger discussion with your partner. Plenty of people don't share finances, but if you have sacrificed working to raise kids, then your partner needs to step up.

His income should be family money, used to cover all bills and expenses as your share is childcare and probably housekeeping. What's the bet he has lots of spending money to himself, and you have nothing?

bouncydog · 01/04/2017 07:30

Get over to the debt free wannabe page on moneysavingexpert. The people in the forum will ask you to post up a statement of affairs (SOA) and they will have a look. This is basically your income and outgoings. They will look at where savings can be made to help meet the debt and if it's not possible will give you some very helpful advice. It's probably best not to apply for further credit at the moment as it will have a negative impact on your credit file. Best to try and sort it out without further borrowing.

Fairylea · 01/04/2017 07:34

Those repayments are extremely high. It must be due to charges etc. We have a virgin card on 0% with a similar balance and the minimum payment is £25! We always pay over the min. If you can see if you can switch to another cheaper card.

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