Could someone with a financial brain please look at this problem and give me options? I'm going spare trying to work out what to do :(

[JulietBravo]

Firstly, I'll put up my hand, I'm a namechanger as this contains some personal information and after 'cod-gate' I'm paranoid!

The situation is this:

DH has been made bankrupt.
I have a credit card with a lot of money on it (over £13,000).
I am managing to pay off the minimal payments each month but obviously this isn't the best situation as the APR is chronic.
I'd like to do something to reduce the amount of charges / APR I am paying monthly.

I think I'm right in thinking that because DH has declared bankruptcy that my options are very limited. I know I couldn't swop to a credit card with a 0% APR offer for instance.

Soooo, what can I do? Am I destined to pay ridiculous amounts of money monthly?
Any advice would be really appreciated

Not sure what your dh's bankruptcy has to do with it - you should be treated separately. Nothing to be lost in applying for a 0% card - might be worth checking your Credit Reference Agency file first.

My financial affairs are linked to his because of the house apparently!
Applied for one 0% and been refused (egg I think?).

If you have a joint financial product like a mortgage then yes, unfortunately your financial affairs are linked so you may find it difficult to get credit, afaik.

Credit cards are a really expensive way to get credit, so if there is another way it's almost bound to be better. Have you thought of talking to the Citizen's Advice Bureau?

Or joining a credit union, maybe?

Perhaps www.moneysavingexpert.co.uk might have some tips?

You could try asking a bank for a loan to pay it off - you'd still pay interest, but at a much lower rate. If the card is with a bank that also does regular loans, I would suggest ringing them and asking them if they'll convert the credit card debt to a regular loan which you'll then pay off - by direct debit. And close the credit card.

Sorry - nipped out!
Yes, think it's the mortgage that has me scuppered!
Got an appointment to see my personal bank manager next week. Hopefully they will suggest a loan to cover the balance of the card. Hopefully they won't stick the APR up because of Dh's bankruptcy. Mind you, the APR can't be worse than at the moment!
Thanks for all advice

Check the three credit agencies and see if you are linked to him through mortgage etc. I think you can put a notice of disasociation on your credit files which should help.

Check out this article on moneysavingexpert.com to look at your files for free.

www.moneysavingexpert.com/banking/credit-rating-credit-score

Also join the forums and post on the Debtfree Wanabee board with your problem and your SOA

www.makesenseofcards.com/soacalc.html

and they will help you and see where you can find extra money to throw at this debt.

Thanks MrsGW, that's good to know. Will check out the links

Hi JB

If you have a personal bank manager I am assuming that you have a reasonable income. He/She will probably suggest a consolidation loan. If you have a history with the bank then your husband's bankruptcy shouldn't be a problem. You will then need to ensure that you destroy the credit card or put it in a block of ice in the freezer!

You can also speak to the credit card company and ask them to reduce the APR - yes I am being serious - some of them would rather do this than have you swop to a competitor and to be honest if you have a history of revolving a balance you are a good customer!!