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Credit Card Debt


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Hi very new to this.

 

To cut a long story short I split up with my long term girlfriend and inherited most of the debt. The debt comes in the shape of a credit card which is at £5000 or just below it.

 

I thought I could try and get it down to 3500-4000 then get a loan to pay it off, but I am stuck paying £110 minimum payment a month and after rent and council tax, bills etc I cant afford anything else.

 

I have been thinking of stuff to sell. But all I have is my Les Paul which is worth around £350.

 

I really need help as to how to start to settle this credit card debt as paying the minimum every month is getting me nowhere.

 

I did think to speak to Barclaycard but I don't know if that is a good idea.

 

Also I have had the credit card since 2001 and I haven't claimed anything regarding PPI?

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Hi James and welcome to Cag!

 

I'm sure there is a letter in the Library asking to stop interest, not sure if it will fit your circumstances, but well worth a look.

 

Do you have late payment/ppi charges you can reclaim?

 

You could send the SAR to find out this infomation.

 

Jogs

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I was in a simliar situation once and the credit card company actually did stop interest after I had contacted them. Back then I couldn't even afford to pay all of the interest every month so of course my debt grew and grew. Anyway since then I haven't used a credit card anymore.

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Never get another loan to pay off a debt. Work out your full incomings and outgoings, and work out a rate of repayment you can realistically afford. If you prove this to a creditor by way of a budget summary, theyve pretty much got no choice but to accept it. Should they try and take you to court, you can show a judge your financial circumstances and he will grant the order for how much you can repay, or he may even lessen it.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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