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Basically in a nut shell, I have a credit card that is unfortunately maxed out, paying £238 a month of which only £8 is coming off the balance !! ... its a Barclycard and is 100% pre 2007, however .... my Ltd business account is with Barclays, my mortgage is with Barclays and and my personal current account is with Barclays ..... is it game over for me ? as I'm terrified that if I try anything with my credit card they will pull on all the other strings and create a nightmare for me ? .,..... my credit score is unfortunately already in the bin, but it just kills me to be paying Barclays over £230 a month in interest ... been paying that much for nearly 5 years now ... so that's upwards of 13 grand they've had from me in interest yet my balance has dropped by about 500 quid !! ... any advice on how to move forward with this would be very much appreciated ..... Thanks
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Hi sevans
do speak to Di as advised , xxx
if you do it today and you like it you can always do it again tomorrow
I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.Comment
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I'll take a peek at your thread and your other forum posts (if relevant) tomorrow so I can get the full picture
DiComment
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Thanks for that Di, any help would be great ...Comment
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Thanks for that Di, any help would be great ...Comment
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Originally posted by sevans17 View Post
From what you say you've not defaulted on this Barclaycard otherwise the interest would have been stopped.
Letting it default now is a high risk strategy since you have your business account, current account and mortgage all with Barclays. I expect they would be able to use ROSO (Right of Set Off) to transfer any positive balances in other accounts to reduce a negative balance with another.
I cannot give debt advice (that activity requires FCA authorisation) but have you asked Barclays if they will freeze the interest if you reach mutual understanding on an ATP (Arrangement to Pay) since you say your credit file is already ruined? Have you discussed the situation with Barclays? I would add that you should beware of any offer of a consolidation-type loan to clear the Barclaycard or any offer to add the balance to your mortgage which cost you more in the long run.
There's no reason why you shouldn't send a s 77-79 CCA Request to see what comes back. If it's technically unenforceable that may give you some bargaining power with negotiations.
You've not said anything about your overall financial health with the limited company etc so maybe it would make sense to seek formal debt advice as your next step.
DiComment
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