home
in

Barclays consolidation

Last post Fri, Sep 23 2011, 10:28 AM by tt lady. 3 replies.
Sort Posts: Previous Next
  •  Fri, Sep 23 2011, 10:28 AM

    Re: Barclays consolidation

    It's easy to stop putting things on your credit card - cut it up. The answer to the overdraft may be to open a basic bank account (which won't have an overdraft facility) and have your salary and direct debits moved to there and then set up regular transfers to the overdraft account to gradually reduce it and keep the overdraft account card at home or again cut it up so you can't use it. When you've got extra (ie more than the minimum) to pay off one of the debts then make sure it goes to the debt which charges the highest APR which may be the credit card but also may be the overdraft.

    Paying it all off in three years looks possible given that you will soon have the £190 payment that currently goes to your loan free to use but will need you to stop using your available credit - one way to do it may be to monitor your position at the end of each month and set yourself goals. You need to find a way to do it yourself or you'll always be tempted.

    • Post Points: 5
  •  Fri, Sep 23 2011, 1:55 AM

    Re: Barclays consolidation

    Hi

    Thanks for your reply

    My main issue, is that when i do pay off say £200 from my credit card, it is too easy to respend the money, the same with the overdraft

    I have been telling myself i will pay it down for a year now and i never do, mainly because I can easily access it, I know this is a bad habit and my short term way around it is to force myself into a situation where i cant use it again.

    I have never missed any payments, and my loan has gone down from £5000 i think in the same time i have had my overdraft at £1750

    I may try and ring Barclays tomorrow and see if they can extend my loan and ask them to cancel my credit card and overdraft with the extension

    • Post Points: 20
  •  Fri, Sep 23 2011, 1:19 AM

    Re: Barclays consolidation

    Your personal loan has fixed payments and you should keep these up. If you don't like the hassle of sending a cheque each month, you should set up an automatic payment for the last few installments.

    Both your credit card and your overdraft will allow you to pay any amount (above the minimum for the credit card) off the debt each month. This is what your post is asking for but this is what you've already got, except that you are making two or three payments each month instead of one but, with automated payments, this really shouldn't be an issue.

    I would guess that the interest on the credit card is higher than on the overdraft. If so, you should aim to pay off the credit card first.

    • Post Points: 20
  •  Thu, Sep 22 2011, 10:27 PM

    Barclays consolidation

    Hi

    I currently have to pay Barclays about £190 per month, as a minimum for my loan (in the last year of a 5 year loan) and an overdraft

    I currently owe them

    £3200 Credit Card
    £1750 Overdraft
    £1800 Loan

    I attempted to consolidate all these into 1 payment (so it became 1 payment as what ever interest rate they decide) by going into the branch and was rejected straight up as i have too much money outstanding, Although i was not asking for any money i just wanted to put all of my debt into 1 place.

    I want to pay them more than the £190, anything from £250 to £350 will be fine, more on other months

    I was wondering if this kind of thing was possible and if so what department i should speak to

    I wish to be debt free in 3 years and i dont really fancy using a debt consolidation company that charges like 30%+

    Thanks for any help

    • Post Points: 20