How am I supposed to Improve my Financial Position

[Calamitykay]

Hi there, this is my first post here so please be patient

 

 

I have a Barclaycard with limit of £4000 (I actively reduced this from 6K) of which I currently owe just over 3K.

I am only able to pay £100 a month so the debt is only being reduced by about £60 a month.

Now Barclaycard are increasing their APR my monthly payment will reduce even slower than now.

 

I tried to apply for a 0% balance transfer card but was unsuccessful.

My husband has only managed to open a Lloyds Platinum card with a 1K limit so we can transfer £950 onto that

and make regular payments no problem.

 

It is only recently that I realised that I am paying PPI on my Barclaycard,

however, I finished work in August 2013 due to back trouble.

 

 

I have been in receipt of ESA until very recently following a Health Assessment which deemed me fit to work (!!!) My benefit stopped.

 

My husband works in forestry and is on a low income but we are not eligible for any other benefit.

 

So I'm thinking that I should have claimed on the B/card PPI - but is it too late now.

If any claim was rejected could I reclaim the PPI payments made on the account.

 

Can I write and ask B/Card to freeze the account and interest as I am only interested in paying the debt off and will not be using it to make purchases etc.

 

I find it SO frustrating to read about all these long term 0% cards and then find we are not eligible to receive them.

How am I supposed to improve my Credit rating when I am finding it SO difficult to keep afloat?

Sorry for the long post - just wanted to make sure that had given as much information as possible.

[SabreSheep]

If you were noticed about the APR within the last 24 days you have the right to refuse the apr rate rise and that will mean the cancellation of any borrowing facilities. You will still need to make the minimum payments etc at the current interest rate.

 

Write to them, rejecting the apr rise and send recorded delivery etc

[dx100uk]

id reclaim the PPI if the card is years old.

 

 

taking out 0% cards doesn't improve your credit rating at all.

but simply reduces the outlay on running interest.

 

 

but poss a letter to BCC might cure that under hardship or something.

 

 

once yu have defaults and leaye markers on your creditfile

its shot for 6yrs.

 

 

ever thought of reclaiming too?

 

 

dx

[Calamitykay]

id reclaim the PPI if the card is years old.

 

 

taking out 0% cards doesn't improve your credit rating at all.

but simply reduces the outlay on running interest.

 

 

but poss a letter to BCC might cure that under hardship or something.

 

 

once yu have defaults and leaye markers on your creditfile

its shot for 6yrs.

 

 

ever thought of reclaiming too?

 

 

dx

 

I did do the whole unfair bank charge thing some years ago - I haven't had much in the way of ppi at all. I ealise that the 0% cards don't improve the credit rating - it was more a case of making what available money I have go further and reduce my debt quicker.

I am fairly resigned to having a low rating for 6 years but will keep an eye via sites like noddle etc.

Thanks for the replies

[slick132]

Hi CK and welcome to CAG

 

I would certainly try back-dating a PPI claim from Aug 2013, stating that you didn't realise you had PPI cover which should have helped you.

 

If they refuse on the basis of the claim being made too late, seek a refund of all PPI if you were unaware of it, or you think it was inappropriate for your circumstances.

 

[fletch70]

As SS has said, you can refuse the rate rise and effectively turn the card into a loan without getting a default

[Calamitykay]

Many thanks guys - you have certainly put things into perspective for me and I shall definitely be doing the following:

1. applying for ppi back to august 2013

2. if rejected I will reclaim the ppi paid

3. refuse the apr hike effectively turning the balance into a loan

 

My aim is to be totally debt free by the end of next year

[slick132]

Hi CK,

 

Let us know how you get on with this.

 

I hope you achieve your goal by this time next year.