Credit Card Debt OptionsDebt options with credit cards
All in all there are slightly more than £10k between the 3 tickets. She' s at least making the minimal payment and hasn't been missing any payment, but at the end of last year she bet more on it because her cash was scarce for a few weeks - I told her now that wasn't the best move to come to me when things were so wrong again.
Because of her bad credit standing she is not qualified for respectable 0% transfers, and certainly not for those who give her enough money to pay for all 3 of them. She has an interview with her local banks this weekend to talk about a private credit, in the hopes that they will be able to look through their files and forward the request instead of just refusing it on the basis of creditworthiness alone.
Currently she pays at least 500 pounds a months through the 3 tickets. Having a face-to-face debt repayment facility, distributed over 3 years per months, works at around ~£340 - so we hope the banks will see this and accept that they can readily pay back. For me this seems to be the best and only choice.
The interest is firm, the payment is firm and you have a firm end date. I' ve been looking at the "snowball method", but that requires that it plays out the best it can for a whole months, while a mortgage actually reduces its monetary repayments. Honestly I am hoping that I will not act as "the financial control partner" as I am not, I just have a good grasp of this area and would like to help her cancel the debt so that we can both be as we want to be!