Unemployed Student So Cant Get A Card To Do Balance Transfers!

tizzyt

i am unemployed as im a single mum at university and so therefore my income is student loan/grant, and child care grant, child tax credit etc.. i have a debt of 4500 on a mint card and im getting charged 75 pounds interest a month as im stuck in the position where i can only pay the minimum each month. i have tried to apply for 3 cards in order to do balance transfers but mbna wouldnt give me one, tesco gave me a lousy 250 pounds and egg gave me 500. This isnt hardly enough to help and i dont know what to do know! Does anyone have any ideas for me??? thanks

Wiggynut

tizzyt wrote: »

i am unemployed as im a single mum at university and so therefore my income is student loan/grant, and child care grant, child tax credit etc.. i have a debt of 4500 on a mint card and im getting charged 75 pounds interest a month as im stuck in the position where i can only pay the minimum each month. i have tried to apply for 3 cards in order to do balance transfers but mbna wouldnt give me one, tesco gave me a lousy 250 pounds and egg gave me 500. This isnt hardly enough to help and i dont know what to do know! Does anyone have any ideas for me??? thanks

have you tried ringing the card and telling them your situation - I think sometimes they will freeze the card and interest or they can arrange something where you pay a set amount each month - I did that once with a card and I didn't pay any interest.. got paid off really quick (my amount was only £500 so your's will take longer but at least it not going up by so much each month!!)

is the £75 just interest? ie: no charges etc?

tizzyt

hi, yea thats an idea i have been given but i was told it really affects your credit rating!!

Wiggynut

tizzyt wrote: »

hi, yea thats an idea i have been given but i was told it really affects your credit rating!!

I think that's if you are forced to do that ie: if you didn't pay the min or missed payments then it gets sent to a debt collection agency but if you actually arrange something yourself then your credit history wont be affected!

you could ask to talk to a manager rather than a call centre agent (I did work in a call centre and the agents don't have much power, this has to go through a manager who can actually offer assistant and other options)

you could also ask for advice from CAB - they can let you know about options that wont affect your credit history too and they might know better ways to bring down your interest etc.. less stress for you!

asking for information will hopefully give you something to go on rather than worrying and increasing the debt!

Ytaya

I'd second talking to the card company. Worst case scenario: you're back in the same position you started from. It won't hurt!

You can apply for Access to Learning Funds from your university, too. As a parent with debts, you tick two of their priority boxes (possibly even three if you're also over 25). This is money that you don't have to pay back. Talk to your student services department.