break on interest

Obi167

Hello everyone,

I've heard being mentioned on the main site and here, negotiating with credit card company's to get a lower interest rate on debt. I would like to do this if poss, as i have about £2500 on credit cards all on about 26.5 percent, with mint and barclays. I have also tried getting other better rate cards, but have only been offered worse.

Can this really be done, i have tried just plain asking, obviously that doesn't work. How do you go about it? Has anyone had any luck with this.

Thanks

normanmark

Credit Card companies wont listen to a 'break in interest' plea unless you've started to miss payments and/or defaulted on it.

CLAPTON

what do your credit records say about you
obviously you are on the electoral roll?

Obi167

My credit rating isn't good, had a rocky few years financially, now getting back on track (i.e. able to pay min payments on my debts - but that just isn't shifting them). I have no CCJ's, but missed lots of credit card and loan payments, and got in arrears in them.

I do try to pay off little bits from the cards when i can, , but stretched pretty tightly elsewhere.

I believe i am on the electoral roll now, but wasn't a few months ago (presumed i was as i pay may council tax etc, only realised i wasn't when i looked at experian!).

CLAPTON

from what you say you are unlikely to get a good CC or loan rate

sadly, CCs lenders will only reduce APRs to customers who can go elsewhere(i.e with good credit ratings)

I'm afraid you need to think about ways of increasing your income .. maybe second parttime job or reduce your spending and start paying more than the minimum on the cards

Obi167

fair enough. ta for the help.