Unable to keep minimum payments on credit card

Philb13

Hi,

I have a M&S (Mastercard) credit card, which I've had now for over 10 years.

In the past I have never defult on any monthly payments and have payed on time.
However I am at present finding it very difficult in keeping up my minimum payments of around 60.00 (monthly).
Is there any way I could get the minimum payments reduced for a short time until Iam able to continue full payment or completely pay off the total balance 2,600.00? without any penalties or a black mark against my name. i.e If I were to apply for credit in the further.

Thanks for any help offered

pink_princess

Hows your credit score ,anyway you could switch the balance to a 0% card .Could reduce your monthly payment by alot and then no default.
PP

Philb13

Hi pink princess
Thanks for reply
My credit score is good. I've never defult with any payments I had on credit.
I'm hoping to be able to pay the full balance total balance off in one complete hit around spring '09.
Besides me switching the balance to a 0% card is there any other opition for me?
I was told if I phoned M&S Mastercard and asked them if it was possible for me to not pay any interest for a limited period of time, they shouldn't refused. But if this is the case would I be penalized?

Moggles_2

Philb13 wrote: »

I was told if I phoned M&S Mastercard and asked them if it was possible for me to not pay any interest for a limited period of time, they shouldn't refuse, but if this is the case would I be penalized?

Your credit rating would take a hammering and that would affect your finances long after Spring 2009. While you're meeting the minimum payments, your credit worthiness remains unaffected.

If you have a good credit history, what's stopping you from applying for a 0% balance transfer card? To keep minimum payments low and maximise the 0% period, 16 months is currently available to new customers from Virgin. There's a 2.98% handling charge

http://uk.virginmoney.com/credit-card-v3/

Alternatively, you may be able to reduce your costs using credit cards you already hold. For details, see Martin's *Credit Card Shuffle*article.

http://www.moneysavingexpert.com/car...-card-interest

pink_princess

Moggles gives you sound advice there are ways to shuffle and not affect your credit rating.The second you contact them your rating score will plummet.(id read the links good luck)
HTH
PP

Philb13

Hi Moggles

Thanks for yor reply.
Going on what you and pink princess posted I think it shall be best for me to transfer my balance over to card with 0%.

I shall click on the link you provided for Virgin also take a look at Martin's Credit Card Shuffle article.

Thanks to you both for the sound advice and help. Have a Happy Christmas Moggles and you to pink princess

Thanks again you both have been a great help