Advice on interest rates? And low interest shuffle?

indierocker85

I need to work out what the APRS and stuff are. But how? And where would I look?

cifpower

Can you not give each of them a call and ask?

indierocker85

On my mothers behalf??? Would they even tell me that? With them been her cards

indierocker85

Having checked all of the statements properly I have found out the following. And listed them by highest rate to lowest rate.

• Aqua - £1085.85 - Payin minimum payment of £118.41 pm - Interest rate - 39.95% PA or 2.84% PM. No available credit

• LPF - £427.71 - Paying the minimum payment of £39 pm - Interest rate of 37.9% PA and 2.717% PM. No availble credit

• Barclaycard - £599.98 Paying the minimum payment of £28pm - Interest rate of 29.9% APR and 2.207% PM. No available credit

• GE Money (Comet/Edge) - £883.61 Paying the min payment of £40 - Interest rate of 24.9% PA or 1.87% PM. Credit limit £2,025
  

• Vanquis - £547.01 - Paying min payment of £30 a month. Interest - 23.8% PA and 1.99% PM. No available credit.

• Lloyds TSB - £2,403.35. Paying min payment of £40 a month. Interest 19.45 PA 1.492% PM on purchases.No available credit.

The only one with any remaining credit to it was the Comet/Edge (GE money) card. Currently there is a balance on it of £883.61 but she has a limit of £2,025. Yet I don't know how to balance transfer. or the rate.

Based on the above what is the best course of action to try and reduce the amount of people she owes to. And hopefully ditch the highest interest ones, so she can take advantage of owing to less and pay more to the few that remain.

Please advise, Thank you kindly

dolally_2

I assume that she has no available credit on her cards because the companies have placed the accounts on hold (only guessing as none of the figures are the usual round numbers that a CL normally are). If this is the case then her credit rating may have taken a battering causing the refusals for new cards.

My advice would be to check the credit reference agencies (if she has never done this before she can get a free trial)

If there is a lot of negative on the file then her best bet is to contact the cccs and ask them to set up a dmp for her. This will probably work out cheapest as the cccs can usually get the cc companies to freeze the interest. Also she will only have to make one payment a month to the cccs, they will do the rest. She is very unlikely to be able to keep any of the cards though.

Hope this helps

indierocker85

Yes the Comet one has a limit of £2,025 and she has about £870 on it at the moment.