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Can you help??

I have had an MBNA Credit Card for years and have a £4,400 limit on it, this I have gone up to in the past I have now paid off nearly a £1000 of it so it's down to £3,400, but it is very slow going. It seems that although I try to pay over the monthly amount but it seems that very little of it goes to paying off the amount and goes on interest, etc.. I have tried to get other cards to transfer the payment but it seems that my credit rating isn't high enough although I went to a Credit rating site and they say that my rate is excellent.
So I am a little confused and desperate to get this credit card paid off. Any suggestions??

Comments

  • St0lli
    St0lli Posts: 594 Forumite
    Part of the Furniture
    Hiya, try giving their Account Review team a call on 0800 0289170 and asking them to reduce the interest rate. They may stop you from spending any further on it but shouldn't be a problem if you don't want to add to it!... I got my rate reduced by doing this.

    Good luck!
    Light Bulb Moment 4th January 2009 :eek:
    Started DMP 1st April 2009 :A
    DMP mutual support thread member: 267 :j
  • OK thanks I will give it a try but I have tried them before and they weren't very helpful!!
  • RAS
    RAS Posts: 35,212 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Whilst you are about it, reduce your credit limit, check you are on the electoral roll and stop applying for credit for a while, as more than three applications wrecks your credit rating.

    And at the moment, almost no-one is gettign cheap credit.
    If you've have not made a mistake, you've made nothing
  • Hi I have tried them and they say they can only offer me a loan to consolidate all my debt which doesn't help much.
  • Depending on what other assets you have, it might be worth contacting the CAB. If you don't have too much in the way of assets, they can usually reduce or freeze interest rates and put together a repayment plan. Not good for your credit rating, I am sure.
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