Mbna 34.9%!!!

isolde_2

I have come to the end of my 0% Virgin and have nowhere to move my debt of £5500. I have always rate tarted and so my credit score is pants.
Capital One, Tesco have refused to give me a card and I already have a Barclay Card and they will not give me a balance transfer.
What are my other options.
I have an Egg loan which may be an option to top up but only as a last resort I think.

I need advice.
Thanks in advance.

kaisersoze_2

If you cant get another 0% card or one lower than 34.9% you should consider asking egg for a top up as the APR is bound to be lower.
You could also try asking Virgin to reduce the APR, some people on here have had some success with this.

talana

Or if neither of those options work, your other option is to review your finances, cut down your spending and make a serious effort to pay off as much as you can.

isolde_2

have just checked rate with egg and they are quoting 24%, as my rate is currently 6.78% I think I will leave well alone.
Have already spoken to MBNA an they will not lower the rate. It is very unfair as I don't miss payments and the joint family income is high. I do have a lot of available credit which I will be getting rid of as I don't/won't use.
Is it worth keeping the Barclay card open as it has £5400 credit available and they may balance transfer again, or will they lokk at me and keep saying no?

kaisersoze_2

The barclaycard maybe hindering your ability to get a new card as the lenders will see that you have available credit and will take this into account when factoring your risk.Even though the Egg loan is 24% it is still lower than the CC and maybe your best option.

Are you able to pay off the barclaycard and maybe cancel it?

My GF tried with Egg to get a topup aswell and was quoted 24% when her original loan is 7.9%, i think Egg are tightening their belts a little.

bigstevex

have they raised it to 34.9 recently?

isolde_2

yeah I spoke to them last week and it will go up for me mid March.
My egg loan is a shocking 8k so I would be paying out loads on the current amount if I increase it.
I think I will close the Barclay card and use hubbies if needed.
I have a finance review with Alliance and Leicester on Friday, some free service they offer, will they be able to offer a good rate for a loan as an existing customer? Their CC is through MBNA so they can't offer me a balance transfer so their card is no good for me.

Robert_Sterling_3

There is something to be said for trying to lower your outgoings and/or increasing your income so that you can reduce your outstanding credit.

isolde_2

yeah, I will be doing just that. With all the other options proving expensive, the whacking the debt with surplus cash is the best option I think. Either that or a new lower rate loan, with overpayment option so I can pay off early and have lower intrest.

bigstevex

If it hasn't gone up yet im sure there's a new rule where by you can ask them to freeze the interest rate (not the interest), but you lose the card once its paid off. can someone correct me there if im wrong?

kaisersoze_2

bigstevex wrote: »

If it hasn't gone up yet im sure there's a new rule where by you can ask them to freeze the interest rate (not the interest), but you lose the card once its paid off. can someone correct me there if im wrong?

I read a thread that said Egg was doing this not to sure about any other companies though.