Additions Catalogue and a rise to 44.9% interest

Numberjack

Hi, not a credit card as suchm but a credit agreement. I have been an Addtions customer for 3-4 years and have just realised that the interest in this account was raised last June from 29apr to 44.9. They apparently sent me a letter which I somehow missed, but this is not the issue.

This increase has turned a manageable credit agreement into a totally unmanagable debt. Has anyone any advice on how I negotiate to get the interest rate back to the one I signed up with.

It does say in their terms and conditions that they can raise interest, but I had no reason to expect a reputable company would hike their interest to loan shark rates. I have been a good customer and am not behind with payments.

Any advice apreciated.

skyrider007

I suggest you apply for a MBNA card. You can ask them to transfer money into your bank account and use that amount to pay off the debt on your catalogue account. The interest rate will be the same as balance transfer.

clio

You could set up a direct debit as that apr your on is for non DD you'll get your apr down to 40.9% APR . so thats 4% knocked off straight away.

Robert_Sterling

Wot a Chiz

But

It is not possible to give you a definitive answer without knowing a lot more.
e.g.

How many credit cards have you got
who from
what limit on each
how much do you owe on each one
How much do you pay off on each one
Any loans

..........................................................


any overdrafts.
etc

Innocent_Guy

You have a variable interest rate unfortunatly

Numberjack

skyrider007 wrote: »

I suggest you apply for a MBNA card. You can ask them to transfer money into your bank account and use that amount to pay off the debt on your catalogue account. The interest rate will be the same as balance transfer.

What is the likelyhood of getting a MBNA card - and is it possible then to borrow 2.5k to pay off additons and pay off the amount over the 13 months at 0% interest.

jen_a_c

The likelihood of getting an MBNA card would depend on the questions raised above - e.g.

How many credit cards have you got
who from
what limit on each
how much do you owe on each one
How much do you pay off on each one
Any loans

Also your income and credit rating.

I agree, the rate is extortionate and you should look for an alternative if possible.

Numberjack

Robert_Sterling wrote: »

Wot a Chiz

But

It is not possible to give you a definitive answer without knowing a lot more.
e.g.

How many credit cards have you got
who from
what limit on each
how much do you owe on each one
How much do you pay off on each one
Any loans

..........................................................


any overdrafts.
etc

Variable yes, InnocentG, but 44.9%?!

Robert, I don't have any credit cards, I have a 2k student overdraft, and a £100 overdraft on curret account. I have student loans and am just about to do my masters via a career development loan of up to 6k. I don't have any bad debts.

jonesMUFCforever

What do you have as income then?

Numberjack

Me about 5k pa, my partner about 35k

jonesMUFCforever

Ask your partner to apply for a credit card and get the money balanced transferred from Additions.
You would not dare not pay back the money to your partner would you>?