Can I ask my cc for lower interest?

scotsirish

I've been with Morgan Stanley for about 6 years now and have managed to build up a bit of debt... £2638.00 on the MS buy & fly and £2670.97 on the MS Platinum - how would I word it if I am to ask them to reduce my interest rate? They are both 15.9% just now and I don't particularly want to change as it will mean applications that my H might see and he doesn't know about my debt.... I know, i know, that's a whole other thread

jitsuguy

If you have a good record and reckon you would be accepted for a 0% card it might just be worth transferring it anyway (most application can be filled in online). With you only having to sign the credit agreement.

But if you phone them and you have a good credit record you might be able to get a lower rate just because they will want to keep your business.

If your OH asks about you applying to a new card just say it makes monetary sense to switch them to a 0% card.

Jitsuguy.

queenofthedump

I have done it twice with barclays- all you do is say you are doing some financial housekeeping and you were wondering what the apr is when they tell you say oh that is quite high ask them if they could lower the apr at all and if they say why tell them that you are trying to rearrange your finances and you would like to stay with them rather than getting a new card but if they are not able to help just say ok thanks anyway then shop around for a better card. put on your best phone voice. Itried it and it worked for me my dad tried it but because he pays his bill in full every month they said no cause they dont make money out of him but they make plenty out of me.

$17mma

If you dont ask you dont get .. worse they can say is no and that wont change your situ as i stands so go for it.

There are some letters on the site below if you dont want to talk to them directly. Not sure if they are what you are looking for but they will give you an idea.


http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

CLAPTON

the central issue here is why you are in so much debt...obviously reducing the interest rate could be good news but the real issues is the size of the debts. so i think your first issue is to address the debts and not the interest rates. if you want practical help with that you may want to post a Statement of Affairs here.

If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal of the total debt and of the total repayments, to save us having to add it up

also add a brief details of your situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant