Advice on paying off credit cards....

AngryDog

I am in the position of currently only being able to make the minimum payments on my credit cards.

This is only paying off around £2 a month on each card.

Is there anything that I can do (apart from going to a 0% credit card, but as I cant get lots of cards to move the balances, its not totally feasible) to get as much of my payment actually paying the debt, rather than just making the banks more money?

Thanks.

CannyJock

Cancel that PPI.

Apart from that, not really.

List all of your cards, their current balances, credit limits, current APR's and any offers available on them. Might help with some further advice.

AngryDog

How do I find out about the offers on them? They dont usually offer existing "customers" much do they?

I am hoping to reclaim the PPI's on some..

CannyJock

Easiest way is to phone to ask them about any life of balance transfers or promotional transfers. Might be some, might not be, worth checking.

Have helped family and friends reclaim PPI, it's not a quick thing to get resolved and in each case required taking it to the Ombudsman for a verdict. Still worth doing, but reclaiming won't help you out of your current predicament.

AngryDog

If the cards are close to their limit, they arent going to be too inclined to do much for me though are they? I have heard of people "closing" their account and paying the balance with the interest frozen??

The problem I have with reclaiming the PPI, is working out whether or not I was mis-sold it.

Moggles_2

AngryDog wrote: »

I have heard of people "closing" their account and paying the balance with the interest frozen?

I would avoid this route, if possible. It will be marked as "arrangement to pay" on your credit file and that would affect your ability to get credit for 6 years. Whilst you're meeting the minimum payments, your credit rating remains unaffected.

Have you tried asking each of your cc providers to reduce the interest rate? (You can do this over the phone.) You may be able to reduce your costs considerably. For details, see Martin's *Credit Card Shuffle* article

http://www.moneysavingexpert.com/car...-card-interest

Your posts raise some other issues and you may want to post again on the *Debt-Free Wannabe* board. You'll get lots of advice and support there.

http://forums.moneysavingexpert.com/forumdisplay.html?f=76