What I can ask for? MINT card 26.9% struggling

Clowy2

Hi,

I have a MINT card £5414 balance, currently I can only afford the minimum payment which is £108 and interest estimated for next month is £73.

If I ring them, what can I ask them to do to help me out, if anything? Whats the best outcome I can expect? Ideally I'd like them to reduce the interest payment, but am I being too optimistic?

I'm currently just managing to pay debts and afford to live, have had my lightbulb moment and cut the cards up. I have £4.76 to last me until payday on 28th August. All because I've had to repay £380 on credit cards and loans. Previously I would have used a credit card to cover me for the rest of the month, basic food and petrol.

I've sorted as much as I can but this is the 'biggy' card and I want to try and sort this out before I miss any payments.

Thanks

izools

Clowy2 wrote: »

Hi,

I have a MINT card £5414 balance, currently I can only afford the minimum payment which is £108 and interest estimated for next month is £73.

If I ring them, what can I ask them to do to help me out, if anything? Whats the best outcome I can expect? Ideally I'd like them to reduce the interest payment, but am I being too optimistic?

I'm currently just managing to pay debts and afford to live, have had my lightbulb moment and cut the cards up. I have £4.76 to last me until payday on 28th August. All because I've had to repay £380 on credit cards and loans. Previously I would have used a credit card to cover me for the rest of the month, basic food and petrol.

I've sorted as much as I can but this is the 'biggy' card and I want to try and sort this out before I miss any payments.

Thanks

How long ago did Mint increase your APR to 26.9%? They will have provided you with 30 days to opt out of the increase in exchange for your not using the card for new purchases again.

How is your credit history? Any new accounts / missed payments / credit searches lately?

Clowy2

To be honest I dont know how long it was, a while back. I've only recently pulled my head up out of the sand and started to take some control!

I've never missed a payment and i took out a joint loan back in January, nothing since. I am just paying my last payment on another loan this month (WOO HOO) but still have another one in my name only with 2.5yrs left to pay. I have 3 credit cards in total, but will also pay one off this month (only have £45 left on HSBC) and also have Barclaycard which has £2400 on it.

izools

Apply for a balance transfer to this card:

http://www.your-application.co.uk/netfinancecertegymicrosite/creation/Welcome.aspx

Remember to put the card number and balance of your MINT card in the application to ensure they give you a high enough limit. 15 months interest free reverting to 16.9% - and they are really laxly credit scored.

Just make sure you close your MINT account once you've done the balance transfer

Good luck!

Clowy2

My salary is just under £20k I'm scared to apply for anything else in case I get declined. I have applied for £100 increase in my overdraft and was declined.

I just want to be see the amount I owe going down everything month, not paying £75 interest.... aargghh

Thanks

izools

Hence I suggested the Creation card - as they have very lax credit scoring and I've read reports of people who already owe over 100% of their salary being approved for a balance transfer.

Also, they search Equifax, unlike the majority of lenders who search Experian, so even if they do turn you down the fact you applied won't be visible to the overwhelming majority of lenders.

And it's definitely worth a punt before asking Mint for a reduced payment plan or freezing interest - which would have an adverse effect on your credit rating

Good luck!

EDIT: The credit card I linked to even approved my mother, who owes over £10,000, with another £12,000 available already, (same salary as you) and a Barclaycard that's been in an "Arrangement to Pay" for seven years - factors that would send most lenders running for the hills. Not creation; they're a synch to get