Am I done For

chris103

No doubt the classic.

I took a low interest loan on my Credit Card - and used another for purchases.
Unfortunately a purchase went through on the loan card and now I am stuck with interest accrueing on the Higher Interest Rate.

I have phoned the CC but to no availl - basic answer was tough live with it or clear the loan.

Am I stuffed or is there a way out of this.:mad:

YorkshireBoy

From January next year all credit cards have to operate with a positive payment hierarchy, so your payments will reduce your highest interest debt first.


EDIT: MBNA have this positive payment hierarchy now. Which card do you have?

Zannie

You need to get out of this the interest will be very high. could apply for another card perhaps or shop around for personal loans at a fixed rate

CannyJock

There's a trick where you transfer the full balance plus interest from card A to card B, get a statement from card A showing a nil or positive balance, then transfer the balance from card B back to card A.

Whether it's worth doing or not is another thing, as YB says, from January your card company will be changing their allocation of payments. Why not call them and ask them to confirm what date this happens on?