Can i use a credit card ?

McClane54

Hi

I currently want/need to get hold of £700 to get out of this pay day loan cycle every month

Then i read this from Martin , about the 0% card for people with bad credit (all payments have been paid on time, just a default from 4 years ago)

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#capone

Could i get one of these cards and pay the 700 off? then each month (payday) just pay £200 or £300 back into the credit card rather than giving more money to these little !!!!!!s, I have no idiea how a credit card works

Any advice would be great and most appreciated

guesswho2000

Couple of potential problems-
1) Will a PDL company take a credit card as payment? (I have no experience of this, they might)
2) Will a credit builder card such as that give you a limit high enough to cover the debt? I suspect not unfortunately.

If you are successful in getting the card and a good enough limit but they don't take CC payments, I'd suggest (and I would never normally recommend this) taking cash advances from your credit card to pay the PDL companies. The interest on this will be horrendous (39.9% or more I assume) and you'll pay a fee (probably 3%) but I expect it'll be less painful than what the PDL companies are stinging you for each month.

EDIT: Just noticed that it's 0% on balance transfers, not purchases. You won't be able to pay a PDL with a balance transfer unfortunately.

McClane54

Ok thanks for your help, I understand now

!!!!!!, :money:

McClane54

will have to look at something like a loan, and pay it off in 6 months or something

can anyone recommend some where?

jones160312

Could you not write to the pdl companies and ask for a payment plan and to freeze interest? That way you won't be getting yourself into more debt

CLAPTON

what do you credit files actually say?
how much do you earn?