Want to move to 0% but now earn less than rent....

old_fat_biker_bloke

First post so be nice please!!....

Things change... Wife lost her job & my hours were cut so we now rely on Housing Benefit etc to survive...

Started filling out a Tesco Credit Card application to move current debt to 0% deal but ditched it when it asked for details of (private sector) rent & income as former is greater than latter.... My account is 'topped up' monthly to meet rent payment...

Still want to shift to clear debt sooner rather than later.

Anyone got any ideas how I can shift in my current predicament?

Thanks!!

cheops2006

Sorry to hear about your circumstances, if it was me I certainly wouldn't apply for another card atm in your position as you would probably have to lie on the application.

Whats your opportunities atm? Anything possible on the horizon?

eskbanker

Try the MSE eligibility checker to see which cards are likely to be available to you.

mikey_l

Difficult one, you're unlikely to get any new line of credit when you already have commitments but no income.

Are you able to meet your credit card payments? If so, it may be worth going with the flow until your job situation changes (hopefully not too long)

If you can't meet your payments you're best off calling your credit card provider and speaking to them. They might freeze the interest but often they only do things like that as a last resort, when you've already defaulted, which you obviously don't want to do.

Mr_Goodkat

Going to be fairly impossible to shift this debt I am afraid.

d70cw6

just make up numbers in application?

dealer_wins

d70cw6 wrote: »

just make up numbers in application?

Making a false statement is fraud, and a CIFAS fraud marker is not a pleasant thing to have against your name.

JimmyTheWig

Have you got any other cards with available credit on them?
You could contact them and ask if they would give you a good deal to shift your debt to them?

[Deleted User]

mikey_l wrote: »

you're unlikely to get any new line of credit when you already have commitments but no income.

I agree.

This is the problem with relying on 0% BTs.

An inability (for whatever reason) to get another one, leaves you having to pay the interest.

Unless the OP can do something very soon, to drastically improve his financial situation, then I can see him having to default on all his debts.

BTW. What will the interest rate go up to, when the 0% ends?

JimmyTheWig

Bedsit_Bob wrote: »

This is the problem with relying on 0% BTs.
...
What will the interest rate go up to, when the 0% ends?

I don't know that the OP is on, or has ever been on, a 0% deal. All they've said is that they want to switch to one.

old_fat_biker_bloke

Thanks so much guys!!! I 'lost' this post and only just found out how to find it again - Can strip & rebuild a motorbike engine blindfolded....

Kind replies gratefully received (except the one telling me to fib - tut tut tut!!) and read - looks like I'm stuck which sucks....

Never thought I'd get caught in the 'Poverty Trap'....