Transfer balance from store card to credit card

smitherz87

Hi, I am looking for a bit of advice so I will keep this short.

I have an old Comet store card which I believe the credit was under GE Capital, that has since changed and is now Santander (doesn't matter). When I originally set the agreement I was paying £50 a month, that should of paid the balance in around 18 months. 5 years later i'm still paying the damn thing. Over the years they have changed the amount I pay in the direct debit to a point where I pay a lot more interest than capital (without my consent). Partly to blame on my side its not a very big monthly figure so I let it slip under the radar. When it was GE Capital the foreign call centres were so bad that I couldn't get anywhere. Soooo since its now Santander and I can get more sense out of them I told them I wanted to transfer the debt to my credit card. She replied thats not possible as its a fixed interest rate so in effect its more like a loan. Is this right?

I also have never been issued a card so I have no card number or expiry date to even try and transfer the balance with my bank. So then I asked if I can have a new card sent to me and the answer was no as Comet is no longer a business.

So this leaves me pretty stuck, its not a big debt I just don't want to pay them any more interest as they have had the balance 3 times over out of me. Any advice?

Many Thanks

CLAPTON

how much do you owe them
what is the APR
how much do you pay each month
have you defaulted on the a/c

[Deleted User]

If you've never had a card and it's a fixed rate, then it sounds like it was sales finance - ie a loan. So a BT won't work.

Get a settlement figure and look to pay it off as soon as you can. A money transfer card could be useful.

smitherz87

Its around 30% APR I have around £480 oustanding and I was supposed to get a card I never received it, part of the old customer service they claimed they sent replacements but still never received.

CLAPTON

smitherz87 wrote: »

Its around 30% APR I have around £480 oustanding and I was supposed to get a card I never received it, part of the old customer service they claimed they sent replacements but still never received.

how much do you pay each month
have you ever defaulted on your payments

smitherz87

CLAPTON wrote: »

how much do you pay each month
have you ever defaulted on your payments

I currently pay £14 a month now and I have never defaulted on any payments ever.

EDIT: Its 24.9% APR

CLAPTON

is there a reason why you can't simply pay more each month and get rid of the debt

at the moment this will take 5 years to clear the debt and you will pay about £400 in interest


if you paid 50 per month it would take only a year to clear and interest would only be £72

smitherz87

I already transferred a debt to a new card so wanted to kill 2 birds with one stone. I wanted to avoid settling the balance but it looks like I might have too.


BTW if I had defaulted on a payment how would this of changed this situation?
Thanks