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Barclaycard reduced interest - just ask!
twiggy86
Posts: 2,696 Forumite
Trying to sort out my debts - one of which is over £6k on my Bcard.
Just called them to ask if they could lower the interest rate and they did - just like that! They've decreased it from 19.9% to 6.9% on the current balance, although its still 19.9% on further purchases - however as I'm trying to decrease my debt I won't be buying on it!
Why didn't I do this before? ? Literally took 5 minutes!
Just called them to ask if they could lower the interest rate and they did - just like that! They've decreased it from 19.9% to 6.9% on the current balance, although its still 19.9% on further purchases - however as I'm trying to decrease my debt I won't be buying on it!
Why didn't I do this before? ? Literally took 5 minutes!
Debt as at 5 June 2023 - £15,600.89
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)
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Comments
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Don't tell everyone twiggy - we'll all be on the phone to them!!
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did they say how long they would reduce it for0
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It was reduced for two years on the current balance with new purchases remaining at the current 19.9% interestDebt as at 5 June 2023 - £15,600.89
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)0 -
That's awfully nice of them, you must have got a trainee or a new starter. Barclays are notorious for not doing exactly that preferring to profiteer instead.Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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That sounds great Twiggy! Did you have to explain why you wanted the reduction?Total Debt October '14 (LBM) = £38,287.28Target = New House in 2017!Paid off so far: £19587Still to go: £18,7000
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I think I did explain that I was trying to decrease my debts, but I think by that point he had already said he could do "something" but hadn't gone into specifics. I literally phoned and said I want to talk to someone about decreasing my interest rate.
They also offered me the option of reducing the current balance plus future purchases to 15.9% - so not as much decrease but would have been an option to consider (and work out some maths!) if I was still planning on spending on the card.Debt as at 5 June 2023 - £15,600.89
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)0 -
That's awfully nice of them, you must have got a trainee or a new starter. Barclays are notorious for not doing exactly that preferring to profiteer instead.
There is a thread somewhere on the main MSE website which lists which companies are likely to negotiate and those that aren't and Bcard are stated as likely to negotiate a deal.Debt as at 5 June 2023 - £15,600.89
Current debt - £5,435.00
Total paid off - £10,165.89 (65% paid off)0 -
There is a thread somewhere on the main MSE website which lists which companies are likely to negotiate and those that aren't and Bcard are stated as likely to negotiate a deal.
Which is strange, as half the people who are on a DMP and come on here complaining about creditors not lowering, or stopping interest, say Barclays are a complete nightmare :eek: to deal with as regards interest reduction !!!
So I would say you have done well Twiggy, :beer:I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks very much Twiggy! I just got the same deal! No way would I have thought that possible! It seemed to help that I bank with Barclays, but not sure how crucial that is.0
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