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Reducing CC Interest
nick22abdn
Posts: 40 Forumite
in Credit cards
Hi guys,
Wondered if any of you would be able to give me some advice. I don't want to sound insensitive as I have read many posts on here and many people are in a far worse situation than I am.
Have CC debts of around 10k. Ran half of them up when I was 18 and the other half a couple of years later at uni. Monthly min payments are close to £200. Problem is that credit history is shot and as such moving to a 0% deal may be difficult. First problem was fraud on my account - someone got hold of my details, opened a load of mobile phone account, £3200 plasma tv on credit etc. Informed bank and everyone cancelled them apart from O2 even though they said they had at the time. They pursued me for a year for about £800 until they finally accepted that they were fraud and cancelled the debt. However, was still chased by debt collectors and this can't have helped my credit rating.
Second problem was work. Used to work for Pizza Hut whilst at uni and transferred between stores at holiday time. They managed to mess up my wages and didn't pay me for three months. Unfortunately I didn't realise this as I let my wages pay my DD's and just lived off tips. Obviously loads of bounced DD's including the mortgage. Again, this must have knackered my previously immaculate credit history.
Does anyone know how I can best go about repairing my credit history? I have a letter from work stating that it was their mistake that caused the problem and proof of the fraud. Would be really useful to get the problem solved.
Does anyone know of CC's that I should still be able to get given the circumstances that would have a lower apr (not sure what they are at the moment but the are a Lloyds classic card and a Morgan Stanley Gold).
I am not remotely concerned about the debt for a few reasons. Firstly the monthly payments aren't an issue. Secondly I have a property with circa 100k equity. Thirdly I own a business with parents doing very nicely. I could withdraw the cash from the business to clear it but would rather leave it in for the time being as I prefer having it as working capital. I also don't want to tell parents about the debt for the time being - would much rather wait a year to avoid aggro and amass more cash in the business.
Sorry if this seems like a really insensitive post given the situation some are in, would just really like to reduce the current interest as I resent giving it to the bank. Many thanks
Wondered if any of you would be able to give me some advice. I don't want to sound insensitive as I have read many posts on here and many people are in a far worse situation than I am.
Have CC debts of around 10k. Ran half of them up when I was 18 and the other half a couple of years later at uni. Monthly min payments are close to £200. Problem is that credit history is shot and as such moving to a 0% deal may be difficult. First problem was fraud on my account - someone got hold of my details, opened a load of mobile phone account, £3200 plasma tv on credit etc. Informed bank and everyone cancelled them apart from O2 even though they said they had at the time. They pursued me for a year for about £800 until they finally accepted that they were fraud and cancelled the debt. However, was still chased by debt collectors and this can't have helped my credit rating.
Second problem was work. Used to work for Pizza Hut whilst at uni and transferred between stores at holiday time. They managed to mess up my wages and didn't pay me for three months. Unfortunately I didn't realise this as I let my wages pay my DD's and just lived off tips. Obviously loads of bounced DD's including the mortgage. Again, this must have knackered my previously immaculate credit history.
Does anyone know how I can best go about repairing my credit history? I have a letter from work stating that it was their mistake that caused the problem and proof of the fraud. Would be really useful to get the problem solved.
Does anyone know of CC's that I should still be able to get given the circumstances that would have a lower apr (not sure what they are at the moment but the are a Lloyds classic card and a Morgan Stanley Gold).
I am not remotely concerned about the debt for a few reasons. Firstly the monthly payments aren't an issue. Secondly I have a property with circa 100k equity. Thirdly I own a business with parents doing very nicely. I could withdraw the cash from the business to clear it but would rather leave it in for the time being as I prefer having it as working capital. I also don't want to tell parents about the debt for the time being - would much rather wait a year to avoid aggro and amass more cash in the business.
Sorry if this seems like a really insensitive post given the situation some are in, would just really like to reduce the current interest as I resent giving it to the bank. Many thanks
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