Help on Reducing Interest Rates

savvy14

Hi,

I recently posted my SOA on Debt-Free-Wannabe. My and my boyfriend's CC debt has taken over our lives and now all our interest rates are getting higher and higher. I wondered if anyone had experience / were successful on getting interest rates lowered without BT's - i.e. just by ringing them. We can't get any more credit to make use of 0% deals.

We have accounts with the following (company, balance, min. payment, % rate):

CC Bank of Scotland -£3,782.22 £77.00 24.9%
CC Barclaycard -£1,333.09 £30.00 24.1%
CC Barclaycard OH -£2,605.27 £67.00 24.9%
CC Egg -£3,779.07 £90.00 17.9%
CC Egg OH -£2,755.80 £80.00 19.9%
CC Halifax OH -£1,650.70 £33.19 19.9%
CC HSBC Mastercard OH -£7,541.82 £228.00 20.9%
CC HSBC Visa -£7,300.00 £220.00 20.9%
CC Lloyds TSB OH -£1,761.98 £36.00 14.9%
CC Mint -£5,900.00 £133.00 19.2%
CC Morgan Stanley OH -£1,191.51 £24.00 21.7%

I just called BOS and got told the retention team were closed so call back..typical.

Thank you!

savvy14

Just called Barclaycard - current interest rate 24.1% - they offered me 15.9%!!

Still quite high, but who can sniff at 8% saved! Now, am I feeling brave enough for BOS?

[Deleted User]

Keep going - then focus on paying more than the minimum on the dearest cards until cleared and so on.

savvy14

Thanks - I also managed to get BOS down to 19.9% from 24.9%, no joy with any others though.

monkeymonkey_3

Hi, I am hoping to get some of the interest rates reduced on my cards too. Just wondering, what did you say to them? Do you just phone up and say, 'please will you reduce the interest rate?'.

savvy14

Hi,

I actually said that I have a Balance Transfer offer from another bank but as I am happy banking with you and likke your online service I wondered if you could perhaps do anything with my interest rate.

It worked twice with BOS and Barclaycard - Mint however actually told me "I shouldn't be saying this but you should take up the offer from the other bank" - ! I wonder what his manager would say!

Just be brave, be friendly and polite. I was so nervous but at the end of the day the worst that can happen is they will say no. It's not that bad in the scheme of things.

Good Luck!!

jinkssick

well as said. pay the highest interest off first.

CC Bank of Scotland -£3,782.22 £77.00 24.9%
CC Barclaycard OH -£2,605.27 £67.00 24.9%
CC Barclaycard -£1,333.09 £30.00 24.1%
CC Morgan Stanley OH -£1,191.51 £24.00 21.7%
CC HSBC Mastercard OH -£7,541.82 £228.00 20.9%
CC HSBC Visa -£7,300.00 £220.00 20.9%
CC Egg OH -£2,755.80 £80.00 19.9%
CC Halifax OH -£1,650.70 £33.19 19.9%
CC Mint -£5,900.00 £133.00 19.2%
CC Egg -£3,779.07 £90.00 17.9%
CC Lloyds TSB OH -£1,761.98 £36.00 14.9%

this is pretty serious debt, this isnt "hunnny shud we eat out tonight?. this is putting every single penny to these.

i hope that you have read the credit card shuffle thread which is amazing in a situation such as yours. read and let me know what you can sort out.

jinkssick

just a quick example.


CC HSBC Mastercard OH -£7,541.82 £228.00 20.9%
CC HSBC Visa -£7,300.00 £220.00 20.9%
CC Mint -£5,900.00 £133.00 19.2%

these shud be getting paid at lowest minimum payment and the money, which is not to spend, is for the three or four big ones at the top of the chart. when thats paid, wham, next, etc