Catch 22

froogleman

Hi all,

I am coming to the end of my 0% on a MBNA credit card which is at £3,000. Getting another 0% balance transfer wouldn't be a problem. Unfortunately, I am now unemployed. I haven't missed a repayment during the time with MBNA. When I applied I was employed, however, for the last 6 months I have continued to pay the minimum repayments.

So applying for a balance transfer of £3,000 without the previous 25K earning is a MAJOR problem. I don't want to or can afford to be paying interest on £3,000.

Does anyone have any suggestions?

Thanks in advance from NOTSO Froogleman!! :eek:

Arleen

If you cannot manage your debts then contact the lender and inform them of this fact ASAP to figure some alternate plan to repay it. You could also contact the good folk at https://www.stepchange.org/ for advice. The reality is that when you take a 0% credit card, you are supposed to put the money aside each month (preferably into a savings account) so you can repay it at the end of term. People not doing that is why they keep offering 0% periods.

If you are thinking of making a false application, claiming you have a job where you do not - don't. Don't even think about this as a possible solution, as it isn't.

Sam29

Do you know what interest rate you will be paying on the card once the zero percent ends?

Might just be a case of taking the hit whilst you find a new job. The interest each month will not be a huge amount and as long as you dont use the card the debt will reduce (albeit slower than zero percent)

Last thing you want to do whilst unemployed is take on new credit and likely make things worse.

Shakin_Steve

Sam29 wrote: »

Do you know what interest rate you will be paying on the card once the zero percent ends?

Might just be a case of taking the hit whilst you find a new job. The interest each month will not be a huge amount and as long as you dont use the card the debt will reduce (albeit slower than zero percent)

Last thing you want to do whilst unemployed is take on new credit and likely make things worse.

I agree. Your only standing still with the debt, but it's not getting any worse and, hopefully, your circumstances will improve soon.