Credit card interest free period ending

oshb5

Hello

Iv got a Halifax creditcard that is just about to finish interest free period and due to curcumstances with the raise of gas and electric food and the reduction of my income I dont think I will be able to make the new payments.. Over the last few years I always managed to do a balence transfer from my Halifax to my Barclycard as they had 10k and 8k limets respectivly. This is all I have used the cards for over these last few years and have not used them for aany normal purchases . The balence asw orginally over 7.5k and is now just under 5k all because of the interest free periods.. But iv not been offered any interest free deals of late so will not be able to do one. which leaves me in this position. I do also have other cards which only have a 6% yearly interest rate and is only just over 3k and one with under 1k all of which we can afford and all has benn OK till this has come up.. Im not sure what to do or when to do it. Iv just made the last payment of interest free rate. Iv read that Halifaxe are not very helpful or forthcoming when you approach them with anything like this. So i was looking for so advice please on what to tell themand what to ask for or offer in the way of future payments I could try and meet the payments bust would meanme compramising more than one of my others plus some houseold bills i think.. So thought it was better to try and keep it all to just the one account? Thank you for any information you may be able to offer..:sad:

Best regards OS

[Deleted User]

Have you used an eligibility checker? You would be better applying for a new card, rather than waiting to be offered something from your existing cards.

molerat

oshb5 wrote: »

So i was looking for so advice please on what to tell themand what to ask for or offer in the way of future payments I could try and meet the payments bust would meanme compramising more than one of my others plus some houseold bills i think.. So thought it was better to try and keep it all to just the one account? Thank you for any information you may be able to offer..:sad:

Best regards OS

"Offering" to pay anything other than the contracted minimum payments is the worst possible thing to do. That will be marked as "AP" on your credit files and may scupper you from receiving main stream good credit for many years. You need to look at your whole financial situation. Get across to the DFW board for help and advice.

Kim_13

You may find MSE's article on 0% balance transfer cards useful: https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards

Do check the terms to ensure that your income meets the minimum required for the card, and make use of any eligibility checkers before going for a full application.

john1002

Id be using all the eligibility checkers I could to find the best option for you, all of them will have no impact on your credit file, also try and use the credit cards own checkers, such as creation or Mbna as these will give you a more accurate base.

Maybe try applying for a Halifax Card as you can have two and every time I have their has been no credit check.

This is an issue I can see more and more people having in that the offers are less and less, I’ve not had any MBNA ones for over a year and I have 3 cards with them, the reason I just apply when I need an offer.

Credit companies are starting to reign in deals and offers.

Good luck and let us know how you get on.

John

chattychappy

oshb5 wrote: »

Iv read that Halifaxe are not very helpful or forthcoming when you approach them with anything like this.

Iv heard that too!

The point is that the credit cards make good money out of lending on standard rates. The point of the 0% deals is to get your debt into their hands in the hope that once the deal ends, you'll start paying their standard rates thus allowing them to recover their costs on the original 0% deal plus start making a profit.

So why should they be helpful?

Of course, if you really can't pay your debts according to the agreed terms and in particular start missing payments, then they should be "helpful" if you call up, though in this case it's probably best to go via a debt advice charity. But as noted your credit file will be marked and you will find getting credit in the future more tricky.

Agree with the advice to use the eligibility checker, but in the end your debt needs to be going in the right direction, particularly whilst it's on 0%. It's never guaranteed you'll get replacement deals so ideally you should allow for the eventuality of paying standard interest if you think you might not pay off the debt before it expires.

One tip. Always pay at least £1 more than minimums (whether on 0% or not). If you just pay minimums, this is marked on the file. Who knows how much weight is put on this, but to a new lender you may looked distressed if only paying minimums.

Good luck.

oshb5

molerat wrote: »

" Get across to the DFW board for help and advice.

Which board is this Molerat please? Thank you

PeacefulWaters

oshb5 wrote: »

Which board is this Molerat please? Thank you

http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=76

You've done a half decent job of reducing your debt a little in recent months, if I've read your post correctly.

Don't underpay if it can be avoided. That'll close down many doors.

Work with the DFW people to adjust your outgoings and nail the debts once and for all.

Good luck.

Superscrooge

If you are unable to access any more 0% deals. See if you can shift the debt onto one of your other CC's at 6% for life of balance? Barclaycard regularly give me this type of offer.

Alternatively contact Halifax. They might be willing to give you a similar offer? The worst that can happen is they say 'No'.

I agree with the previous post. Try and avoid missing a minimum payment. This will seriously mess up your credit file.