Anyone been able to negotiate INT % rate coming off a 0% deal?

porkpie74

I've got a couple credit cards where o% interest rate deals on balance transfers I made in the past are ending. However, the % rate is going to make the new repayments unmanageable under the current climate as my business is not generating any revenue atm due to COVID19. Has anyone been able to get a lower rate when coming offa 0% deal? (I think my rates are expected to be around 18% with Barclay Card, M&S and MBNA.)

Thrugelmir

Seek debt advice. Better to address the matter head on than continue to juggle your finances. 

Willing2Learn

I cannot answer your question as I have never tried that.  If you think you are going to struggle, then you need to contact your card provider and ask for forbearance during the COVID-19 crisis.

Are you struggling?

If so, then post up your SOA into a new DFW thread, so that folks can give you advice, support and guidance. 

redux

Some cards have had regular later offers at 0% or low rates, which might have helped swap things back and forth to renew, but they seem to have dried up a little at the moment.

Willing2Learn

Then you are living beyond your means.  You need to make some changes.  An SOA is a very good way to start 

porkpie74

@Willing2Learn thanks for the judgement, but you have no idea about my finances and if SOA stands for "state of affairs" I think I'll refrain from posting them here for someone like you to pour scorn on. Now I remember why I never visit forums, they're inhabited by people like yourself.

Cool! Just discovered the Ignore function.

cymruchris

porkpie74 said:

@Willing2Learn thanks for the judgement, but you have no idea about my finances and if SOA stands for "state of affairs" I think I'll refrain from posting them here for someone like you to pour scorn on. Now I remember why I never visit forums, they're inhabited by people like yourself.

Cool! Just discovered the Ignore function.

From what I've seen - Willing2Learn has often provided very sound advice - in this case they said you're living beyond your means, as you're having to juggle 0 percent offers around to be able to keep up payments. That doesn't really warrant an ignore If you want to get a bit of real advice - you're in the right place - but the advice you receive might not be the advice you want to hear. If you're having difficulty because of the short term effects of no income - you can ask for payment holidays on your credit cards, however once income is re-established, you need to focus on getting these debts down if you're only just able to make the payments on them (it does sound very much you're living beyond your means - but none of us are mind readers to know what's happening in your life). An SOA isn't about putting out your personal details - it's an anonymous way (just like the forum) of putting up some basic numbers that allow people to give some realistic feedback - but if you don't want to do that - it's your call. If you're expecting someone to say - oh all you need to do is call up the bank and they'll extend your 0 percent for another 4 years - you've got another thing coming (I shall now also await the magic block button)

newdriver101

My 0% BT/MT deals have also suddenly been withdrawn but are offering low interest rates with 0% fee (3.9% interest pa with 0% fee).  Is that an option?  Better than 18% if you have that option...

Thrugelmir

porkpie74 said:

@Willing2Learn thanks for the judgement, but you have no idea about my finances and if SOA stands for "state of affairs" I think I'll refrain from posting them here for someone like you to pour scorn on. Now I remember why I never visit forums, they're inhabited by people like yourself.

Cool! Just discovered the Ignore function.

Lenders will likewise click their ignore function in your attempt to negotiate. Not how the world works unfortunately.