Renegotiate credit cards?

vinchenzo19

Hello all. 

I’ve got 4 cards in all. One of a balance transfer card which only has a small amount on (under £200) but the other three have larger amounts. The biggest being my Barclaycard which sits around £6400 at present. 

My question is, can I somehow renegotiate the rates of interest or how much I pay back overall in this one?

Thank you. 

D3xt3r5L4b

No. You can apply for another BT card elsewhere or start making serious headway on getting the debts paid down. 

MalMonroe

You can try to renegotiate interest rates with credit cards, yes. Nothing to lose, I've done that in the past. The reductions were small though.

You could, as D3xt3r5L4b suggests, apply for a 0% balance transfer card and put all the balances on there. Which would be better than trying to renegotiate interest on your existing cards.

[Deleted User]

Can you not take a big lump of the Barclaycard one and move it onto the BT card? Maybe ask if they can, if they aren't giving you any offers

Sandtree

vinchenzo19 said:

My question is, can I somehow renegotiate the rates of interest or how much I pay back overall in this one?

Once you have defaulted on payments then most credit card companies will enter into discussions but until you have trashed your credit history then most won't entertain conversations... no harm in trying though but expect a tiny shift in interest rate and nothing more.

born_again

vinchenzo19 said:

Hello all. 

I’ve got 4 cards in all. One of a balance transfer card which only has a small amount on (under £200) but the other three have larger amounts. The biggest being my Barclaycard which sits around £6400 at present. 

My question is, can I somehow renegotiate the rates of interest or how much I pay back overall in this one?

Thank you. 

Trying to negotiate rates is not going to look good to the card co. They will cotton on to you are having issues with payments.

As has been suggested can you move any of the £6400 to another card with a lower rate? Or even see if you could get a low rate loan & close that account?
Might be better asking the other 3 co's if they have any balance transfer offers at the moment.

If things are starting to get bad, then please look at the debt board and do a SOA.

vinchenzo19

Hello all,
Thanks very much for the replies, I appreciate it.
I am on the credit club part of this site and my score is improving each month. I think in another month or two, I will be able to get another balance transfer card and shift a decent amount on to that as I did at the beginning of the year. I just wondered if there was anything else I could be doing to get it down quicker. I'll keep at it and see how I do.
Thanks very much again.

Yahoo_Mail

MalMonroe said:

You can try to renegotiate interest rates with credit cards, yes. Nothing to lose, I've done that in the past. The reductions were small though.

You could, as D3xt3r5L4b suggests, apply for a 0% balance transfer card and put all the balances on there. Which would be better than trying to renegotiate interest on your existing cards.

Absolutely zero chance that a lender would negotiate an interest rate for a credit card with a balance on it, especially one in the thousands.

Why would they? They already have you by the short and curlies.

D3xt3r5L4b

vinchenzo19 said:

Hello all,
Thanks very much for the replies, I appreciate it.
I am on the credit club part of this site and my score is improving each month. I think in another month or two, I will be able to get another balance transfer card and shift a decent amount on to that as I did at the beginning of the year. I just wondered if there was anything else I could be doing to get it down quicker. I'll keep at it and see how I do.
Thanks very much again.

Your score has no implications, positive or negative, in lending decisions.

cymruchris

Have you had a sit down and spent some time really looking at what you spend your money on each month? Usually if you write it all down, you might be able to spot areas of savings that could help dent the debt more quickly. Are you on the cheapest broadband package? Can you reduce your sky package? Do you have any memberships that could be terminated in the short term? Can you get your mobile contract lower?  Do you have unused items around the house that you've bought but just sit there? Could you have a bit of an ebay sale to raise a few pounds to lower your balances? 

MEM62

vinchenzo19 said:

Hello all,
Thanks very much for the replies, I appreciate it.
I am on the credit club part of this site and my score is improving each month. I think in another month or two, I will be able to get another balance transfer card and shift a decent amount on to that as I did at the beginning of the year. I just wondered if there was anything else I could be doing to get it down quicker. I'll keep at it and see how I do.
Thanks very much again.

Your score is irrelevant but your credit history is not.  So focus on what is important.  Your plan to look for another BT seems sound.  Keep at it and you'll soon start snowballing.  The only other mechanism for clearing the debt faster is to either earn more or spend less.