Renegotiate credit cards?

TH3_ALCH3M1ST

Hi
I increased payments on my Natwest credit card with a pay down plan. Then I was told that my card would now be cancelled. I thought banks were not supposed to cancel cards if payments were increased to help with persistent debt. Any help or info would be appreciated. 

[Deleted User]

A card can be cancelled at any time.

born_again

TH3_ALCH3M1ST said:

Hi
I increased payments on my Natwest credit card with a pay down plan. Then I was told that my card would now be cancelled. I thought banks were not supposed to cancel cards if payments were increased to help with persistent debt. Any help or info would be appreciated. 

Without any information on the situation the above answer is correct.
If you want to post more, please start a new thread and not cause confusion in this thread

Yahoo_Mail

TH3_ALCH3M1ST said:

Hi
I increased payments on my Natwest credit card with a pay down plan. Then I was told that my card would now be cancelled. I thought banks were not supposed to cancel cards if payments were increased to help with persistent debt. Any help or info would be appreciated. 

I think you're assuming the guidance that cards should have further spending blocked if people don't increase their payments means that spending should not be frozen or the cards cancelled if they don't. That's not how it works.

vinchenzo19

cymruchris said:

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? 

Hello there,
Yes I've been through everything last year and cancelled whatever I could including gym memberships etc and switched all of my bills over to better rates. Thank you for your help.

vinchenzo19

D3xt3r5L4b said:

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.

Which is odd to me. I would assume that's what most people not in the know would go by eh? It's good to know it's not that relevant as I myself look at my credit score every month hoping it's gone up! 
On Experian, I'm on 803 out of 999.
Thanks for your help.

bradders1983

It could be three million for all it matters, lenders dont see it.

cymruchris

vinchenzo19 said:

cymruchris said:

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? 

Hello there,
Yes I've been through everything last year and cancelled whatever I could including gym memberships etc and switched all of my bills over to better rates. Thank you for your help.

That was a positive step then - many people haven't done this when they come to the boards to discuss debt - so good on you for making this happen. If you hadn't done it you'd have been a few £ worse off by now. You originally posted on the 18th of October - how's your thought process going now you've had a week or two to think about where you're heading?

D3xt3r5L4b

vinchenzo19 said:

D3xt3r5L4b said:

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.

Which is odd to me. I would assume that's what most people not in the know would go by eh? It's good to know it's not that relevant as I myself look at my credit score every month hoping it's gone up! 
On Experian, I'm on 803 out of 999.
Thanks for your help.

Then you’re doing it all wrong