Ragman
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I believe the accepted method would be to get another credit card to pay off the current one(which should be destroyed)...pay off the £800 as you were going to do anyway..then pay off the remaining £200 plus interest as soon as you can..
I may be talking rubbish but I think I saw this on TV
I am not qualified to answer this but it might help... OR SEEK EXPERT ADVICE |
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Sandra B
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No that will only reduce your principal amount but in order to change your interest rate you have to pay your bills on-time for a certain amount of time they can then reduce your interest rate. But first you need to go to your bank and talk to them. |
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Stoo73
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No, Vanquis and other similar card providers specialise in providing finance to people with poor credit ratings. They charge extortionate interest rates because they can, and also to insure the credit risk itself.
Pay off the card and get rid of it. |
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jk
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not by much unfortunately |
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WelshLad
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It is likely the interest rate will still be high, but the amount will be less. |
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Lily B Talus
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no, your interest rate is for the life of the full debt |
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emslie1
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i doubt the interest rate will be lowered but the amount of interest you are paying each month will be |
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chevalrose
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The interest rate doesn't drop, its just the amount of principle that the interest is based off would drop. You have 1000 on there, paying it off would drop it to 200, but the interest rate would stay the same, the interest charged would change from 470 to 94. |
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rennickelizabe
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call vanquis and ask them and see what they say |
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taz c
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You should try to pay ALL of it off if you can - paying only £800 or little pieces of the debt, or interest only, is what's got you into this trouble in the first place. And after you've paid off the debt, cut up your card, cos you're obviously not responsible enough to have it. |
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blahblahblahblahblah
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No your interest rate will not go down. But you bill will be lower because you will owe less. |
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mylilbubbers
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Paying £800 will reduce the principal balance from which your interest payment is calculated. I think you would be better off getting a secured card, rather getting ripped off like you are. Payoff that balance immediately and leave the card open (unless there are fees)... having a card maxed out will lower your credit score. In fact, you should probably never use more than %50 of your available credit. |
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PJ
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It probably won't lower your interest rate, but you will be paying interest on less of a balance, therefore, you will be paying less interest each month. |
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molespit
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i think every one has answered your question, my advice is to find out about your local credit union, pay them £800 pounds then borrow from them up to double the amount, pay off the card and the interest rate the credit union will charge you will be much less than 47% |
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jim r
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cards.hotusa.org - try this one. You can compare different credit cards and choose the best one for you to transfer funds.
Some of them accept everyone, even if a person has bad/no credit and can be used in UK. |
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