Credit Card transfer do you know......................?

Question

I have had a credit card for years,and an account with the same bank.The interest rate is high to say the least.
However, during the last year I had to retire due to bad health. I had an overdraft which I worked on like most.A relative paid both my account O/D off plus my Credit Card balance.Great I thought,however over the next few months it was borrowed back by him with the promise of repayment,which I trusted.It never came back,not only did all the money go that had been given but more.I'm in a real fix,only being on benefits. any ideas, don't really want to let bank know of my situation in case they pull the plug,I need this money to survive.Help I want to transfer any outstanding monies to one CC.with one payment each month so I can get straight,is there a way round this without letting the bank know my position.I do have regular monies going in,but like most I'm in a rob Peter to pay Paul situation.I'm not a criminal,just need advice at 6O it's such a worry to me.Help please

Answer 1

tell the bank the truth. banks don't want to pull the plug or make anyone bankrupt cos they rarely get their money back and they want their money back.
talk to the bank, tell them the whole story and they may come up with solutions you hadn't thought of. without all your info i can't be specific.
in short your bank wants to help.
alternatively sue the person who owes you money through the small claims court.

Answer 2

Have a look at getting a fixed rate credit card for the life time of your balance. Capital one offer a credit card with (I think) a 6.5% APR for the life of the balance. This gives you the option of not worrying about increasing high interest rates. At least you know where you stand and the interest is always at the low %. Interest free credit cards are only of use if you can pay them off with in the period (usually 9months - 1 year) but from what you say you need one that you will benefit from for a long period of time. You could also consider debt consolidation. Have a look at http://www.debtservice.co.uk/espotting/ see if they can help.

Answer 3

If you can get a balance transfer offer and pay it off in the introductory rate period, that is probably your best bet. You should also probably get the credit card number changed on the account that was used by your relative. All you need to tell the bank is that you lost your credit card and are afraid that it might be used by someone who found it.

Answer 4

You can transfer all your other cc balances to one credit card. Just contact the card that you want to use and tell them what balances & what cards to transfer. That card company handles all the transactions.

Then make the largest payment that you can afford until you have it all paid off. Don't charge one other thing to the card and don't use the other cards either. Cut them up and throw them out.'

Then contact your relative and tell him to pay back the money that he charged on your accounts. If the relative's name is on the account, get it changed to just your name.