i recently stopped working due to circumstances so for the time being im in reciept of income support.im trying to find a way to reduce the amount im paying on certain things like car etc the interest on it is high could i transfer the balance over to a o% card to reduce what i owe and would they accept me knowing im out of work now. im still paying it but it would make things easier. would they accept a guarantor if they were worried about my unemployed status
2007-11-15 23:13:55 · 5 answers · asked by julie s 2 in Business & Finance ➔ Personal Finance
just till i get back into work then i willbe ok
2007-11-15 23:17:00 · update #1
cars on h p . i dont do credit cards. bought car whilst i was working and cant sell it because of future work
2007-11-15 23:32:31 · update #2
You won't get a new card if you aren't working.
2007-11-15 23:16:33 · answer #1 · answered by mark 7 · 1⤊ 0⤋
Your now unemployed, welcome to the "Can't get credit" club.
Seriously, if your credit card company catch wind of your unemployment they will stop your card, demand full payment and if you fail they take you to court after passing your bad debt to a sister company to lump more costs on top and take your possessions.
So try to pay them off, if you can get work, all well and good but if you get to 6 months, apply for a budgeting loan to pay them off as what you will pay the government back will be far less than your card, you don't qualify for a loan until your 6 months or more unemployed.
Transferring to a 0% card will be difficult if you are not employed because you would have to lie about your employment status and that then mean your trying to defraud the card issuer and they then can drag your *** through court and put you in prison if they want.
2007-11-15 23:20:21 · answer #2 · answered by cheek_of_it_all 5 · 0⤊ 0⤋
I would not do it while out of work. The zero interest is good, but you could be in big trouble if you are ever one day late with a payment. The interest could jump up 30% and you'll get a late fee! Look at the default APR.
2007-11-15 23:42:47 · answer #3 · answered by thesees 2 · 0⤊ 0⤋
Talk to CAB first or local law centre then decide from there. I dont think you could get a card knowing your employment status, even with a guarantor
2007-11-15 23:17:40 · answer #4 · answered by heleneaustin 4 · 1⤊ 0⤋
you would probably need a cosigner. no one will lend you money when you're out of work.
2007-11-15 23:17:20 · answer #5 · answered by 27ysq 4 · 0⤊ 1⤋