c/card problem ?

R

random

Hi people.

I need a couple of mths leeway on c/c repayments just until I sell . The property I'm selling is meant to be sold now and settling in few wks but as you may have read in my other post I'm a bit worried about that one and I'm still not sure if it will go through. Solicitor says all is well so far.

Is it possible to negotiate something with card mobs without damaging my CR or loosing the cards , I don't want them to lower the limit either .
There's never been a problem in 6 yr but right this very min , just until the sale I can't manage.
The cards are Virgin, what use to be, think it changed to Ignite , and a Coles Myre card .
I'm not in a position right now to do any quick refinancing and will hopefully sell the property anyway , but meantime ?

Thanks for any help
Cheers
 
Random,

The minimum repayments they let you make is like $25 or so - are you telling us you can't even make this???

Best way is to do a credit transfer to another card with a lower interest.

The Y-man
 
The Y-man said:
Random,

The minimum repayments they let you make is like $25 or so - are you telling us you can't even make this???

Best way is to do a credit transfer to another card with a lower interest.

The Y-man
Click to expand...

On a $10k limit (unsure of actual limit) the payments would be $300 p/m assuming they use 3% for minimum repayments. this may cause hardship. transfering to a cheaper card would save on interest but (correct me if I'm wrong) I believe that they still require minimum payments. Also if making payments at present is an issue there most likely be an issue with applying for such a facility elsewhere and having it approved.

If there is an unconditional sale for the property my suggestion would be to approach the lender (if there is a debt) who has the mortgage over the property. Advise them that the property is being sold and that you wish to make no more repayments until settlement. By providing them a copy of the COS the likelyhood of a postive reply is good.



Regads
Steve
 
The Y-man said:
Random,

The minimum repayments they let you make is like $25 or so - are you telling us you can't even make this???

Best way is to do a credit transfer to another card with a lower interest.

The Y-man
Click to expand...

Try 45k x $1200min more like it. Can't do any transfers, incomes kaput for now.
 
Last edited by a moderator:
No as above , $45 unfortunately . I usually use on my renovatings and never had a problem but this time round we've been shot at financially left and right for 6 mths now plus income drops, what a run, cupboards finally as bare as a baby's bum until I sell.

Swapping , I would but I'm not in a position to now as I say.
The only way I can see is in giving them a call and grovelling for all I'm worth unless there's another way ?

Cheers
 
random said:
No as above , $45 unfortunately . I usually use on my renovatings and never had a problem but this time round we've been shot at financially left and right for 6 mths now plus income drops, what a run, cupboards finally as bare as a baby's bum until I sell.

Swapping , I would but I'm not in a position to now as I say.
The only way I can see is in giving them a call and grovelling for all I'm worth unless there's another way ?

Cheers
Click to expand...

Any debt against the property? Is COS unconditional?
 
random said:
Try 45k x $1200min more like it. Can't do any transfers, incomes kaput for now.
Click to expand...

Ok, that's a pretty decent amount. Any other funding available - bank of family/friends etc? Offer them a decent interest (i.e. well above deposit rates, but capitalised).

The Y-man
 
No , no can refinance, borrow. Property up for sale is free and clear but no, incomes kaput for now. Maybe if I wanna wast another two or three mths on them as have just done and being emotionally drained while they wast my time but no , had enough.

At anyrate , the property's suppose to be sold, if it goes through , just a bit worried about the deal but if not I did have heaps of interest so it shouldn't be too long which makes any refinancing unpractical anyway as I'll pay out the lot.

Meantime , what can the c/c companies do for you , without damage ?

Cheers.
 
Last edited:
random said:
No , no can refinance, borrow. Property up for sale is free and clear but no, incomes kaput for now. Maybe if I wanna wast another two or three mths on them as have just done and being emotionally drained while they wast my time but no , had enough.

At anyrate , the property's suppose to be sold, if it goes through , just a bit worried about the deal but if not I did have heaps of interest so it shouldn't be too long which makes any refinancing unpractical anyway as I'll pay out the lot.

Meantime , what can the c/c companies do for you , without damage ?

Cheers.
Click to expand...

Tell them you're out of work and that you have a property being sold. Let them know you're in financial hardship and request that you make say payments of $100 a month for the next couple of months.
Did you by chance take out credit card insurance? This may cover you if you've recently lost work.
 
Bradsdad, your a lifesavers . Read this and decided to bite the bullet,These guys were fantastic.
It turns out the first card's part of Wespac , I didn't know that .
You wouldn't believe it , I explained the crazy run we'd been having and he said right . the first thing I want you to do is stop worrying.
We went over things and his said ok here's what we can do.
His stopped the card for 3 mths , and if I need another 3 mths after that , can do. No repayments , interest or catch later , it's just put completely on hold and with absolutely no CR or comeback damage in any way .
When I sell his said it's upto me , we've paid it down plenty of times before and they'll just leave it up to me as to how much I want to pay down or how I handle it from there .
I couldn't believe these guys they were so good about it. No matter what I hear about Wespac from now on I can tell you one thing I'll never forget this.

Today , the other guys , wish me luck !
Thanks again
Cheers
 
Glad you got the help you were after with Westpac. I remember on some money show, might have been Paul Clitheroe once saying, if you are having trouble paying your credit cards etc. never just let them go. If you talk to the companies you can usually sort something out with them, they hate nothing more than to not receive payments and not hear from you to at least be put in the picture of what's happening.

Now when/if you pay the card out and close it, goodluck! That part annoys me, I closed down my Ignite card about a year ago to open up a different type of credit card. That was a challenge! They REALLY REALLY push you to keep it open, and when I just wouldn't budge, the guy still wouldn't do it and said he needed to put me onto the supervisor (who proceeded to say all the same things!). I was firm, but thought it ridiculous that it's so difficult. They push credit responsibility and do all the checks when opening a card, but make it so hard to close it, which is fine for me as I don't have an issue with credit. But I could imagine someone who isn't so good with their money trying to do the right thing, and being bullied into keeping the card open to tempt them to repeat their credit cycle.
 
Good to hear that there is a happy ending with the Westpac card! good luck for the other one.

Biggles, haha, I tried to close down my Ignite card too as I now have a Westpac gold card that I use all the time. I figured that it was costing Westpac money (as they now own Ignite) to have my card open when I no longer used it, so I thought I'd ring up and close it!! can you believe they convinced me out of it.......... I am surprised as to what money they make out of me not using it (and even if I did use it, I always pay it off in full!)
 
tess85 said:
can you believe they convinced me out of it.......... I am surprised as to what money they make out of me not using it (and even if I did use it, I always pay it off in full!)
Click to expand...

Same, in all the years I had my Ignite/Virgin card, I don't think I ever paid a cent interest so don't know what they were trying to achieve. He kept telling me how it's always good to have more than one card blah blah blah, I thought it all rubbish, except thought of him the day I was in the middle of whoop whoop when I went to Perth last year and my Visa Gold card wasn't working at the garage for fuel! Thankfully I had cash, and when I got to a phone I rang them and they said the computer systems were down for Visa or something. Then I wondered if my Ignite Mastercard would have worked had I still had it. :)
 
He gave me that spiel too about how I should have more than one card (but I already have two, my gold Visa and Amex) and that I get discounts eg. the QLD theme park discount......... which I forgot all about when we went to the QLD theme parks :eek: Darn!
 
tess85 said:
can you believe they convinced me out of it.......... I am surprised as to what money they make out of me not using it
Click to expand...
It means they can produce lots of pretty graphs at the end of the year to show their shareholders what a low delinquency rate they have on their cards & how successful their cross-selling has been as X% of their customers have N or more products with them :rolleyes:.
 
Yeah I hear you keith talk about a built in cash cow I wish I could put out a few.
But the thing is I 've worked it out 50 times in the last few yrs and if I want to do a reno or say 12 or 15mth project , can't beat the card at the end of the day.
I find in my situation, the costs actually almost work out cheaper on a card , if over a short term and certainly hassle free , especially if you save the expensive stuff till last.
No payout nasties , on call , only pay if I use , never sit in another bank office , or 5 trying to organize money.
I work15mths instant money costs into a reno by in and out and if the deal suits of you go no financing bs anywhere it's great .
So they've done me really well to be honest but this time round with the added run we've been having plus I've over shot the 15mth barrier that's a no no , they're hurting.

Cheers
 
You might want to think twice before cancelling any cc.
Here, in Canada, closing a card has a negative effect on your credit rating.
Of course, it might be different there.
 
random said:
Bradsdad, your a lifesavers . Read this and decided to bite the bullet,These guys were fantastic.
It turns out the first card's part of Wespac , I didn't know that .
You wouldn't believe it , I explained the crazy run we'd been having and he said right . the first thing I want you to do is stop worrying.
We went over things and his said ok here's what we can do.
His stopped the card for 3 mths , and if I need another 3 mths after that , can do. No repayments , interest or catch later , it's just put completely on hold and with absolutely no CR or comeback damage in any way .
When I sell his said it's upto me , we've paid it down plenty of times before and they'll just leave it up to me as to how much I want to pay down or how I handle it from there .
I couldn't believe these guys they were so good about it. No matter what I hear about Wespac from now on I can tell you one thing I'll never forget this.

Today , the other guys , wish me luck !
Thanks again
Cheers
Click to expand...

Small & round with a hole in it? I must admit I usually get tall and lanky so that's a nice change :D

Good luck with the other card. the outcome should be similar or at least a nominal amount for the short term.
 
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