Arrow Card again!!

Discussion in 'Finance, Property, Law' started by The 13th Duke of Wybourne, Nov 21, 2007.

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  1. I needed to spend on my card recently, for the first time in a long while. Money is very tight so I had no choice. Anyway, untill easter time I can only afford the minimum payments.

    So looked prpoerly to see how bad things were and this is what I saw.

    Balance from previous statement £2,969.65

    Direct debt payment, thank you £59.00

    Purchase interest 1.938%pm(25.9% APR)

    Carried forward balance £2,968.80

    So in real terms my balance has been reduced by 00.85p for paying £59 per month.

    Unbelieveable, unfortunatly I have no choice at the moment.

    Is Arrow card the worse card in the world, if you ask me, yes.

    I recon it would take me about 250 years to pay off that balance paying the minimum amount.

  2. you looked into a 0% interest transfer oonto another Credit card?

    in the short term these are ok, and in your case could be ideal

    Shop around for the best deal, just dont tell them you are going to pay it off soon
  3. Especially with those maths.

  4. If you only pay the minimum on any credit card then you will never pay it off. bite the bullet, be hardcore and pay as much as you can every month. Do you really need those 10 nights out or can it be cut? Budget and stick to it.

    When the balance is gone cut up the cards and don't get any others. Oh and volunteer for a tour, it will be paid by R and R.
  5. Your maths need checking mate lol

    I cant transfer just now as I did that just a few weeks ago with other cards, so I need to wait a few months before I can apply for credit again.

    My money is a mess just now, but there is light at the end of the tunnel.

    Arrow ain't helping much.
  6. elovabloke

    elovabloke LE Moderator

    Do what he says and do it PDQ
  7. if you are genuinely struggling, and bearing in mind its coming up too xmas....

    Have you spoke to them and explained your position?

    I know a lot of companies will accept a 'token payment' of as little as £1


    Interest will still be charged

    If you are really struggling, speak to CCCS, who are a government run counselling service, services are free and they may be able to assist you along with any other creditors you may have.

    But, as pointed out, save like a demon and avoid nights out for a month, and wax it that way..

    l avoided going on the pop for a month a few years back, and it damn near killed me (!) but l saved nearly £600 and was quite pleased at the end of it.
  8. someones maths need checking and it aint turms r us.

    - £2,968.80
  9. I dont go out.

    New family, baby stuff and Christmas, and I needed a new car, had the old one ten years and it was dead.

    I am on top of things, its more the fact Arrow are bleeding me. I have called them but I get a different story everytime I call. So I asked for some stuff in writting.

    I may go down the Trust Deed way. That appears to be a good option.
  10. elovabloke

    elovabloke LE Moderator

    Why do you not do what MF said and change the card to one offering 0% interest on credit transfers for a period of time. There are loads about including M&S so everytime you get a new pair of unterkeks you get something out of it.
  11. already has. see my post a few above this - best course of action l think!