fiendish idea ? to get around credit cards not liking to B/T from current accounts,

SSTEPHANIE · 12 October 2009 at 6:30PM

to get myself out of immediate pickle I was going to cash in my pension and get a meazley £500 and then a reduced pension (which would up my monthly income slightly), and use that £500 to bring o/d down from around the danger zone.

If I arranged to pay my o/d with credit card (I KNOW . . . . .NEVER EVER, IVE NEVER EVER DONE IT BEFORE) and meanwhile arrange a B/T to that credit cared from a n other ? thus paying it back before interest kicks in and hopefully at a 0% rate ! ? ................... comments please

CLAPTON · 12 October 2009 at 7:14PM

I dont understand what you are saying about the pension but maybe that's not a question

How are you going to pay your OD with a CC?

well MBNA CC will allow a BT to your current a/c which would do except you pay a BT fee of 3 or 4% (presumably a lot higher than your OD APR

you can then BT the MBNA card elsewhere except you would normally pay a BT of 3 or 4 % etc etc.

if you can get a MBNA card with a 0% BT offering then although you pay the 3-4% fee you then get 12 months of interest credit.

you could try for a 0% card for purchases and just use it instead of cash so reducing your OD more slowly

SSTEPHANIE · 12 October 2009 at 9:10PM

CLAPTON wrote: »

I dont understand what you are saying about the pension but maybe that's not a question
Because I have been JUST going over my o/d limit I am getting charges hand over fist, as emergency thought maybe cash in old pension. . . but only get 25% and rest is held to carry on paying me a pension for ever. OR I can leave it another 10 years and have a bigger pension paid, but this choice finishes in October 2010.

How are you going to pay your OD with a CC?

well MBNA CC will allow a BT to your current a/c which would do except you pay a BT fee of 3 or 4% (presumably a lot higher than your OD APR

you can then BT the MBNA card elsewhere except you would normally pay a BT of 3 or 4 % etc etc.

if you can get a MBNA card with a 0% BT offering then although you pay the 3-4% fee you then get 12 months of interest credit. My MBNA card was on 0% until last June and then 15.9%, AND I just managed to get myself a late payment which % is added on daily so am thinking I should transfer this total amount to another card 6.9% and THEN pay off o/d with MBNA card.

you could try for a 0% card for purchases and just use it instead of cash so reducing your OD more slowly

I suffer from ME, and sometimes my brain is blancmange, just doesnt work! Thank you for your clear thoughts.

CLAPTON · 12 October 2009 at 9:46PM

perhaps if you tell us a little more about your situation we may be able to help a little better

-how much is the OD?
-is your credit rating good/.. no defaults, any missed payments etc.
-do you currently have a credit card?
-your income?
-is there a specific reason why the OD needs to be paid off just now?
-any other debts?

SSTEPHANIE · 12 October 2009 at 10:09PM

-the od with Barclays at 14% £1000
-credit rating was perfect until missed last MBNA payment
-a few credit cards, couple NIL balance
-income variable (just lost loads of work) and is seasonal, next big income Xmastime
- i want to pay it off coz is 14% and if my ME is playing up I cant afford to keep going over my limit, if I get it back to something manageable it will save me loads
- only TV licence coming up, no store cards

Moggles_2 · 12 October 2009 at 10:38PM

...

SSTEPHANIE wrote: »

... a few credit cards, couple NIL balance

May I ask which credit cards you have at the mo or have held recently?

SSTEPHANIE · 12 October 2009 at 10:45PM

Abbey Zero, Barclaycard, Capital 1, MBNA and RBS ................. gosh I feel like I am bearing my soul ............

Moggles_2 · 12 October 2009 at 11:16PM

SSTEPHANIE wrote: »

Abbey Zero, Barclaycard, Capital 1, MBNA and RBS ................. gosh I feel like I am bearing my soul ............

Tesco offers new customers 0% on purchases for the first 12 months, provided that you meet the minimum repayments required (3% of your statement balance) on time each month and keep within your Ts & Cs.

http://www.tescofinance.com/personal/finance/finance/creditcards/clubcc/index.jsp

You could then pay for everything on the card and reduce your overdraft.

Your fiendish plan would work too, but you would incur two balance transfer fees to shift the same sum of money.

SSTEPHANIE · 12 October 2009 at 11:35PM

i havent quite got the hang of the quotes so hopefully you can follow this.

Although my credit rating is fine, Tesco did refuse me a card a while back, so rather than get refused applying for any new ones I have been trying to sort it out with what Ive got.

Usually have NO debt, but in last two years paid for a honeymoon and a new granddaughter arrived, both clocked it up ! So I know once i get this organised I should be fine again.

Yes, I know it would be two balance transfers on one sum, but at the moment everytime i go over the limit Barclays adds another charge and is costing about £50 a month for last two months. ......... bad i know

YorkshireBoy · 13 October 2009 at 12:25AM

M&S are known to look favourably upon the fairer sex, especially if there's a reasonable household income.

With 10 months 0% on purchases, the M&S &more card is not a long way behind Tesco, and fits nicely with Moggles' suggestion of spending your way out of the overdraft.

Maybe have one last try?

SSTEPHANIE · 13 October 2009 at 12:11PM

I will probably try M&S .......will let you know what happens :}

fiendish idea ? to get around credit cards not liking to B/T from current accounts,

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