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C'mon ...You know you want to help me!!!

Miss_P_9
Miss_P_9 Posts: 74 Forumite
in Credit cards
How can I raise £2000 from credit cards.....:confused:

Have applied for M&S CC - received pin number yesterday - waiting for card.

MBNA CC - £10,000 balance @ 16.9%

Barclaycard - £2,000 balance @ 17.9%

Sainsburys - £5,000 balance @ 5.9% life of balance.

Will be in the position of paying all cards off in May by re-mortgaging.
However, I need £2000 cash NOW:cry:

Should I be lucky enough to get £2000 credit limit from M&S card, whats the best way to use this. Do I BT onto M&S card and use cash from other card, or do I ..............you tell me:confused:

Please take your time and explain it to me s l o w l y.........

Thanks guys:beer:

Comments

  • sofa_surfer
    sofa_surfer Posts: 244 Forumite
    ...but: search the forums here and on the stoozing website for the travellers cheques loophole on the M&S card. By now you should be able to figure out what is your credit limit from the papers sent to you.
    Good luck
    iaye carramba!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Hmmm. You will be glad to pay off your credit cards in May after re-mortgaging but for how many years of the mortgage will you paying interest over? 10 years 15 or 20 or perhaps more??
  • kuohu
    kuohu Posts: 913 Forumite
    Part of the Furniture
    Hi, I was going to advise posting on the Debt Free Wannabe board, since consolidating debts into a loan (or remortgage) and then running up the card balances again is a very common way of running-up debt. I'm not saying that you'll do this, but I know it happens as I've done it myself and got the tshirt. Even if you are very strict and don't do this, you will not be paying off the current debt, you're just moving it to a different form of debt, one that may also cost more money in the long run.

    Much better to deal with the overspending and budgeting issues that are the root cause of the problem. The debts are also a little more flexible whilst they are on CCs, since you can tart and do BTs for better rates, and snowball the overpayments to maximise their reduction. (By this I mean more flexible than on a loan, which ties you into a set rate of repayment for a long time).

    But that said, I checked your previous posts and it appears that you have posted on the DFW board already, last November. Did the advice not work out? Maybe, if things have changed since then, you could revisit your thread and try to get some new ideas?

    You haven't said what you need £2000 for but I worry that adding another £2000 to your debts might not be the best thing to do.

    I hope you don't take my comments the wrong way, I wish you all the best.
    DFW Nerd 035
  • Miss_P_9
    Miss_P_9 Posts: 74 Forumite
    ejones999 wrote: »
    Hmmm. You will be glad to pay off your credit cards in May after re-mortgaging but for how many years of the mortgage will you paying interest over? 10 years 15 or 20 or perhaps more??

    I hear what you guys are saying...........the mortgage is for 20 years. Maybe it is best that I try and pay off cards....but £18,000 is such a big debt to be moving from card to card......dont you think:huh:

    Whats the best way to deal with such a large debt?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Make sure you overpay as much as you can on the mortgage.
    Find out from your mortgage provider how to do this and what the minimum amount they will accept. If you are on a special deal they might restrict overpayments to 10% of amount outstanding each year.

    Then make sure that the cards have been cut up and the accounts closed,
    Otherwise in a couple of years you will be back here asking for the same information but your debt will be greatly increased.
  • Miss_P_9
    Miss_P_9 Posts: 74 Forumite
    ejones999 wrote: »
    Make sure you overpay as much as you can on the mortgage.
    Find out from your mortgage provider how to do this and what the minimum amount they will accept. If you are on a special deal they might restrict overpayments to 10% of amount outstanding each year.

    Then make sure that the cards have been cut up and the accounts closed,
    Otherwise in a couple of years you will be back here asking for the same information but your debt will be greatly increased.

    Thanks very much.....

    Will do EXACTLY what you say..................:T
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