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    • misshappy2002
    • By misshappy2002 17th Oct 16, 2:35 PM
    • 6Posts
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    misshappy2002
    Needing a balance transfer, due to high interest on credit cards
    • #1
    • 17th Oct 16, 2:35 PM
    Needing a balance transfer, due to high interest on credit cards 17th Oct 16 at 2:35 PM
    Hi there guys, desperately looking for some advice as I have two credit cards which both are high in interest. Am currently paying £400 a month to them and really only about £100 of that is coming of the actual credit and the rest is interest. It's just taking me so long to pay off and becoming very frustrating. I've previously tried for balance transfers but no one will give them to me but I've got good credit, maybe too much credit. Any advice would be greatly appreciated :-)
Page 1
    • zx81
    • By zx81 17th Oct 16, 2:37 PM
    • 9,400 Posts
    • 9,237 Thanks
    zx81
    • #2
    • 17th Oct 16, 2:37 PM
    • #2
    • 17th Oct 16, 2:37 PM
    What are your balances, limits, income and credit history like?
    • misshappy2002
    • By misshappy2002 17th Oct 16, 2:46 PM
    • 6 Posts
    • 0 Thanks
    misshappy2002
    • #3
    • 17th Oct 16, 2:46 PM
    • #3
    • 17th Oct 16, 2:46 PM
    Balances are £3,046 one capital one and £6,748 on barclaycard. Limits are £4,450 and £7,000. My income is good and am able to pay £400 a month to them. Credit history is pretty good :-)
    • zx81
    • By zx81 17th Oct 16, 2:49 PM
    • 9,400 Posts
    • 9,237 Thanks
    zx81
    • #4
    • 17th Oct 16, 2:49 PM
    • #4
    • 17th Oct 16, 2:49 PM
    Would you say your income is more than twice your limits?

    Income could be one issue - the other is that you're using a very high percentage of your available credit.
    • misshappy2002
    • By misshappy2002 17th Oct 16, 4:35 PM
    • 6 Posts
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    misshappy2002
    • #5
    • 17th Oct 16, 4:35 PM
    • #5
    • 17th Oct 16, 4:35 PM
    Income is nearly that. Would just love for some one to be able to give me a balance transfer so I can get these paid off. I think £400 a month is a fair amount to be putting towards it, don't you think? Thanks for your help
    • FluroFrancis
    • By FluroFrancis 17th Oct 16, 4:54 PM
    • 32 Posts
    • 5 Thanks
    FluroFrancis
    • #6
    • 17th Oct 16, 4:54 PM
    • #6
    • 17th Oct 16, 4:54 PM
    phone Barclaycard, if you are a good customer they will probably reduce the interest on your existing balance for a couple of years
    • TheShape
    • By TheShape 17th Oct 16, 5:08 PM
    • 455 Posts
    • 230 Thanks
    TheShape
    • #7
    • 17th Oct 16, 5:08 PM
    • #7
    • 17th Oct 16, 5:08 PM
    Have you tried the Credit Card Eligibility Calculator on the main site? Maybe give it a try and come back and let us/the forum know if there are any balance transfer cards that suggest a high (70%+) chance of success.

    The problem you have is that even if you were paying 0% interest, at £400 p/m you'd take over 24 months to clear the balances.
    • misshappy2002
    • By misshappy2002 17th Oct 16, 5:28 PM
    • 6 Posts
    • 0 Thanks
    misshappy2002
    • #8
    • 17th Oct 16, 5:28 PM
    • #8
    • 17th Oct 16, 5:28 PM
    Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest
    • jonesMUFCforever
    • By jonesMUFCforever 17th Oct 16, 5:48 PM
    • 23,198 Posts
    • 10,542 Thanks
    jonesMUFCforever
    • #9
    • 17th Oct 16, 5:48 PM
    • #9
    • 17th Oct 16, 5:48 PM
    Sorry Misshappy but if you have £400 per month available to repay why are you in debt at all.
    If your credit files is as good as you think you should have no problem getting credit either on cards or a loan but..............
    What goes around - comes around
    give lots and you will always receive lots
    • bengal-stripe
    • By bengal-stripe 17th Oct 16, 5:49 PM
    • 3,081 Posts
    • 1,970 Thanks
    bengal-stripe
    Am currently paying £400 a month to them and really only about £100 of that is coming of the actual credit and the rest is interest.
    Originally posted by misshappy2002
    So you have a debt of about £10k and you pay £300 per month in interest alone. That makes an APR of approximately 36% which is astronomically high, at least for a main stream card like Barclaycard.

    Why are you charged those high interest rates? Was the rate raised during the lifetime of the cards? Do you regularly take out cash advances on the cards?

    Do check your statements and see if you really are charged those interest rates.
    • misshappy2002
    • By misshappy2002 17th Oct 16, 7:27 PM
    • 6 Posts
    • 0 Thanks
    misshappy2002
    Because the time of the debt I obviously didn't have the £400 a month...
    • misshappy2002
    • By misshappy2002 17th Oct 16, 7:29 PM
    • 6 Posts
    • 0 Thanks
    misshappy2002
    I think it's about 33% APR, which is extreme and they've up'd that since me having the cards. Thanks for those that are generally helping with advice, its appreciated :-)
    • FluroFrancis
    • By FluroFrancis 17th Oct 16, 8:13 PM
    • 32 Posts
    • 5 Thanks
    FluroFrancis
    Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest
    Originally posted by misshappy2002
    it's definitely worth trying and from what I've read most people manage to get some offer out of them, they reduced the interest on my balance to 6.9% for 2 years (with any new spending obviously at the original 29.9%)
    • scott_lithgows
    • By scott_lithgows 17th Oct 16, 8:59 PM
    • 1,294 Posts
    • 646 Thanks
    scott_lithgows
    Try for a creation backed card like the Asda card.
    I have a deep burning indifference
    • TheShape
    • By TheShape 17th Oct 16, 9:27 PM
    • 455 Posts
    • 230 Thanks
    TheShape
    Will try with barclaycard but I'm not hopeful they'll help me. I haven't tried the calcutor, I will give that a go, if I can pay the majority of it off at 0% and still have some left I'm not bothered with that I just need to be paying chunks to it and the more coming off the actual balance the better. I just seem to be going around in circles with it the last couple of years and not getting anywhere with the high interest
    Originally posted by misshappy2002
    Obviously, if you can get some of it shifted to a 0% or low rate card for a low fee, ideally a zero fee, as you don't want to add to your debt, you'll make more headway in clearing it.

    How about that Credit Card Eligibility Calculator? What does it say?
    • Candyapple
    • By Candyapple 18th Oct 16, 11:28 AM
    • 1,479 Posts
    • 1,174 Thanks
    Candyapple
    Read my reply on this thread: http://forums.moneysavingexpert.com/showthread.php?t=5499685&page=2

    Miss Happy if you aren't eligible for any balance transfer cards/Barclaycard don't reduce your rate, you just have to suck it up and find a way to earn more money to clear your debt faster.
    • Sam29
    • By Sam29 18th Oct 16, 8:04 PM
    • 16 Posts
    • 9 Thanks
    Sam29
    Whilst it will be frustrating that most of your efforts are swallowed up by interest you can at least be positive that things are moving in the right direction. If it was me i would focus on getting rid of capital one and then use this card to get a lower interest deal to take a big bite out of barclaycard. Its soul destroying but even little reductions in your balances will make a big difference as the totals and interest will all be falling until one day you will be taking big steps and clearing lots of debt. It will also get easier to get new balance transfer offers as your debt decreases and credit score increases. Unfortunately you just have to accept that it will take a while with no short cuts and focus on making sure you pay all spare cash off your debt. Even if its an extra fiver a week it will all help. Good luck
    • Superscrooge
    • By Superscrooge 18th Oct 16, 8:41 PM
    • 576 Posts
    • 403 Thanks
    Superscrooge
    Another option is that it's often easier to get a 0% purchases card than a 0% BT card.

    Whilst this would not be as advantageous as a 0% BT card if you were to put all your spending on this card you would be able to put larger payments each month towards your debt and reduce it more quickly
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