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  • FIRST POST
    • pointer7
    • By pointer7 18th Apr 17, 11:54 PM
    • 45Posts
    • 9Thanks
    pointer7
    Shifting loan to 0% money transfer card
    • #1
    • 18th Apr 17, 11:54 PM
    Shifting loan to 0% money transfer card 18th Apr 17 at 11:54 PM
    Hello All

    I was wanting some advice, I found out that I can actually get a money transfer credit card and save myself a LOT of money (£55 a month!) plus I can pay it off within 42 months while its 0% interest.

    However we will be officially at risk of redundancy in 3 months time and one of the questions was "are you aware of any reduction in your income in the next 12 months?" There is no way I'm going to lie but this will save me a lot of money per month. Question is, does discretion come into this or is it just redundancy kills it stone dead? If that's the case I'll wait until I have a new, stable job. I have a good credit rating by the way, never missed a payment) I don't want to risk it and then the search gets put on my credit file.
Page 1
    • bengalknights
    • By bengalknights 19th Apr 17, 10:34 AM
    • 4,039 Posts
    • 1,479 Thanks
    bengalknights
    • #2
    • 19th Apr 17, 10:34 AM
    • #2
    • 19th Apr 17, 10:34 AM
    If you say yes it will generally kill the card as no income = no credit
    • Sauasage_Roll
    • By Sauasage_Roll 19th Apr 17, 1:07 PM
    • 24 Posts
    • 5 Thanks
    Sauasage_Roll
    • #3
    • 19th Apr 17, 1:07 PM
    • #3
    • 19th Apr 17, 1:07 PM
    Trump might nuke North Korea..You might win the lotto...Become the next James Bond.

    Anything can happen in the next 3 months...id look at it like this,will you be well off IF you get made redundant and whats the chances of employment after and how quickly is that likely to happen.
    • pointer7
    • By pointer7 19th Apr 17, 1:30 PM
    • 45 Posts
    • 9 Thanks
    pointer7
    • #4
    • 19th Apr 17, 1:30 PM
    • #4
    • 19th Apr 17, 1:30 PM
    Thanks, that;s what I thought... shame really because that bit of extra saving would help...

    There is a good chance of maybe being redeployed elsewhere but like you say, its hard to know what will happen in the future... I guess I will have to wait it out
    • pointer7
    • By pointer7 23rd Apr 17, 1:35 PM
    • 45 Posts
    • 9 Thanks
    pointer7
    • #5
    • 23rd Apr 17, 1:35 PM
    • #5
    • 23rd Apr 17, 1:35 PM
    I have just done the "soft" check on the virgin website and answered yes to the question "is your income likely to change in the next 12 months" and it came back saying I had a really good chance of being approved.. what should I do!? It would saved me a lot of money per month
    • cjv
    • By cjv 23rd Apr 17, 4:29 PM
    • 56 Posts
    • 30 Thanks
    cjv
    • #6
    • 23rd Apr 17, 4:29 PM
    • #6
    • 23rd Apr 17, 4:29 PM
    That sounds promising, you should go for the full application and keep your fingers crossed.

    I personally would not even tell them about the redundancy situation, if you are confident that you can still afford the minimum monthly payments should you be made redundant.

    The minimum monthly payments shouldn't be too much and as it is interest free over 42 months, that should give you plenty of time to find a new job.

    Good luck!
    • pointer7
    • By pointer7 24th Apr 17, 7:43 AM
    • 45 Posts
    • 9 Thanks
    pointer7
    • #7
    • 24th Apr 17, 7:43 AM
    • #7
    • 24th Apr 17, 7:43 AM
    Thanks for the advice.. I'm currently paying £160 a month but i can pay £115 a month and still pay it off before i get charged interest (42 Months)

    I just don't want to lie on the application that's all and I didnt want to be rejected which leaves a footprint on my credit file and so messes it up for later on after I have a new job
    • phillw
    • By phillw 24th Apr 17, 2:22 PM
    • 611 Posts
    • 270 Thanks
    phillw
    • #8
    • 24th Apr 17, 2:22 PM
    • #8
    • 24th Apr 17, 2:22 PM
    However we will be officially at risk of redundancy in 3 months time and one of the questions was "are you aware of any reduction in your income in the next 12 months?"
    Originally posted by pointer7
    If you are definitely going to be made redundant in the next 12 months then you have to say yes.

    Otherwise I would answer based on how optimistic you are on keeping your job or finding another. If you think you are going to be made redundant then I would expect you to be looking for a new job already.

    Ultimately they only care whether you'll be paying the money back, so as long as you'll do anything to make sure that happens then I wouldn't feel bad about saying no.
    • zx81
    • By zx81 24th Apr 17, 2:27 PM
    • 12,465 Posts
    • 12,632 Thanks
    zx81
    • #9
    • 24th Apr 17, 2:27 PM
    • #9
    • 24th Apr 17, 2:27 PM
    I didnt want to be rejected which leaves a footprint on my credit file and so messes it up for later on after I have a new job
    Originally posted by pointer7
    The rejection doesn't leave a footprint - just the search.
    • pointer7
    • By pointer7 24th Apr 17, 7:03 PM
    • 45 Posts
    • 9 Thanks
    pointer7
    Thank you for the advice everyone...

    I think I'll go for it, it's going to make a big difference to my monthly outgoing and yes i am searching for a job everyday lol
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