Advice needed on what to do with my collection of credit card debts.

aryoodz

hey everyone, I don't know if i'm posting this in the right section of the forum, but here goes...

I have about 4 credit cards. All from different banks. I got them last year in order to do the 0% interest balance transfers.

I have around £1000 owing on each card. The 0% period has now run out and I'm paying interest every month, obviously.

I work freelance and have money coming in, on and off. I try to pay off chunks of these debts when I can, but it's hard to stay on top of it. All these statements, envelopes, online accounts...blabla bla... it gets daunting you know?

I was wondering if you guys think it's worth me transferring all these debts to one of those debt solution companies or whatever, that condense and manage it all. I don't know. I dunno too much about this kind of thing. I just know that if I have my WHOLE debt in one place, I can keep an eye on it more and work full-heartedly on getting it paid off.

any advice would be appreciated.

cheers!

savingholmes

The debt consolidation companies don't seem to be the recommended approach for the site... why can't you just apply for another 0% and transfer all the debts to one place or a rate for life balance?

aryoodz

savingholmes wrote: »

why can't you just apply for another 0% and transfer all the debts to one place or a rate for life balance?

thanks for the reply. I thought it was pretty impossible to get accepted for credit cards these days? or is that just a media myth, I don't know. I tried applying for a card at the start of the year, but I got turned down. I went off applying for anymore after that.

Sagz_2

aryoodz wrote: »

I thought it was pretty impossible to get accepted for credit cards these days? or is that just a media myth, I don't know. I tried applying for a card at the start of the year, but I got turned down.

Could it be your credit score?

Myself and OH both got new credit cards this month without problems.

hattiefats

Money supermarket does like a mini credit score! Mine was fair, my OH was excellent. It recommends the cards you are likely to be accpeted for saving your credit report get. I got a card with no probs as did he. He had more choice though!!

aryoodz

Norbertsmum wrote: »

Could it be your credit score?

Myself and OH both got new credit cards this month without problems.

It could be. But my credit rating couldn't have gone from good to bad in the space of a couple of months could it? Or maybe I had sent off too many applications in such a short space of time.

Anyway, transferring to another 0% for 9 months (or whatever) is not something I'm keen on doing again. It just makes me lazy and think that I don't have to pay it off or worry about it. Know what I mean?

I'm interested in this 'transfer rate for life' card though. It's new to me, I didn't know about it. Has anyone here gone for this option instead of the usual 0% card transfer?

aryoodz

hattiefats wrote: »

Money supermarket does like a mini credit score! Mine was fair

I just did it and mine was GOOD. :eek: I hope it's accurate.

i have another question: Do these 0% credit card offers tell you how much they allow you to transfer? Last year I got a credit card with barclays and they only let me transfer £500. Kinda pointless really.

Also, with the 'transfer rate for life' ones. Is there a limit on how much you can transfer onto those? And is there a higher acceptance rate on those cards than the 0% ones?

savingholmes

I transferred some money to a rate for life a year or so ago - about £4K's worth which is now down to £500! :j I've just rung them about transferring a balance from another card that's just come off the 0% rate - they are willing to transfer £5.6K this time, I have to wait for a letter and then give them a promo code - part of their security check they said....:rolleyes: There is no balance transfer fee and the rate is 6.9% until bill paid off....

Applied for another card - wanted to move £8K! They only offered me £2K:eek: Took Martin's advice though and accepted that as at least its 0% until May next year. Also £2K is achieveable to pay off by the time it runs out so that is also good...:D

MYLITTLESISTERLOLA

2 pieces of information I found helpful when paying off my 0% cards was always set up the minimum direct debit payment ( stops late payment fees ruining your credit rating if you are forgetful ) and you can request to set up a standing order for a fixed amount say £50 per month, as the time flies the balances come down in no time, Hope this helps