Good golly what a conundrum!

Billicks

Hi there everyone,

I'm asking for a bit of advice if you please.

The situation I have is:

Egg credit card - £4200 limit, with £4117 owing.
HSBC credit card - £1250, with £1157 owing.

Not ideal.

Now, I have been researching and applying for 0% balance transfer cards to shift it over temporarily until Oct/Nov time when I will be able to pay them off.

However, I am being somewhat unsuccessful in application at the moment (I'm guessing due to missing some minimum payments or being self-employed) and am looking for a solution.

Would I be better off applying for something like a Barclaycard Initial/Halifax Standard/Capital One Classic, with a 56 day interest free period and then transferring what balance I can onto this?

Thanks for any help. I'm not so hot on such things!

firesidemaid

as it is only a few months away, and you say you have been unsuccessful already (?unlikely to be successful) then why not just weather the storm until you can pay it all off?

there must only be 2 or 3 payments max left to go until then?

jonesMUFCforever

I was going to write the same thing.

jpwjpw

I don't think you get any interest free period on balance transfers either.

Billicks

I think it's November so it'd be three months.

Seems crazy to be paying over £100 a month in minimum payments until then if there's a better way around it?

£300+ saving is not to be sniffed at, surely?

I really can't afford that to be going out every month until November.

Billicks

jpwjpw wrote: »

I don't think you get any interest free period on balance transfers either.

Ah, I see. So that's just on spending for those cards is it? Didn't realise that.

YorkshireBoy

Even if you got all the 'credit-builder' cards you mention, and they did offer 56 days interest free on BT's, you'd probably only get a combined limit of £600-750 across all 3 cards.

And that won't help much at all.

Can you put more hours in, or take a second job?

Billicks

YorkshireBoy wrote: »

Even if you got all the 'credit-builder' cards you mention, and they did offer 56 days interest free on BT's, you'd probably only get a combined limit of £600-750 across all 3 cards.

And that won't help much at all.

Can you put more hours in, or take a second job?

Ok, thanks for the explanation on the cards. I'm putting in all the hours I can ole boy!

Things are picking up in many areas financially, it's a real struggle but I'm seeing progress and am slowly getting out of the hole. Was just hoping that this problem could have been resolved somehow. Looks like I perhaps have to take the blow until then.