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Help - A little bit of Guidance

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Joe_Millionaire
Joe_Millionaire Posts: 566 Forumite
in Credit cards
I am trying to consolidate all of my debts.



I have a CC with £800 debt (0% until 01/02/06) and 2 current accounts that are both overdrawn by 6 – 700 each.



I want to put them all on to a 0% card and pay them off as much as I can each month.



I went to Lloyds TSB to go on their 0% card but was told that I can not Balance Transfer as 2 of my accounts are current accounts.


What is the best way to get my debt shifted into the one place and paying NO INTEREST.


:confused: Can this be done? :confused:
Max Millionaire
191 007
:T :T :T :T :T :T :T :T :T :T

Comments

  • micheleen
    micheleen Posts: 1,635 Forumite
    1,000 Posts Combo Breaker
    Try Egg or Virgin ? they can both do SBT's to current accounts
    :j The £2 CSC = £48 in carton
    £100 banked Mar 06
    V-Free : 4 weeks :)
  • wigginsmum
    wigginsmum Posts: 4,150 Forumite
    Egg would be good - I've done SBTs with them before. They're currently offering 0% to new customers on the Eggcard until May 2006, with a 2% (max £50) handling fee. Their standard rate is 15.9% so not great longterm, but you could always shop around and shift out again come next May if you can find another 0% deal. Consider reducing your overdraft limits so you can't run them up again.

    Jules
    The ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.
  • Joe_Millionaire
    Joe_Millionaire Posts: 566 Forumite
    will they be able to wipe out all 3 accounts and still be 0%.

    Is there a fee for the SBT
    Max Millionaire
    191 007
    :T :T :T :T :T :T :T :T :T :T
  • wigginsmum
    wigginsmum Posts: 4,150 Forumite
    Assuming they give you a high enough credit limit, yes you should be able to transfer all 3 debts onto it.

    Egg requires a minimum monthly repayment of 2% of balance. If your opening balance is £2200 + £44 transfer fee, you'd need to pay at least £44.88 the first month. The beauty of Egg is you can do online one-off payments with a debit card too - no need to write cheques. They offer something called Egg Manager; I use it to see my Egg balance plus current account and two savings accounts all from one screen.

    Jules
    The ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.
  • Joe_Millionaire
    Joe_Millionaire Posts: 566 Forumite
    So I would have to pay a fee to SBT - is it 2%
    Max Millionaire
    191 007
    :T :T :T :T :T :T :T :T :T :T
  • Joe_Millionaire
    Joe_Millionaire Posts: 566 Forumite
    Joe_Millionaire wrote:
    So I would have to pay a fee to SBT - is it 2%

    Ok I have read your post again, Sorry


    So, I go with the Egg card now. then in May I can swap it all again as it will be a normal BT then - Wont it?
    Max Millionaire
    191 007
    :T :T :T :T :T :T :T :T :T :T
  • wigginsmum
    wigginsmum Posts: 4,150 Forumite
    Yes you'd revert then to the standard rate, so provided you can get accepted for another 0% card elsewhere you shouldn't have a problem, particularly as you'll be reducing the balance between now and then with at least the minimum payments.

    Jules
    The ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.
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