Consolidation Loan

x.Saz.x

Hello!

I have 2 credit cards:
Barclaycard £3000 - 17%APR
Halifax £2000 - 0% APR but will run out soon & go up to something ridiculous like the other one

I'd like to consolidate them in to a loan, & wonder who's best to go to?

I know the best place for a loan is supposedly your bank, but that's Barclays, and I'm sure they once told me Barclays won't lend to cover Barclays debt (I can't get a Barclay loan to pay off a Barclay credit card..)

Any advice?

Xx

milliemonster

Why consolidate?, can't you just reshuffle your cards and apply for a new 0% deal?, consolidation is never a good option really as most people just end up running up their debts again (and having a consolidation loan to ad to them)

Staciep88

Hi there,

Its only £5000 - I really wouldnt recommend in getting a loan. As milliemonster has suggested apply for a (or 2) 0% on Balance Transfers cards which will stop all interest. Thats what my OH has done and he owes £6000, he'll be debt free in a year!! You can do it. Just take a look on Martins board about the 0% cards and see what you think. x

x.Saz.x

Thanks guys...

I have been doing this... however, the last time I did this, I wanted to shift about £3000 from my Nationwide card to my new Halifax card. Halifax only gave me a limit of £2300. I was then stuck with three cards!! I've now paid off the Nationwide & closed it, but I know that if I apply for another 0% to shift the Barclaycard balance to, I won't get a £3000 limit, and will be stuck with the remainder of the Barclaycard debt.

My theory is, if I get a loan, it'll cover both debts, and it'll be lower APR than I'm paying now (on the Barclaycard anyway, and soon to be Halifax one too) and I won't have the switching drama every 12 months!

Anyone know where to go to? Especially in the current financial climate... are lenders less likely to lend?

Xx

milliemonster

go away troll, can someone report this please?

milliemonster

x.Saz.x wrote: »

Thanks guys...

I have been doing this... however, the last time I did this, I wanted to shift about £3000 from my Nationwide card to my new Halifax card. Halifax only gave me a limit of £2300. I was then stuck with three cards!! I've now paid off the Nationwide & closed it, but I know that if I apply for another 0% to shift the Barclaycard balance to, I won't get a £3000 limit, and will be stuck with the remainder of the Barclaycard debt.

My theory is, if I get a loan, it'll cover both debts, and it'll be lower APR than I'm paying now (on the Barclaycard anyway, and soon to be Halifax one too) and I won't have the switching drama every 12 months!

Anyone know where to go to? Especially in the current financial climate... are lenders less likely to lend?

Xx

Saz, there is no reason to think that you shouldn't get enough of a credit limit to transfer your barclaycard onto a 0% interest free card, esp as you paid off your Nationwide card, you should at least try this before you go down the loan route.

But if the reason is you can't be bothered and would rather pay a loan ladened with interest then by all means just have a look on one of the comparison sites and find a loan that suits your needs rather than going through one of the sharks who has posted above