Super Balance Transfers discussion area

Tixy

Charlieuk01 wrote: »

I'm currently travelling. I get back in a month and fairly confident I'll have a job again within another month. As for now, I'm unemployed. As I've built up overdraft debt over the last 12 months I'm now paying over £70/month interest. A cash transfer sounds perfect, but do I stand a chance without a monthly income? (I may have to wait till my first paycheque - just a shame that's at least £150 of interest away). All help, as ever, appreciated.

No without an income then you stand no chance of being accepted for a new credit card account that offers 0% on money transfers.

I also wouldn't count on being able to get one as soon as you have a new job and have had your first payslip. Obviously it would be good if you were accepted that quickly but often for these best prime cards they will want more evidence of stability than that (e.g. having been with an employer for more than 6months is usually considered better as a lot of places have 6month probation periods, and more than 12months is seen as better as you have increased rights as an employee).

Having a large long term overdraft will likely be viewed as a negative by a potential lender as well.

ceonuse

hello all,

a quick question. I took out a virgin money card in november last year, taking advantage of the money transfer deal. So i am currently on 0% interest on approx £4,500.

Problem is, now that i look at the money saving website, it says 'DO NOT SPEND ON THIS CARD' as purchases are not at 0%.

My question is, by spending on my card (it was an £85 purchase), have i irrevocably lost my 0% on the £4,500? Am i doomed to two years of paying at an amazingly high interest rate for the £4,500?

I have had a look at my virgin money internet account and can't seem to find the answer there.

if anyone could answer this question, i would be very grateful!

C

Tixy

ceonuse wrote: »

My question is, by spending on my card (it was an £85 purchase), have i irrevocably lost my 0% on the £4,500? Am i doomed to two years of paying at an amazingly high interest rate for the £4,500?

No your balance transfer will remain on 0%.

The only issue is that for the purchase you will pay interest from the date of purchase to the date that transaction is paid off.

Future repayments will be allocated to the purchase first so on a £85 purchase I would imagine at most you will be paying interest for a couple of months.
It will just cost you a couple of quid in interest.

[Deleted User]

I've read the other posts and heard various similar scenarios but just wanted to double check.
I have a BC with around £4k and agreed 9.9% rate for two years. I plan on using the 6 month 0% balance transfer to my current account offer to move another 1k to help fight new overdraft fees.
In the 6 months I might not be able to pay off the 1k at 0% so will whatever is remaining be charged at my standard rate of 23.9%?
So if my balance was £4355 at the end of the 6 months,
Then my total interest would be 9.9% on the 4k and 23.9% on the £355? (£33+£7)
Hope this all makes sense. I hope I'm right but never tried anything like this and hoping its another step to help me out of debt.

[Deleted User]

Hi everyone,
Sorry if my first post seemed long winded or it didn't sound too good.
Can anyone body help? :-/
I tried to give all my info but if you need me to answer anything else before saying yes or no then let me know.
Many many thanks for your time

bouncydog1

No - at the end of the 0% period you will start paying interest on the £1k. All payments will go towards the £1k and the other offer at 9.9% will continue.

As payments go towards the amount with interest charged, none of your payments will go towards the 0% amount until the interest kicks in in 6 mos.

So if you pay £100 per month this will all come off of your balance at 9.9% until the 0% offer ends and as that will then be at the higher rate! payments will come off of there.

easiest way to track is to set up a spreadsheet.

[Deleted User]

Many thanks for that Bouncydog1. Yes so for the duration of the 0% offer I'll get charged 9.9% on the 4k balance and any payments I make will simply pay off the total balance.

At the end of the 0% offer then if any of the 1k is remaining then I'd get charged two interest rate payments. 9.9% on the 4k and 23.9% on whatever was remaining.
This is still much less than what I was on when I got charged 23.9% on my whole balance.

The main thing I've learnt is everyone should ask their credit card companies if they can help! I wish I'd done it much sooner. It was this website that encouraged me to try!

wysiwyg1987

I'm looking at the MBNA card for 0% money transfers with 4% fee. I've done the eligibility check on their website and it said I wasn't eligible for the headline deal but suggested applying for the card with 16 months 0%.

The reason for wanting it is my overdraft with Nationwide, which a couple of years ago was at £2k when they wrote saying they were recalling it in full. I called them and we agreed to reduce it by £60 per month, which is still continuing and I'm at £740 now. The worry is that because they are reporting it to the CRAs as an "Arrangement to Pay", this might torpedo my MBNA application.

Does anyone have any experience with applying for this or similar products whilst having an active AP?

Many thanks

MartinLewisMoneyShowitv1

Hello everyone,

Just to let you know, the Martin Lewis Money Show is coming to the Sheffield Meadowhall Shopping Centre on 14th and 15th July as well as the Manchester Arndale Shopping Centre on the 17th and 18th July.

One of the areas (along with lots of other things) Martin will be discussing is cutting the cost of your overdraft. If any of you have questions then please get in touch in advance!

Please email: itvmlshow@itv.com . We would love to see as many of you as possible at the events!

Thanks,
Ed - MLMS team.

Sellurgranny

Hi all,

Just wondered if there is an online calculator available which will help me to work out whether a money transfer credit card would be a good idea.

Alternatively, could anyone help me with the maths...

I have a statutory charge from Legal Aid bill on my property with an interest rate of 8%. The charge is £15k approx.

Ive been paying £200 a month of which approx £100 is taken up in interest charges. I feel like Im standing still most of the time with this debt but am keen to try and whittle it down as quickly as possible.

I've done the soft search on MSE website which suggests that I've a 90% chance of getting a 32 month money transfer CC with MBNA.

Assuming that I did actually get offered this deal, I want to check how much I'd be saving. I know its simple maths but my brain seems to have frozen and I just can't see the wood for the trees at the moment!

Thanks