Standard Natwest C/C needs paying,whats best way??

jay1971jay

Hello everyone, I'm a newbie but always hear Martin's advise on TV or radio and find it very helpful so thought I'd drop by & see if anyone can help my dilemma.

I have the most basic Credit Card with Natwest (limit-£1.250). I owe £900 on it but the last 3 months I have only payed the minimum off.
I do have an I.S.A. but don't really want to touch that, although I will if it's my best option.

I'm thinking of getting another Credit card just to transfer the debt but have no idea what card to try to get (my credit rating used to be very bad when I was younger - 8yrs ago, don't know if its still bad, stopping me from getting another card but think its worth me trying).

Would someone help and tell me the best way out of this situation please?

Thanks in advance, Jay

darcyvuqua

hi give mbna a shot also if you bad credit was 8 years ago it should be cleabn as i should be removed after 6 years paid or not!
good luck keep us informed with what you do darcy

anniecave

Assuming it's a cash ISA you have ...

If you can repay the debt it within the next few months and are likely to also be able to additionally save enough to use up your full ISA allowance for the next tax year before the end of the next tax year (so save at least £3600 between Apr 2009 and Mar 2010)

then maybe go for a balance transfer

If you are unlikely to be able to pay it back that quick or save that much then I'd raid your ISA as it's not earning much interest at the moment anyway, then you can re-start saving when you have your finances in order with a new financial year's tax allowance to go at...

Sooler

Easiest way is to to pay it off from your ISA, you've spent the money, now pay it off. Easy - debt cleared. A lot less hastle than farting about with credit cards.

Then save again and stick to spending only the money that you have.

nomoneytoday

I would use the ISA money. Credit card interest is 18% odd, the ISA will be earning about a quarter of that.

A balance transfer fee would probably cost more than the interest as well if you were to move the debt

jay1971jay

Thanks for all the replies.
I was under the impression that with getting a Credit Card I would be able to transfer the debt for FREE, at no cost at all for 6 months, am I wrong in thinking this (as it seems with some of your replies)??
Thanks again, Jay

cifpower

I would apply for the Virgin Card which gives you 16 months at 0% for a 2.98% transfer fee. If you can pay your debt off within this time frame its a good option and you can leave your ISA untouched.

knowledgepower1

eeerrrmm pls payback with your savings.

jay1971jay

I have just transferred the arrears I have on my C/C from my I.S.A. and cleared them off fully.
I had the money there so like most of you suggested, I used it. Between now and April I should be able to top my ISA back up and if I can't get the full amount in for this year then so be it.

Thanks once again for all suggestions, very much appreciated.
All the best for 2009. Jay. :beer: