HELP - £9,000 credit card ebt

claz

i am new to MSE and i need some advice

my partner and i are about to purchase a house (2 weeks from completion) and i have just found out the full extent to how much he owes on his credit card which is £9,000

unfortunatly i opened some of his mail (big row ensued in which i pointed out that he shouldn't of kept it from me to which he agreed but said he was ashamed anyway alls forgiven and now it needs to be sorted)

we are looking at moving in 2 weeks to a month and so i want this sorting as when i looked at his statement he though he was paying about 15% interest (which is bad enough) but it has gone up to a minimum of 19.9%

current minimum repayments are £181 and £138 is interest

please can someone recommend a credit card will accept this ammount of balance transfer, reading some of the info on the site it looks like "tarting" isn't an option because we won't beable to pay off the debt in that ammount of time

would a loan be more feasable?

please help me :mad:

AceCobra

I'm no expert, but I beleive you can get a life of balance transfer card for around 5%?

Failing that unsecured personel loans vary from around 5% upwards?

Either way its better than 19.9 apr.

HTH

Martin

fatboyonadiet

Maybe you could get some 0% cards and shift the balance when the promotional rate ends.

Angie8

Transferring the debt to a lower rate is a great idea but once this is done cut up the cards to prevent further spending on them.

Also look at your budget to see if there is any way you can cut back on costs and pay off the card earlier rather than later, otherwise it will just hang around forever.

micheleen

You may be best having this transferred to the Debt Free board

black-saturn

You could try posting us a list of your incomings and outgoings so we can give you some ideas of where you can cut down.

brummybloke

you could contact your mortage lender and ask for a further advance of £9000 for 'home improvements', this would probably be the cheapest way as you could spread the 9k over the life time of the mortgage. if not home improvements then a debt consolidation although you wont get the same rates as your mortgage.
my mortgage company ( coventry) were accomodating when i needed to release some equity in my house quickly. although this was 2 years after getting the mortgage.

nearlyrich

micheleen wrote:

You may be best having this transferred to the Debt Free board

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [email="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/email].

Hopefully you will get some more advice about how to clear the debt:)