End of the road tarting? So which way now?

UncleDes

We've a month to go on 4 x 0% cards - my other half has 2 and I have the other 2. We have £20k on these cards.

We've started the process of applying for a new round of 0% balance transfer cards. Surprise, surprise we've been rejected on all of them so far.

Assuming we don't get any luck with 0% bal transfer cards - and I'm concerned on applying for too many more cards given the shadow it will leave on our credit history, what are our options?

We also have 3 x personal loans, £51k total.

No savings to drawn on either.

Classic credit crunch situation. We'd be really grateful for your advice.

looby-loo_2

I had a letter this morning saying that under new terms and conditions balance transfers would have a 4% transfer fee so little point really.

noh

looby-loo wrote: »

I had a letter this morning saying that under new terms and conditions balance transfers would have a 4% transfer fee so little point really.

Which card?

NickX

noh wrote: »

Which card?

Bet its MBNA, loads of reports and I have also had the same letter :mad:

Swans1912

It was going to happen as some point... its as if all the lenders have decided to 'reject' all possible card tarts and hope they haven't got the cash to pay of their balance.

I have to admit.. Halifax extended my 0% deal by 3/4 month after MFI tied up all of my credit limit! Therefore they are still willing to offer fair deals.... I have a zero balance but booked a holiday so the extra 3/4 months will come in handy!

I have a feeling that the OP is seen as a BIG credit risk with a fair bit of debt and no savings...... surely to be a credit card tart you should have an equal amount in your bank account earning interest?!?

So.... I don't think it is at an end however it will be limited to far far less people!

Swans1912

UncleDes wrote: »

Classic credit crunch situation. We'd be really grateful for your advice.

It sounds like your debt situation has really caught up on you! You may need to consider a debt consolidation card.. still paying interest but NOTHING compared to what you could potentially be!

anotherpaul_2

UncleDes wrote: »

We've a month to go on 4 x 0% cards - my other half has 2 and I have the other 2. We have £20k on these cards.

We've started the process of applying for a new round of 0% balance transfer cards. Surprise, surprise we've been rejected on all of them so far.

Assuming we don't get any luck with 0% bal transfer cards - and I'm concerned on applying for too many more cards given the shadow it will leave on our credit history, what are our options?

We also have 3 x personal loans, £51k total.

No savings to drawn on either.

Classic credit crunch situation. We'd be really grateful for your advice.

I'm in a similar position, though with smaller numbers. I owe about 12K on 2 cards, expiring start of April.

So far I've been rejected for Virgin, got an Ulster card with a 3K limit (but 1,500 went on my fiancee's debt - it makes my life easiler since it's not stressing her out any more), and a Lloyds card with a £750 limit! I'm planning to ask them if they will up the limits, then wait until March and apply for a few more cards. (I did move in September, which may not be helping.)

Ultimately, I'm expecting not to manage to refinance it all, so I'll have to put some of it somewhere interest bearing (first time I'll have paid CC interest for many years). Maybe a Barclaycard simplicity, but I've not done my research yet.

I suspect in 6 - 12 months refinancing will be easier again, but it's just painful at the moment (at least in my experience).

Presumably you don't have any existing empty cards that you could phone and ask if they can offer you anything?

Robert_Sterling_3

UncleDes wrote: »

We've a month to go on 4 x 0% cards - my other half has 2 and I have the other 2. We have £20k on these cards.
We also have 3 x personal loans, £51k total.
No savings to drawn on either.
Classic credit crunch situation. We'd be really grateful for your advice.

You appear to be involved in reckless borrowing and the lenders in reckless lending.

The day of reckoning is nigh I fear.

UncleDes

Thanks for suggestions. The 'never never' has certainly caught up with me. I will be speaking to other card provider that I still have an active account with to negotiate a better interest rate. Like anotherpaul, first time in years that I will be having to pay cc interest charges.

looby-loo_2

NickX wrote: »

Bet its MBNA, loads of reports and I have also had the same letter :mad:

Correct! That's the one

Intoodeep

UncleDes wrote: »

We've a month to go on 4 x 0% cards - my other half has 2 and I have the other 2. We have £20k on these cards.

We've started the process of applying for a new round of 0% balance transfer cards. Surprise, surprise we've been rejected on all of them so far.
Assuming we don't get any luck with 0% bal transfer cards - and I'm concerned on applying for too many more cards given the shadow it will leave on our credit history, what are our options?
We also have 3 x personal loans, £51k total.
No savings to drawn on either.
Classic credit crunch situation. We'd be really grateful for your advice.

Is that £71,000 in total ??