If you have a £9k debt on a credit card .....

easy

and only £120 spare a month to try to eat into it, what can you do?

Best action please, BTW person concerned has an OK credit record.

KTF

Shift it to a card that does 0% on balance transfers (such as Virgin) then pay off as much as you can.

easy

Thanks KTF.
More info ......

Debt currently on an MBNA, was a 0% which is coming to an end, so we don't think an application for a virgin card will be accepted (and don't want to waste an opportunity).

Problem is that any card which needs a 3% minimum payment will blow the budget.

Currently thinking of scouring the house for stuff to sell on ebay, any funds raised going straight to card. Hoping to get some more work in coming weeks (but in current climate a bit dodgy).

Just looking to shift it somewhere which will not add much in interest, and be affordable to pay off.

BTW, the balance has come down from 12K, so it's going the right way, but VERY slowly.

Moggles_2

13 months at 0% is currently available to new customers from Halifax on balance transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is just 1% of the balance shifted

http://www.halifax.co.uk/creditcards/pluscard136.asp

easy

thats the kind of thing, thanks Moggles

easy

Hmm. Application made online, with balance transfer request for £9K.

at the end of the application it says it has been accepted but with an estimated credit limit of £2400.

Bum.

Now the application is made, presumably other applications elsewhere will fail/or give other lower limits??

TheAnalyst

Not if you apply on the same day... the credit search will only show up the following day so if you make another application today then there will be no record of your Halifax application.

Try the Tesco bonus credit card, they are instant approval and have a good balance transfer time, think it was about 12 months last time I checked?

EDITED:

• 0% interest on balance transfers for 14 months from account opening
• 0% interest on all purchases for 6 months from account opening

2.9% fee on all balance transfers made during the first 12 months from account opening

thriftymomma

How many other applications for credit have you made recently. You can have a couple to no detriment.

easy

thriftymomma wrote: »

How many other applications for credit have you made recently. You can have a couple to no detriment.

Oooh now, I don't think any other applications have been made since october-ish last year ....

easy

TheAnalyst wrote: »

Not if you apply on the same day... the credit search will only show up the following day so if you make another application today then there will be no record of your Halifax application.

Try the Tesco bonus credit card, they are instant approval and have a good balance transfer time, think it was about 12 months last time I checked?


EDITED:

• 0% interest on balance transfers for 14 months from account opening
• 0% interest on all purchases for 6 months from account opening

2.9% fee on all balance transfers made during the first 12 months from account opening

Ah, already have a tesco card. Is it possible to have 2 ??

jonesMUFCforever

Have you enquired about a loan?
All the suggestions so far seem to put you further into debt when you take into account the balance transfer fees and at the end of the promotional period you will have barely scratched the surface of repaying the capital.