Life of Balance Transfer - my best option?

workingwoodlands

Eeeek, please help me!

I am OK with the theory of SBT's and have a Virgin 0% card that I used to pay off my overdraft (card now safely hidden till the 0% offer ends and I can change to another 0% offer and cancel the card). However, I am a little confused about life of balance transfers and whether it would be the best option for me. I have two loans with Northern Rock, the first approx £13,000 remaining at 5.6%, the second approx 2,000 remaining at 5.9% (both taken out when they were the best on the market). Would the most sensible option to reduce the rate even further be to LBT the debt onto say an Amex card, can I do that?

Any advice would be much appreciated

I did post this on the balance transfer sticky but I had no reply

The_Boss

You've got to ask yourself - even if its for BT purposes, will a lender want to give you more money seeing that you already owe all that money on the Northern Rock loans?

You couldnt transfer the debt to a low rate card though - you'd need something like an Egg card to transfer the balance to your account, then pay off the lower loan. Then get the low LBT card and transfer to that when the Egg 0% is over.

Bokken_2

No.
You are unlikely to get the CL you require from American Express while you have 15k on these cards.
I would concentrate on paying it off or leaving it to run the Life of the Balance and pay as little as you want obviously this could be several years before it is paid in full.
While that is ongoing you are able to apply for a replacement for your virgin card .
Between now and then you could move the 2k onto the 0% Virgin card?
If you keep BT-ing 2k or 3k from Northern Rock LOB card onto your current 0% card and pay that off during the 0% period you will soon reduce your outstanding balance.