Paying over £500 per interest - help!

stevesmithanon

Thank you for working that out. Once that amount has been transferred, wouldn't I then be able to transfer £4,182 from each card to the other? i.e. about 5 transfers or so? And so the saving would be even more?

bigstevex

Ring creditors and ask for interest rate reductions or a payment plan??

Mozette

I'd post this on the debt free wannabe board to be honest

CannyJock

stevesmithanon wrote: »

Thank you for working that out. Once that amount has been transferred, wouldn't I then be able to transfer £4,182 from each card to the other? i.e. about 5 transfers or so? And so the saving would be even more?

You only transfer from high APR cards down to lower APR cards where the credit limit allows and there's the fee for each one.

As each card is cleared, you hope for a low APR Balance Transfer offer to move the highest remaining APR debts to minimise the interest.

You really need to do the arithmetic on it to make sure you save money, if you've not worked it through you could end up in a worse situation.

eslick

time to speak to the lenders

rodent

CannyJock wrote: »

Maximum unsecured loan is £ 25k unless that's changed recently.

????????
HI CJ
I have had several cards with limits higher than this - currenlty highest i hold is mbna with cl of 54K ?????????

I would negotiate with card issuers for lower rates - get a one of mbna accs cleared and request a repeat 0% deal - then throw everthing at sit to reduce mbna card 2 and tx cl to acc with 0% deal on it.

This only after attempting to get a 3rd virgin/mbna card up and running.

Also if you have a partner - can you utilise their credit and tx some of this to their facilities ?

Regardless you need to tart the rate down as low as possible as well as snowballing.

In order to extend credit to dig yourself out of this make sure you are declaring full and "optimised" income ! (which is probably more than you are declaring right now ?)

You say you have a business iincome are you declaring :
a) last 12 months income
b) 6 months foward and 6 mths back
c) 12 mths projected income

Clearly a larger income will encourage a larger cl !!!

p.s. Until cc companiews define exactly what annual income is I challlenge anyone to suggext a reason why the highest figure (a,b or) should not be used !!!!!!!!!!!!:D

CannyJock

rodent wrote: »

????????
HI CJ
I have had several cards with limits higher than this - currenlty highest i hold is mbna with cl of 54K ?????????

Hey Rods,

New unsecured loan application you can't do more than £ 25k.

We've already agreed you're an anomaly

Back to the Pino Grigio with you

never-in-doubt

EASTERNTHUNDERUK wrote: »

Ive never had this problem and never likely too:T:T:T

You are the planets biggest T-W-A-T

Nuff said.

Simon_Preston

Actually, I think he made a good point, if perhaps the wording could have been better. I reckon the OP has f**ked themselves. All that low APR and still paying out £500 a month interest. There's only one person that could have got them into that sort of trouble and it isn't us.
It's that bad I can't see 0% cards or shuffling helping with this one.

never-in-doubt

Simon_Preston wrote: »

Actually, I think he made a good point, if perhaps the wording could have been better. I reckon the OP has f**ked themselves. All that low APR and still paying out £500 a month interest. There's only one person that could have got them into that sort of trouble and it isn't us.
It's that bad I can't see 0% cards or shuffling helping with this one.

try reading his other posts - the OP knows this but now asks for help.....who are we to judge?