Possible Redundancy - 0% BT Now?

VikkiB

It's quite likely that my OH is going to be made redundant in the next couple of months.

We've got a balance of approx. £3,300 on a 0% credit card which we are paying off at £120 per month.

The 0% ends on 1st December 2009.

Would it be best for us to apply for the best 0% balance transfer credit card and apply now (while we can still honestly report his current earnings) even though we still have 3 months at 0% rather than risking waiting until October/November when we don't know what his earnings will be?

We will still be able to afford to pay the £120 per month on my income plus his redundancy pay and we want to pay the balance off at this rate (rather than reducing or increasing our payments at the moment)

chattychappy

Some would say wait until he's lost his job and lie on the form - nobody has ever checked my employment. But I wouldn't say that because it would be fraudulent!

So, yes I would apply now. I suppose you could wait until he is working out his notice if that is what is likely to happen.

CannyJock

I would do it now. Same principle applies for people planning to move address - apply for the credit while you're at your "current" address. Length of time in job will also help with the credit rating.

At the moment, the redundancy is only a "maybe", so you wouldn't be putting anything on an application that could count against you.

CannyJock

chattychappy wrote: »

Some would say wait until he's lost his job and lie on the form - nobody has ever checked my employment. But I wouldn't say that because it would be fraudulent!

And risk a CIFAS marker on your credit report.

VikkiB

Thanks for the quick replies.

We've just applied (and been accepted) for the Virgin card.

I'll get the balance transfer and standing order set up ASAP so that's one less thing to worry about... at least for another 14 months or so! :T

CannyJock

VikkiB wrote: »

I'll get the balance transfer and standing order set up ASAP so that's one less thing to worry about... at least for another 14 months or so! :T

Nooooooooooo........

Direct debit.

Please. For the sake of my sanity. Pay the minimum by direct debit. Then do a standing order for any extra if you want to.

Cheetah

CannyJock wrote: »

Nooooooooooo........

Direct debit.

Please. For the sake of my sanity. Pay the minimum by direct debit. Then do a standing order for any extra if you want to.

Why would it matter?

I currently pay my balance manually through online banking...am I doing something wrong that is affecting me?

CannyJock

Cheetah wrote: »

Why would it matter?

I currently pay my balance manually through online banking...am I doing something wrong that is affecting me?

So long as you don't join the ranks of people who post that they missed a payment for X, Y or Z reason then no problem.

Scan up and down the list of posts for today and yesterday to see the number of times a problem would have been avoided by having a DD in place.

NickX

Cheetah wrote: »

I currently pay my balance manually through online banking...am I doing something wrong that is affecting me?

Not in my opinion. I do exactly the same and am managing 5 Credit Card accounts a present, I've never missed a payment.

However, I see why CannyJock is keen to promote the Direct Debit option. Everyday there are several posts from people who have run into trouble because they inadvertently forgot to make a payment.

It is your decision at the end of the day, and as long as you are aware of your responsibilities, then you should be fine.

CannyJock

NickX wrote: »

Not in my opinion. I do exactly the same and am managing 5 Credit Card accounts a present, I've never missed a payment.

You're special Nick Next you'll be advocating 0% purchase cards for ebay stock and joining the other mavericks

NickX

CannyJock wrote: »

You're special Nick Next you'll be advocating 0% purchase cards for ebay stock and joining the other mavericks

I know I'm Special Canny

Direct Debits just don't suit me - I have several Current Accounts and don't necessarily pay from the same account each month. I am also very much a control freak when it comes to finances, I like to control each transaction rather than giving others access to my funds.

But in the main and judging by posts on these boards, I know where you are coming from.