APR Hell

creditmunched

I know this sounds ridiculous, but I am getting conflicting advice ..
I have approx £800 left on my Abbey card and £5550 on my Virgin both of my 0%s have run out - I have asked Virgin if they will do a reduced APR being that I have been with them forever - they gave me an outright no!!

Does anyone know if I will get away with moving the £800 from abbey to virgin temporarily then moving the full 6300 balance back to Abbey?

I am open to any suggestions

Also does anyone have a number for Abbey as there is no contact number on their credit card statements..

IWantToBeFree_2

If you did that you would suffer 2 lots of balance transfer fee's.

Whats the APR on the Abbey card for balance transfers?

Moggles_2

I am open to any suggestions

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.

IME, and from feedback here, credit limits are generous and the minimum monthly payment is just 1% of the balance shifted

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

creditmunched

I think it is 2.5 and then a 0% balance, am not to sure but its got to be better than the hefty apr Virgin are charging me...

Moggles_2

I have asked Virgin if they will do a reduced APR being that I have been with them forever - they gave me an outright no!

Once your Virgin balance is paid off, courtesy of Halifax or another 0% BT card, you'll be in a stronger position to negotiate a rate reduction

CannyJock

creditmunched wrote: »

I have approx £800 left on my Abbey card and £5550 on my Virgin both of my 0%s have run out.

Virgin will add 2.98% fee of £24 to add a total of £824 to your Virgin balance of £5550 giving you £6374, so as long as your credit limit is around £6800 you'll be within Virgin's 95% of CL rule.

You'd need to wait maybe up to a month to get a nil balance statement from Abbey. You'll need to make the minimum 1% repayment of £64 to Virgin, they'll add on whatever in interest, say 1.8% which'll leave you with a balance around £6425?

You'd then be phoning Abbey and hoping for a repeat deal, but basically taking whatever they offer just to clear the Virgin card? They'll add their 3% fee of £193 bringing you up to £6618 or thereabouts. You'll then need to make at least their 2.25% minimum payment of £149 that month.

All falls down if Abbey won't allow you to do the balance transfer. Their CS number is Customer service
0845 602 1582* 7am to 11pm Mon-Sat

Moggles Halifax suggestion is a much better option IMHO - even if you don't get a limit to take the full balances, it'll at least shift some of your debt onto a 0% deal.

creditmunched

This is so detailed - I really appreciate your response!!!!!

Many thanks!!!!!