Life of balance options?

martyn1975

Hi, I wonder if anyone else has encountered the following issue:

I have built up some debts via credit cards and overdrafts over the past few years due to redundancy and unexpected costs that i am fed up switching around on short term deals. So i am looking for the best 'life of balance' transfer card that will compare with the best loans on the market as follows:

Total amount of all cards to be consolidated & cleared = £25,000 max.
Total monthly payment acceptable to repay = £400 maximum per month.
Number of years prepared to pay over (based on loans comparisons) = 7-8 years.

Current card accounts held that will stop me applying for best picks = Barclaycard cashback c/c. MBNA platinum. Capital One c/c.

The only other credit i have is my joint mortgage which whilst on a good rate currently, i dont want to have to extend and spread the cost (would rather keep seperate!)

Thanks for your advice in advance!

BigDave81

I may be completely wrong but if you have numerous cards already I wouldn't have thought you would be able to get a new card with a limit of over £25k from the off to balance transfer up to £25k on to it.

Isn't the maximum unsecured loan amount only set at £25k after all ?

Would a loan not be a better way forward?

Maybe others may have some better input but just my thoughts

Any

Pretty much agree with what Dave said...

An option - Virgin 16mth 0% on BT - via bank account - pay off the MBNA.

Then wait couple of months for MBNA to offer you LOB deal (we get one very regularly...) and transfer some other card there. Maybe Barclaycard?

Some card that also have LOB offers, because you will never get only one card to consolidate £25k...

And question definitely is whether you will be even able to get new deals.. With £25k debt already, you might not be.

BigDave81

OP can't get a Virgin card as they stated they already have an MBNA card so the application would be declined as Virgin is also MBNA etc.

martyn1975

Ok -thanks for the replies - i had feared as much with all debt consolidated in one place. I'll revisit the loan option once spoken to current card companies for 'initial offers first'. Main problem is best deals set against homeowner status.

Thanks

Any

BigDave81 wrote: »

OP can't get a Virgin card as they stated they already have an MBNA card so the application would be declined as Virgin is also MBNA etc.

Really??? I have MBNA and Virgin... You cannot directly transfer between the two, but you can hold both.

But the beauty of MBNA family is that they offer you Super Balance Transfer - transfer cash into your bank account - just at higher charge of 4%. And that is what I was suggesting.

BigDave81

Hmmm that's odd, I have always been of the understanding they will not let you hold two seperate cards from MBNA.

I stand corrected, unless anyone has any other info on this?

Any

BigDave81 wrote: »

Hmmm that's odd, I have always been of the understanding they will not let you hold two seperate cards from MBNA.

I stand corrected, unless anyone has any other info on this?

How about this thread? Enough experts there for you?

http://forums.moneysavingexpert.com/showthread.html?t=1972203&highlight=mbna+virgin

Moggles_2

BigDave81 wrote: »

Hmmm that's odd, I have always been of the understanding they will not let you hold two separate cards from MBNA. I stand corrected, unless anyone has any other info on this?

IME (and from feedback here), MBNA doesn't mind customers holding more than one card. I have held three at once.

Note: if, like the OP, there's a balance on your existing MBNA card, particularly if it's still charged at special promotion rates, you can certainly be turned down or handed a lowish credit limit by MBNA.

That said, if there are no transactions on the existing card, this lender will sometimes switch your credit limit from the unused card to give you a higher limit on the new, active one

BigDave81

Well tie me down and call me Susan.:rotfl:

I could have sworn I saw something on here that said they usually decline, a colleague at my work got declined and said it was becuase she already held MBNA card and applied for a Virgin one.

Wonder whether I should tell her or not haha

Cheers for the heads up people :T

Moggles_2

Total amount of all cards to be consolidated & cleared = £25,000 max.

As above, lenders rarely hand out credit limits of £25,000 to new customers, as I think you realise.

Is it possible to move a balance to a new card in your partner's name, if there is one?

Have you considered the NatWest LOB card? This offers online applicants 8.9% APR for the life of the balance with no transfer fee.

http://www.natwest.com/personal/credit-cards/g1/gold.ashx

Meanwhile, I'd concentrate on paying as much as possible off the card with the highest APR each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process. This, in turn, reduces the risk of interest rate hikes and credit limit cuts.