Wannabe Card Tart!

JacquieH_2

I have a few debts outstanding (i.e. bills not yet paid) to builders/landscapers etc....the tail end of a house build.....totalling around £6,000. I only have a personal unsecured loan of £25k at the moment which I am happy with (6.1%) but still need to pay these other guys!
None of them take cards (cheque or cash only)......but I'd like to take advantage of 0% Balance Transfer to a 'life of balance' low rate card!
I have a £10k limit on a little used Lloyds TSB Platinum Card ...only £360 left on it to pay and then do a bit of Card Tarting but I need to get the debt onto my card in the first place.....any shortcuts other than a cash withdrawal from it (would cost 2.2%.....£132).
I have a good credit rating and can't borrow against the house.....it is jointly owned with my brother & sister so it gets a little complicated!!
Any suggestions???

CLAPTON

dont really understand what you are trying to achieve, but are you asking how you get actual cash from a 0% balance or low life of balance cards?

If so then the following will work
1. get a EGG Money card (must be egg money and not egg green card)

2. using your 0% or LOB card do a balance transfer between it and the egg money, so now the EGG Money has a big credit balance.(there may be a charge of course depending upon your choosen card)

3. Get EGG to transfer the balance to your bank account (no cost for this as the EGG balance is in credit).

JacquieH_2

Sorry...still not quite following! This is definitely what I want, but I think my quandry is in transferring a credit amount from Egg if I haven't spent it on anything!! Do they do that? I thought you would already have to have a debt on a card to transfer....is that not the case?
I have been trawling on this site all evening and have discovered I can get a loan from Moneyback (confirmed already!).....£7,000 @ 5.5% over 66 months. It sounds ok! Would this be comparable?

Ali-OK

With an SBT card (ie. Egg Green) when you ask for the BT you do it to your current account (think its classed as overdraft if you do it online). Then you have the cash.

Afraid I don't know anything about Egg Money...hopefully someone else will be along to explain that one a bit more for you!

If you want an LOB card, you could move the debt from Egg once 0% ends onto Lloyds Advance at 5.5% LOB if the offers still on.

Is that what you're trying to achieve?

CLAPTON

the egg Money card acts as an ordinary CC if you are in debit. But if you are in credit you can transfer money to your 'nominated' bank account at no charge.

so to repeat
a. start with your EGG money with zero balance
b. with you 0% card or your low LOB card transfer (say) £6000
c. so your 0% /LOB card now has £-6000 (i.e. a debit) and your EGG Money card card has £6,000 (credit).
d. now transfer your £6,000 credit on the egg card to your bank. (no charge as your card is in credit. (special deal for egg money)
e. now spend your £6,000 but rememberf to repay your 0% /LOB card OK?

you also ask about whether its better to get a loan...you must post all the facts to compare....how much can you afford to repay each month, what cc deals can you get at what rate.
these issues area all about the detail.

JacquieH_2

Thanks for that....finally the penny has dropped (excuse the pun!). I have been offered a 5.5% unsecured loan from Moneyback (found on this site) and the repayments over 4/5 years are definitely payable! The bank (Lloyds TSB) has offered a similar one but is 2% over base-rate.....so if base rate changes so do my repayments! I'm lucky that my income is steady and outgoings can be kept to a minimum as I live alone (four dogs are the expensive items!!).....once I get rid of these debts I'll be happy.....don't like owing people, especially local tradesmen! I just want to find the cheapest way of doing it!! I do consider myself lucky now....I was in a similar position to lots on this site....£30k in debt, but 13 years later I'm in a healthy position after a lot of effort! It's worth it!

lynzpower

Incidentally base rates are poisied to go up at least twice this year