Help!

neesos

Hi, new to this but can anybody tell me where I can get a balance transfer loan to pay off a credit card debt of just over £3000. I do not have a large yearly income (about £10000) and most of the ones I have applied for only give me about £1000 credit which is no good. I am at a loss at what to do and any advice would be most welcome. Thankyou

LinuxAllTheWay

neesos wrote: »

Hi, new to this but can anybody tell me where I can get a balance transfer loan to pay off a credit card debt of just over £3000. I do not have a large yearly income (about £10000) and most of the ones I have applied for only give me about £1000 credit which is no good. I am at a loss at what to do and any advice would be most welcome. Thankyou

Instead of getting another card, why not try a loan, somewhere like https://www.zopa.com might be worth a look. The APR would/should be better than a card unless you get a very low rate balance transfer.

Others might have a better idea though

jamesd

I don't think that neesos will meet a minimum income requirement that Zopa has and definitely won't pass the Zopa Markets borrowing amount limits, which assume that the existing debt isn't paid off. Before trying Zopa it would be best to email them at contactus at zopa.com to ask whether this combination of income and debt would be acceptable in either Markets or Listings, because the answer is probably going to be no.

neesos, if you're able to get balance transfer deals for cards with £1,000 limit then doing that with three cards seems like the cheapest way for you to get this credit.

If you currently have no deals then you might pick three deals with expiration periods that are different by a few months. That way the next balance transfers won't be needed at the same time. A gap of a few months between applications increases the chance of being accepted. For the first time you might want to instead make three applications on the same day, so that lenders won't know whether the applications have been accepted. They will still see the applications and the last one or perhaps two might not accept.

You need to be very careful not to increase your total debts because your situation looks to be quite marginal on affordability checks for cards and an increase could make it impossible for you to get more new deals.

If you aren't able to reduce the amount of your debts you should post a statement of affairs in the debt-free wannabe section. Contacting one of the free debt advice charities may also be a good idea.