How much can I transfer onto the LoB deal?

dibsham

Hi

Is there a limit to how much I can transfer accross to a LoB deal (looking at MBNA)? There are various cards which I would like to transfer onto one payment rather than have several, or is it dependant on what the credit limit is the company offers? I'm looking at about £20k. Or do I wait to see if the application is accepted and then ask for an increase in the credit limit to cover the amount I would like to transfer accross. None of the existing cards are linked to MBNA.

I appreciate any help or advise.

stephane_2

One thing is for sure is that you will never get 20k credit limit. once you've applied and accepted you'll be able to transfer up to 90% of your available credit. Most lenders will allow you to request a credit limit increase but only after being with them for at least 6 months.

Any

Agree with Stephen. I don't think £20k is reasonable at all. You are even looking well above the limit of unsecured personal loan. And with your current level of debt the chances of high credit limit are even lower (though I don't know your earnings or credit history, so I might be mistaken).

The amount you can transfer is limited by your credit limit. As Stephen says, usually 90% of your credit limit.

dibsham

ok thanks. I thought it was a high amount. It's not my credit cards, they are my partners, but he's got in such a muddle I think it will be better all in one place and he pays me. I have been offered a personal loan at 9.9% which I think I will take as my partner is constantly living on his o/d so I don't think he will be able to get a loan.. My credit score is good as I only have one cc due to be paid off in Sept and 2 loans both due to end this year.

I've worked it out on the calculators that if he continues to pay the huge interest rates on his current cards it's going to take 7.5 yrs and £17k total int, whereas the loan is for 5 years and £6.7k total interest - which seems a lot better to me.

I am aware that I will become liable for the payments; however I trust my partner to pay me back.

thanks for you advice

stephane_2

Well, partner or not, I would make sure that I get it in writing from him.

Any

stephane wrote: »

Well, partner or not, I would make sure that I get it in writing from him.

I second that.

dibsham

ok, yes I see where you're coming from. I've been thinking and thinking what the best thing to do about this, and I'm wondering whether it would be better if I lent him the money to pay off his o/d and then go through his monthly incomings and outgoings with him to make him realise where it's all going wrong. I think maybe if I make him realise himself the amount of interest he is paying he will wake up to the fact that it needs sorting rather then 'wait and see what happens' and I will try and help him sort it out rather than make the problem go away. As there will always be a temptation to get another card......

Any

dibsham wrote: »

ok, yes I see where you're coming from. I've been thinking and thinking what the best thing to do about this, and I'm wondering whether it would be better if I lent him the money to pay off his o/d and then go through his monthly incomings and outgoings with him to make him realise where it's all going wrong. I think maybe if I make him realise himself the amount of interest he is paying he will wake up to the fact that it needs sorting rather then 'wait and see what happens' and I will try and help him sort it out rather than make the problem go away. As there will always be a temptation to get another card......

My dear, I've been there, done that.
My hubby has 1 credit card and the rest is hidden. Here and there I open some of his post just to check. Drastic measures, I know and I do realise that I sound like control freak, but after finding out about £20k of debt and threatening with divorce he begged me to do it