what to do

sortingitout2010

Hi folks, Looking for some helpful advice.

Currently i owe

£2700 on barclaycard (limit £5k 0% up this month)
£1300 on mbna (1.5k 0% till May)

I've just applied for an A&L CC for the 0% BT for 12months hoping to switch my barclaycard to. Only all i got was a 1k limit on it and they only balance transferred £500 to the the barclays CC.

So i owe £500 on the A&L out of a £1k limit.

And to make things worse i need £1500 to fix my car so i think applying for a loan isn't going to work due to the amounts i already owe.

Barclays are offering me a 6.9% LOB offer but am i right i saying because i already owe them money this won't work? I was thinking of Balance Transferring £1300 from MBNA to Barclays and then using the £1400 to transfer into my current account.

Plus im worried that at some stage if barclays reduce my limits i won't have the funds to pay it back.

Any ideas?

CannyJock

sortingitout2010 wrote: »

Barclays are offering me a 6.9% LOB offer but am i right i saying because i already owe them money this won't work?

What will the interest be on the £2,700 (or is it now £2,200) at the end of this month? If you transfer the MBNA £ 1,300 to the Barclaycard @ 6.9% do you know how your payments on the Barclaycard will be allocated?

Are you sure you MBNA will let you do another transfer to your current account outside of the initial 60 day period?

Not sure what you mean about Barclays reducing your limit. They can't reduce your limit below the current balance on the card.

sortingitout2010

Its still £2,700 after the £500. I tried to check what it will be after the promotional period but i can't see it on their website. I assume its 15.9% but i'll have to wait to see my statement in a few days. I assume the payments would be allocated to the 6.9% 1st on the £1300 balance transfer which would make it pointless unless the card was clear.

And yes your right, just checked mbna and don't have the option for a BT. So thats not an option.

I thought say if i close to maxed out the card they could at some stage say we're reducing your limit and you need to get it under the new limit. Suppose least thats something if they can't.

CannyJock

Yup, your answers are pretty much what I thought.

Curious about the A&L only transferring 50% of your limit though, normally limit you can transfer 90-95% of your limit. Worth phoning them to ask - you should be able to transfer more to it.