We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Balance transfer help needed

PurpleAngel
Posts: 67 Forumite
in Credit cards
Please can someone describe to me how a balance transfer works (in laymans terms for a blonde-sorry!):)
I am wondering if I am better off applying for this.
I have £1100 capital one debt and £2500 very catalogue debt and the interest rates are huge and I am really struggling, i am however managing to pay £250 a month in payment plans i have with them but the interest rates are eating away at me right now.
My credit rating is not good but for the last two montsh I have been paying what I have agrred to.
If this balance transfer would be an option for me which one would be the best to go with?
Please help!
I am wondering if I am better off applying for this.
I have £1100 capital one debt and £2500 very catalogue debt and the interest rates are huge and I am really struggling, i am however managing to pay £250 a month in payment plans i have with them but the interest rates are eating away at me right now.
My credit rating is not good but for the last two montsh I have been paying what I have agrred to.
If this balance transfer would be an option for me which one would be the best to go with?
Please help!
0
Comments
-
If you have a poor credit report then it looks unlikely that you'll get accepted with anyone offering a good rate on balance transfer....0
-
What do you mean by not a good credit rating? it sounds like you have missed payments but do you have any CCJs, defaults or arrangements to pay marked on your credit file?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
-
No, no ccj's but have had defaults in the past.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.4K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards