Brother paying £30 p.m charges using o.draft with Halifax?

buel

Hello again! Ok, my brother got refused by mbna, has anybody any reccommendations of any credit cards with 0% rates that are for the less credit worthy person please?

buel

Anybody please?

kerri_gt

Personally, and I am by no means an expert on this, I would expect if he's been turned down for one card, he is unlikely to get accepted for another - especially if the reason he's applying is a 0% deal (ie the ones he may well be accepted for will have no introductary offer and a high interest rate). Any further searches I beleive, will show as hits on his credit record, and if there are lots of hits in a short period this will not help his record.

So, there's kinda two options atm from what I see. Firstly, there is your mother's kind offer to apply for a card and take over the £2k debt. As I said before, if she does this, I suggest that she agrees what your brother will pay back each month and for him to set up a standing order for this amount. However, both brother and mother need to also agree what will happen when the 0% period ends - will your brother try to apply for another card and take the debt over? Will your mother do this? Will your brother continue to pay off the amount left with interest being charged?

The other option is that your brother bites the bullet and sticks with the card he has, paying off as much as he can each month to bring the balance down - if he's making regular payments on time, he will be helping his credit rating, then a bit further down the line, he could try for a 0% card again, perhaps with more success.

Just a couple of idea...

Consumerist

buel wrote: »

Hello again! Ok, my brother got refused by mbna, has anybody any reccommendations of any credit cards with 0% rates that are for the less credit worthy person please?

Much depends on the credit report. A less than perfect credit record is going to make it difficult to get a 0%-balance-transfer card.

In any event, a 0% balance-transfer will only make things a little cheaper. If your brother is unable to get such a card then it's not the end of the world for him. It will take a little longer and be a bit more expensive to clear his debt. There is no need to panic.

It is important that he has a financial make-over and draws up a budget to pay off the debt as soon as he reasonably can. The MSE Debt Prolems page will show you how to go about it and the Debt-free Wannabe forum will offer lots of advice and support, as mentioned earlier.

Edit
If there is any chance at all of getting a 0%-balance-transfer card in your brother's situation then the Debt-free Wannabe forum is the place to ask the question. There are many people active in that forum who have been there, done that and got the T-shirt. They have much good advice to offer your brother.

buel

Hi all! Great news!! His gf has agreed to apply for a 0% card and let him use it for the duration!! I have read this week about a card that does 16months of 0% so maybe try for that? In the meantime, my brother is going to improve his credit file and eventually get/apply for a 0% to get the debt back in his name! The budget idea is great but it's a little complicated as he is self employed but has no work currently and i believe is unable to claim jsa or similar due to his gf working! An awkward situation!

Consumerist

buel wrote: »

Hi all! Great news!! His gf has agreed to apply for a 0% card and let him use it for the duration! . . . !

That's good news. It's also good to see they will be "in it together" as it were.

Might be a good idea if they sign up for MSE weekly newsletter and register for the forum.

If it's any consolation, it's my feeling that there are going to be a great many more people in the same boat as your brother and his gf over the next few years. The only thing for it is to hunker down and hang in there.

Anyway, I hope things pan out ok for you all. Good luck with it.