Help with 0% Balance Transfers

MrUniverse

Hi guys and Girls,

Firstly, thanks for taking the time to read this thread.

I am hoping that some of you could help me. basically I have drummed up some debt on my credit card. I have two (both with Natwest) one is £3600 and the other is £450. Its not actually TOO bad , however, the interest is killing me as you can understand.

I called my provider asking for a loan to pay off all my debts (all with the provider) so i could consolidate them all into one monthly payment.

They declined as they said they did not do it for credit cards???? has anyone heard this before?

So i pursued onto get a 0% balance transfer of my crdit cards so i dont pay interest for 10-12 months....but i keep getting declined from providers.

Im really unsure what to do now as ive been knocked back twice now.

Do i jsut man-up, and deal with the interest and slowly pay them off? or do i carry on pursuing and try get some funding for it?

Any help would be greatly appreciated,

Thanks !

rrf494g

attempt to get straight not being helped
It's a pity that you're not getting support for your financial planning. It's up to you if you wish to keep attempting to get a zero transfer credit card. It's a hassle -and- each failed attempt will reduce your credit rating, I suspect. I would suggest a second attempt to get a consolidation personal loan with an independant company (independant from your cards that is). I can see why one card company is not keen just to switch from high interest credit card payments to lower interest personal loan payments. A different company may see it in another light. Good Luck.
regards

MrUniverse

rrf494g wrote: »

attempt to get straight not being helped
It's a pity that you're not getting support for your financial planning. It's up to you if you wish to keep attempting to get a zero transfer credit card. It's a hassle -and- each failed attempt will reduce your credit rating, I suspect. I would suggest a second attempt to get a consolidation personal loan with an independant company (independant from your cards that is). I can see why one card company is not keen just to switch from high interest credit card payments to lower interest personal loan payments. A different company may see it in another light. Good Luck.
regards

Hey,

thanks for the reply. ive not yet gone down the route of a loan from an idependant company. Could you recommene any? I beleive its the only option left. Im jsut really suiprised my bank wont provide me with one.

GeorgeUK

It's not usually recommended to consolidate.

Are you able to meet your current repayments?
Have you done a full statement of affairs? https://www.makesenseofcards.com/soacalc.html
Have you checked your credit file? (Free at experian/equifax if you cancel within 30 days)

You can usually have about 3 credit checks in a 6 month period before your credit score is affected. I wouldn't try getting any more credit for at least a few months. Too many checks close together make you look desperate for credit and therefore a high risk.

Are there other areas you may be able to cut back or make savings in from your expenditure?
Do you have any old credit cards that may not be closed? You should be able to see this on your credit report. You may be able to get some kind of balance transfer offer as an existing customer which wouldn't require any credit checks.

urg123

Hi,

George has sone excellent advice as usual. You should also have a read of Martin's credit card advice. The first thing to do is to stop applying for credit cards if you have been rejected. Each application leave a negative Mark on your credit file.

What you need to do is focussed on clearing your debts asap. As well as checking if you have other cards with available credit, you may be able to move some of the debt from the cc with more on it to the card with a less amount IF it has a lower rate.

Have a look at the snowball calculator which will help you to see how long it it will take you to pay off you debt. It can be very motivating.

Good luck!

Urg