Card Balances

dave35

This is all of my own fault, i have racked up approx £11000 in card debts, £6000 on Barclaycard,£5000 on Halifax mastercard. My minimum payment on barclaycard is £150 and £100 on the mastercard, as i can only afford to pay off £300 a month over the 2 cards, i'm finding that the balances are not going down easily. any help gratefully recieved.

loulouloulou_2

hi there, im in pretty much the same state as you!!

I have phoned my credit card companies though and asked them if i can lower my interest rate at all as i have been with them for some time, etc, etc

Virgin dropped from 24.9% to 19.6%, so its worth asking at least.... try to get your head down and just keep slugging away!!!

Good luck :beer:

loulouloulou_2

Also.... you'd have to see if you can, but Sainsburys are doind a card which is 5.9% for the life of any balance transfers, maybe that'd work for you???!

dave35

But isn't the sainsbury's card a mastercard or barclaycard owned, which i thought meant you couldn't transfer a balance from the same credit supplier to the same.

loulouloulou_2

You should be able to... MBNA own alot of them and inderwrite them.. apprently M & S are doing one for 3.9% of the balance transfer life - it may be worth giving it a go?

The_Boss

dave35 wrote:

But isn't the sainsbury's card a mastercard or barclaycard owned, which i thought meant you couldn't transfer a balance from the same credit supplier to the same.

Isnt it run by Halifax? Which would in effect mean the same thing. IF card also offers a low rate for life, but also run by Halifax.

I'd try for the M&S card if I were you, that would help slash your interest payments.

Call_Centre_Monkey

Sainsburys Bank is run with HBOS (Halifax). However, you can do transfers between Sainsburys cards and Halifax cards no problem.