Will i be able to do this???

meemo38

We have 2 credit cards...both have just over 4K on them, they are just about maxed out, as trying to go get to maxed as dont want to go over the limit with interest charges.
Anyway, we cant get another card to do a 0% as DHs income doesnt allow this, and dont want anymore anyway...but with both being at limit cant do any 0% transfers...both would allow this as one is virgin, and the other lloyds......could we.... £1000 which will be loaned to us only if we can do this.... pay £1000 off of the lloyds, then transfer a £1000 from virgin back over to the lloyds, then if possible transfer £1000 back from the virgin into our account to be given back to my daughter?????
I am trying desperatly to think of ways to get the interest down as it was £70 last month just on one bill!!!!

NYGiants

With the transfer fees you'll have less than £1000 at the end (closer to £950 assuming a 2.5% fee), and the last transfer will be a cash transfer to your bank which many cards won't allow, or at least charge a much higher rate of interest and from day 1.

Without knowing the percentages of the cards and the transfer fees you may find that you'd be worse off doing it that way.

Tixy

You could potentially have an issue that once you pay off the £1 from the first card your card provider could decide to reduce your credit limit down to the new balance.
Have seen this happen before in this kind of sceanrio which makes paying off the borrowed money impossible.

meemo38

Thanks for the replies....lloyds reduced DHs credit 2 weeks ago from just under 6K to 5K which is why we cant flippin transfer any of the virgin over grrrrr, thanks anyway