Some advice re: balance transfer please

Debtgirl_2

Hi,

Ive got a cc with halifax and have had it for years, not been getting anywhere on paying it off, as the interest has been so high. I owe £2500. I decided today to try and get a balance transfer, went into Nationwide and they said they would only transfer £1100 as I have no relationship with them, I accepted that and it's currently being sorted out. It's 0% for 17 months. I decided to try and transfer the rest onto another 0% card so just applied online for MBNA and got declined. Could this be because Ive already applied for another one today? Just cant see why Nationwide would accept but not them.

Also would the best thing to do be to stick with the one Ive got and leave it at that as Ive heard that your credit rating goes down when you get declined.

And would the best thing to do be to pay off £65 a month (what I would need to clear it in 17 months) on the Nationwide one and just try and ay what I can afford on the Halifax one (which wont be much) and when the balance is down in about 6 months or so on the Nationwide one, transfer some more over to it?

Im new to all of this and don't really have a clue what Im doing, I just really want to get this sorted once and for all!

Thanks

Fruit_and_Nut_Case

Debtgirl wrote: »

Hi,

Ive got a cc with halifax and have had it for years, not been getting anywhere on paying it off, as the interest has been so high. I owe £2500. I decided today to try and get a balance transfer, went into Nationwide and they said they would only transfer £1100 as I have no relationship with them, I accepted that and it's currently being sorted out. It's 0% for 17 months. I decided to try and transfer the rest onto another 0% card so just applied online for MBNA and got declined. Could this be because Ive already applied for another one today? Just cant see why Nationwide would accept but not them.

That could be one reason. Different lenders have different criteria.

Debtgirl wrote: »

Also would the best thing to do be to stick with the one Ive got and leave it at that as Ive heard that your credit rating goes down when you get declined.

Not strictly true. Potential lenders only see that you have made an application. They do not see whether you have been approved or declined.

Debtgirl wrote: »

And would the best thing to do be to pay off £65 a month (what I would need to clear it in 17 months) on the Nationwide one and just try and ay what I can afford on the Halifax one (which wont be much) and when the balance is down in about 6 months or so on the Nationwide one, transfer some more over to it?

That could be a good move unless Nationwide have a time limit for transfers.

Debtgirl wrote: »

Im new to all of this and don't really have a clue what Im doing, I just really want to get this sorted once and for all!

Thanks

Good luck and welcome to MSE!

Debtgirl_2

Thanks, this nationwide card has no time limit for transfers which is great! I think Im going to concentrate on paying as much as I can off of the Halifax one (about £100 a month) and not worry to much about the nationwide one, probably paying off about £40 a month for now, then in 6 months time see what I owe on Halifax one and review the whole situation again. Im just so excited that Im finally coming up with plans that actually seem do-able. Cant wait to get started, I have been brushing everything under the carpet for a couple of years now but enough is enough! Thanks for your helpful reply.

YorkshireBoy

Debtgirl wrote: »

this nationwide card has no time limit for transfers which is great!

I would get that confirmed (if indeed they've told you rather that you 'assuming'), because according to their website...

Balance transfers at 0% must be made within 3 months from account opening...

http://www.nationwide.co.uk/creditcard/offer-deals.htm?intcmp=Intcmp_0536

Debtgirl_2

YorkshireBoy wrote: »

I would get that confirmed (if indeed they've told you rather that you 'assuming'), because according to their website...

Just checked my documents and you are right. The guy that I was talking to at the branch actually told me that if, in about 6 months I've got the balance down then I could do another balance transfer, I just assumed it would be at 0%, silly me. Ah well, guess I will concentrate on the Halifax one as much as I can for the next few months then as I wont be transferring anymore over! Thought it sounded too good!

splatt30

Pay the minimum each month off the Nationwide (ideally set up a direct debit for this). Then pay everything else you have to spare off the Halifax card.
Good Luck