Loan or Balance transfer?

DaveJT

I'm panicking a bit: I don't know which to try first - apply for a loan (£5000) from 'suitable matches' on Equifax, or try a balance transfer from 'suitable matches'. Usual dilemma - footprint on credit file - then it affects the 2nd try if turned down. There are no searches as yet on the file. Thanks for any hints. Dave.

Apples2

Without knowing anything about your circumstance we may as well toss a coin

DaveJT

Sorry - bit more detail: I applied for a bal trans. 6 months ago and it was turned down because I already had enough exposure to debt (£18,000 in 3 diff cr. cards). I wanted to shift some of it (£5000) in a transfer and THEN close down the one it was shifted from, thus the debt exposure would be the same, not £5000 more. I don't know a way round this...You have to transfer it before you can close that account it was in...Any help please?

Apples2

Yep! You've discovered the lunacy in all this.

For someone with £18k worth of unsecured debt, he would have to be earning well in excess of £40k to obtain a further £5k.

Be VERY careful when entering your details for "suitable matches" type forms with the CRA's. They are there to make profit so will pass your details on to the bottom feeders.
NEVER EVER give out your bank account details to any cold callers, no matter that they are telling you on the phone.

Have you already structured the way you are repaying your current cards?
Pay minimum payments on the ones with the lowest APR and throw everything else at the one with the highest APR

DaveJT

Thanks for reply. No I haven't structured any repayments - I just pay the min. off each every month. Never missed. Brilliant Cr. report. I did ask for a loan from one (Halifax) to pay off the Halifax credit card which runs at 25.9%!. They say they have a "Note on the file" : No Loans to be given, so it didn't even get to a credit check. ie. they want the 25.9% rather than 8.8% loan. (They say they don't know why the note is there. Mmm). So a bal. trans would be ideal except that it looks like I'm after more credit - which I'm not. Well, any help would be great, other than that I'll stop paying Halifax and let them get a CCJ. (If they've misplaced my original agreement I've heard they can't enforce it, is that correct do you know? Thanks. David.

Apples2

DaveJT wrote: »

other than that I'll stop paying Halifax and let them get a CCJ. (If they've misplaced my original agreement I've heard they can't enforce it, is that correct do you know? Thanks. David.

Bad choice. A CCJ will prevent you from obtaining any further credit for the next 6yrs.

If they have mis-placed the agreement, they are perfectly entitled to reconstitute a copy, one which does not contain your info, just the terms which were relevent at the time. You can be sure they will be able to produce one.
The debt will still be owed to them, it won't go away, those defaults will continue to be reported further damaging your credit files.