Balance Transfer Question

M1L1X

Hi,

Trying to get my finances sorted before a pending house move.

Currently I have 2 credit cards. One with Lloyds TSB and one with Natwest.

Both have limits of £1000. Both cards are maxed out. Both cards are cancelled.

A few months ago I setup a DD on both cards to pay the minimium, the rate it's going at the moment they should be paid off in around 40 years.

I was hoping to grab a 0% balance card and pay them off. Unfortunately due to my poor credit rating it hasn't been possible to get a 0% card. (This is what Nationwide have told me)

My Question -

Is it worth applying for the other credit cards mentioned on this site? Tesco and M&S?

Can a family member take a credit card out, I transfer the debt over to there card and setup a DD to pay off the card?

Thanks for your help :beer:

Tixy

M1L1X wrote: »

My Question -

Is it worth applying for the other credit cards mentioned on this site? Tesco and M&S?

What is on your credit files that makes it 'poor'? have you looked at them?
Do you have late payments? defaults? CCJs?
Are you on the electoral roll at your current property?

M1L1X wrote: »

Can a family member take a credit card out, I transfer the debt over to there card and setup a DD to pay off the card?

This can be done, so long at their card is not issued by the same provider as your card. And of course they would become legally responsible for your debt.

M1L1X

Tixy wrote: »

What is on your credit files that makes it 'poor'? have you looked at them?
Do you have late payments? defaults? CCJs?
Are you on the electoral roll at your current property?.

I had a meeting with Lloyds TSB regarding my account. The did a check and pointed out that my current account is fantastic, but I had missed a couple of payments on the credit card that had affected my rating there. Unfortunately I took out cash on the credit card so I am getting charged at a higher rate. (Lloyds recommended I didn't contact any other company regarding a loan or credit card to help with the payment)

Apart from that my credit rating should be fine.

Yes I am on the electoral roll.

Me and my partner recently opened a joint account at Nationwide and speaking to the advisor about my credit card debt, he said he would see if he could do anything to help. Unfortunately they couldn't even offer me a £500 limit.

Ideally an ideal situation would be a 2k limit from either a loan or card with a monthly payment of £100-£150 which would be easily affordable.

Tixy wrote: »

This can be done, so long at their card is not issued by the same provider as your card. And of course they would become legally responsible for your debt.

I am hoping this is something my mum can help me out with.

Tixy

Only way to check if your credit report is okay is to order the reports and look at them, otherwise there may be something on there that you are not aware of - you can get them for £2 each.

It might be that you have been refused because all your credit is maxed out and so you have a very high debt to total credit ratio, added to some missed payments and you are likely going to be out the running for the 0% cards.

If mum does agree to the card then make sure she knows that if you miss payments her credit rating will be affected possibly before she is even aware of the issue. She might prefer to pay the card herself by DD and then you pay into her bank account, that way she will be sure its being paid. Equally if you lost your job then she would need to make the payments herself to preserve her credit rating.

M1L1X

Thank you for you help.

I will speak to my mum regarding the credit card and hopefully this would be my easiest way out of the situation I am in.

Where can I get hold of the credit reports? Is that from Lloyds TSB themselves? Also I believe I may have been miss sold PPI on my Lloyds TSB credit card. I didn't realise I was paying for it until I had a meeting with them a couple of months back.

Tixy

See here for your credit files http://www.moneysavingexpert.com/loans/credit-rating-credit-score#files

Regarding PPI you would need to look at the guides on this section to see if you might have a claim - Reclaim PPI & Other Insurance