Help with Credit Shuffling

Ralphy101

Hi

I currently have 3 cards - trying to structure my debt and make it cheaper

Barclaycard credit limit £3500 - balance = £1650 16.9%
Natwest Classic Credit Limit £800 - balance = £800 17.9%
Natwest Platnium Credit Limit £1000 - Balance = 1000 17.%

Barclaycard have offered me their 6.9% deal for life of balance.

I was wondering in order to bring my debt down could i do this ?

1) Move Natwest debt to Barclaycard 6.9% deal ( will have exsisting balance at 16.9 and new balance at 6.9)

2) Move £800 of the 16.9% exsisting barclaycrd debt to Natwest Classic (0% until May ). This will then max the card out.

3) once the £800 is confirmed moved - Transfer it back to Barclaycard at 6.9%.

4) transfer remaining £800 to natwest classic - 0% until May.

Or could anyone help me try and figure something out ?

Thanks

blitzboy

Ralphy101 wrote: »

Hi

I currently have 3 cards - trying to structure my debt and make it cheaper

Barclaycard credit limit £3500 - balance = £1650 16.9%
Natwest Classic Credit Limit £800 - balance = £800 17.9%
Natwest Platnium Credit Limit £1000 - Balance = 1000 17.%

Barclaycard have offered me their 6.9% deal for life of balance.

I was wondering in order to bring my debt down could i do this ?

1) Move Natwest debt to Barclaycard 6.9% deal ( will have exsisting balance at 16.9 and new balance at 6.9)

2) Move £800 of the 16.9% exsisting barclaycrd debt to Natwest Classic (0% until May ). This will then max the card out.

3) once the £800 is confirmed moved - Transfer it back to Barclaycard at 6.9%.

4) transfer remaining £800 to natwest classic - 0% until May.

Or could anyone help me try and figure something out ?

Thanks

This wouldnt work as when you do the balance transfer from the Barclaycard they would apply it against the debt which costs them the least (the new deal). This is how i understand it anyway.

The best thing i can think of is:

Transfer 'Natwest Classic Credit Limit £800 - balance = £800 17.9%' to Barclaycard 6.9%

Transfer £800 of 'Natwest Platnium Credit Limit £1000 - Balance = 1000 17.%' to Classic 0% if Natwest will allow, if not then transfer the full £1000 to Barclaycard 6.9%.


Unfortunately I can't see a way of consolidating the existing Barclaycard debt without applying for a new card (unless someone cleverer than me can come up with something). You may be able to get a brand new 0% deal?

Ralphy101

yeah its a tricky one -

I dont think Natwest allow - transfers between two of their own cards...

blitzboy

In which case I think the best 2 options are either to get a new 0% deal if possible, or transfer both NatWest amounts onto the Barclaycard 6.9% deal.

Alternatively you could look at a decent % loan to cover all 3 amounts? This could save you a lot if you get a decent % as you will then loose the high % on the Barclaycard too. But, if possible, a new 0% card is definitely best

Ralphy101

Thanks mate

Just looked at loans on natwest - its something stupid like 20.9% for anything under 7500 !!

blitzboy

Yes it always pays to shop around.

This is a link to the MSE loans page, about a third of the way down is a 'loan finder' tool.

http://www.moneysavingexpert.com/loans/cheap-personal-loans#tool

I hope it helps!


But like I said, a 0% card is definitely favorable

Ralphy101

Ok cant get a 0%.

I have also tried to call natwest and they gave the impression they could give me a loan at 8.9% to cover all three.

So i got put through to their helpful banking department - and after a few q's - they guy said - the system is telling me that you would probably fail the credit check.

So.....

I am thinking

Transfer both natwest cards to barclaycard.

I'll have one balance of 1650 at 16.9%
Then have another balance at 1800 at 6.9%

1) what will happen to the payments i understand that they go on the expensive debt first.... but will the cheaper date still accrue interest?

Also

I will wait a a few months then ask Natwest if they could offer me a deal to cover the exsisting amount....

any thoughts?

Ta