Advice Needed Please...

darren_5

Hi everyone,

I've used this forum plenty of times before but due to some strange goings on I have had to re-register!

I'm in a bit of a dilemma, I've just looked at my CC statement and noticed I have a balance of £928 and have been paying the minimum payment or just above the minimum payment of £36.

However, looking at the interest! The interest is £23.50 and some payment protection that is £7.28. So i'm paying £30.78 and need the balance gone!

Now, i've read the CC pages but am a bit confused. I have a loan with 5,000 on and I am in my overdraft so won't this go against me if I was to apply for one of these 0% CC. Also, if I go for a 0% deal, then will I be able to do a balance transfer or will there be a £500 or similar that I can transfer to it.

I'd really appreciate your help!

Darren

Tixy

Have you considered whether you need the payment protection? have you considered cancelling it? Can you not afford to pay more than the £36 a month?

Yes being in your overdraft could possibly count against you when applying for a new card, its certainly something the new potential lender will take into account, along with all the other information on your application and on your credit file.

If you do apply for a 0% card then make sure its a 0% balance transfer card - and you will usually be able to transfer up to 90% of the credit limit on the new card (which you won't find out until you've applied).