BT doesn't cover full amount - suggestions please :)

in Credit cards
6 replies 752 views
Hi all,

I'm hoping someone could provide some options for me with regards to my cc.

I have a Barclaycard cc at £5,900 @ 17.9%. I've closed the account and am paying off the balance instead of accepting their 24.9% interest hike.

I've claimed my PPI and have been given £1,300 which I'm paying straight back onto the credit card, leaving me with £4,600 on the card.

Natwest have accepted me for 18 months 0% balance transfer and have agreed a £,1300 balance transfer.

So this would leave me with £1,300 on a 0% and £3,300 on my Barclaycard at 17.9%.

I have about £200-£250 a month to splash around (and probably more as I'm starting a second job soon).

What would be the best way of tackling these repayments? I've thought about paying minimum on the 17.9% card and clearing the 0% then BTing again (at a fee) but not sure what would be the best route.

Any help would be very welcome :)
Tathie x

Replies

  • pay extra funds to your highest debt first, ie the barclaycard.
    If you keep on doing what's you've always done, you'll keep on being what you've always been...:think:
  • Hi all,

    I'm hoping someone could provide some options for me with regards to my cc.

    I have a Barclaycard cc at £5,900 @ 17.9%. I've closed the account and am paying off the balance instead of accepting their 24.9% interest hike.

    I've claimed my PPI and have been given £1,300 which I'm paying straight back onto the credit card, leaving me with £4,600 on the card.

    Natwest have accepted me for 18 months 0% balance transfer and have agreed a £,1300 balance transfer.

    So this would leave me with £1,300 on a 0% and £3,300 on my Barclaycard at 17.9%.

    I have about £200-£250 a month to splash around (and probably more as I'm starting a second job soon).

    What would be the best way of tackling these repayments? I've thought about paying minimum on the 17.9% card and clearing the 0% then BTing again (at a fee) but not sure what would be the best route.

    Any help would be very welcome :)
    Tathie x

    Apply for the creation mastercard which has a long 0% BT period you should be accepted.
  • edited 31 December 2011 at 12:31AM
    YorkshireBoyYorkshireBoy Forumite
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    edited 31 December 2011 at 12:31AM
    ...leaving me with £4,600 on the card.
    In future, when you've a high balance relative to your credit rating (as you must have, being offered only £1,300), you're better off making 2 (or even 3!) simultaneous applications. This is because whilst the second (and third) will see the search they won't see the credit limit(s) assigned. And if the first gives you what you want/need then just cancel the second (and third) within 14 days.
    I've thought about paying minimum on the 17.9% card and clearing the 0% then BTing again (at a fee) but not sure what would be the best route.
    Others have told you the best way...highest interest rate first, whilst making minimum (plus £1) payments on 0% cards...but your plan falls flat on it's face anyway because you only get 0% on balances shifted in the first 3 months on the NatWest card. Always read the small print. ;)
  • Thanks for the replies - I really appreciate your help :)
  • In future, when you've a high balance relative to your credit rating (as you must have, being offered only £1,300), you're better off making 2 (or even 3!) simultaneous applications. This is because whilst the second (and third) will see the search they won't see the credit limit(s) assigned. And if the first gives you what you want/need then just cancel the second (and third) within 14 days.Others have told you the best way...highest interest rate first, whilst making minimum (plus £1) payments on 0% cards...but your plan falls flat on it's face anyway because you only get 0% on balances shifted in the first 3 months on the NatWest card. Always read the small print. ;)

    Just a question for my own knowledge really. If you cancelled within the 14days would the credit agreement still show on your report as settled or not show at all just the search?
    Thank you
    Can I find out my credit score?
    You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
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    Saints2011 wrote: »
    If you cancelled within the 14days would the credit agreement still show on your report as settled or not show at all just the search?
    I don't honestly know, but I would think not...otherwise what's the point of the '14 day' cancellation section (requiring signature and return) in the agreement?
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