We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
0% Balance Transfer Credit Card for £12,000?
toughtimes
Posts: 8 Forumite
in Credit cards
Hi there,
Posting this to try and get some advice for my mum. She is retired and living on a small pension - she doesn't have much money at all. She owns her small flat outright, which is fantastic, but she also has £12,000 on a credit card and at the moment is only paying the minimum balance each month as she can't afford more from her pension income. I think it would be a good idea for her to transfer the balance onto a 0% credit card to buy her some time to get together the money to pay the credit card off altogether. Can anyone point me in the direction of a 0% credit card that will accept such a large balance transfer? All her banking is currently with Lloyds TSB and she has a good credit rating.
Her long term plan (within the next year) is to sell her flat (London outskirts) and move to a cheaper part of the UK (where she has friends). She can buy a cheaper home and then will have a lump sum of cash - to first of all use to pay off her credit card, and then to keep to cover the costs of the occasional holiday and for emergencies.
I think the 0% credit card idea is best but perhaps a transfer for a balance so big is not possible? perhaps an unsecured loan would be better -if possible with a pension income? Any advice would be gratefully received! I know this is causing her stress.
Thank you very uch.
Posting this to try and get some advice for my mum. She is retired and living on a small pension - she doesn't have much money at all. She owns her small flat outright, which is fantastic, but she also has £12,000 on a credit card and at the moment is only paying the minimum balance each month as she can't afford more from her pension income. I think it would be a good idea for her to transfer the balance onto a 0% credit card to buy her some time to get together the money to pay the credit card off altogether. Can anyone point me in the direction of a 0% credit card that will accept such a large balance transfer? All her banking is currently with Lloyds TSB and she has a good credit rating.
Her long term plan (within the next year) is to sell her flat (London outskirts) and move to a cheaper part of the UK (where she has friends). She can buy a cheaper home and then will have a lump sum of cash - to first of all use to pay off her credit card, and then to keep to cover the costs of the occasional holiday and for emergencies.
I think the 0% credit card idea is best but perhaps a transfer for a balance so big is not possible? perhaps an unsecured loan would be better -if possible with a pension income? Any advice would be gratefully received! I know this is causing her stress.
Thank you very uch.
0
Comments
-
Hi, I'm sure someone will correct me if I'm wrong but unfortunately I don't think a balance that large could be transferred to a new card
. Also it's difficult to get an unsecured loan over the age of 65, might be possible with a guarantor. Sorry it's not better news. I SUPPORT CAT RESCUE! Visit Cat Chat to support cat rescue too.
One can pay back the loan of gold, but one dies forever in debt to those who are kind. ~Malayan Proverb
Always forgive your enemies; nothing annoys them so much ~ Oscar Wilde
No excellent soul is exempt from a mixture of madness ~ Aristotle0 -
Hi ineed, thank you for your reply. I'm not really surprised to hear that she can't transfer with such a large balance - from what I could find online this is the case. If anyone else does know different then please do let me know. She will just have to hold on until she sells her flat. Cheers.0
-
Hi, I was given a new BT Barclaycard with a £15,200 limit on it just recently, having never ever used Barclays before. So they do happen, although I can't help but think it might have been a mistake, given that lots of other providers won't even look at me!0
-
You don't need to transfer all £12000. Even getting £1000 at 0% would be a significant help; but on a pensioner's income I'm not sure 0% offers will be easy to find.We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards