Override credit check

Tixy

There are 0% balance transfer deals available from quite a few cards. But they will require a credit check, and are generally only offered to people with squeaky clean credit files.

Any credit check is going to show that you have used payday loans very recently - which is seem as a big negative to potential mainstream lenders. It shows that you haven't been able to live within your means and have taken desperate steps to borrow (as payday loan APRs are very much a last resort option).

At 17.9% and £350 a month you will have the debt paid off in 8months and pay £134 in interest in that time.

When you take in to account that even if you could get a 0% balance transfer deal they have fees of typically 3% - that would be £78, so not massively cheaper than sticking with your current card.

Joe_mac

Tixy wrote: »

There are 0% balance transfer deals available from quite a few cards. But they will require a credit check, and are generally only offered to people with squeaky clean credit files.

Any credit check is going to show that you have used payday loans very recently - which is seem as a big negative to potential mainstream lenders. It shows that you haven't been able to live within your means and have taken desperate steps to borrow (as payday loan APRs are very much a last resort option).

At 17.9% and £350 a month you will have the debt paid off in 8months and pay £134 in interest in that time.

When you take in to account that even if you could get a 0% balance transfer deal they have fees of typically 3% - that would be £78, so not massively cheaper than sticking with your current card.

Paying it off within 8 months is going to be the best option.. Might set a challenge to have it paid off by Xmas.

Thanks alot for your help...greatly appreciated

DCFC79

Joe_mac wrote: »

Bit of a rude reply, gambling addiction is very tough to deal with, contstantly looking for any extra cash to gamble with and these pay day loan companys just throw money at you.

You still accepted the money and could have rejected it.

Joe_mac

Easier said than done though when caught right in the middle of it, just looking for any extra cash to gamble with

Joe_mac

But as stated I have overcome this and starting to look for a positive way out, dwelling on the fact I was using these companies is pointless.

dealer_wins

Joe_mac wrote: »

I had a bit of panicky moment earlier when writing that, thinking im doomed, but assesing the pay day loan I owe about £500, im gunna just bite the bullit and pay it all off. I pay £150 a month lodge and £164 for my existing loan. Once the payday loan is covered, Im gunna speak to Natwest and try to refinance my debt to them, otherwise it will take me a long time to pay off my credit card.

Some brilliant advice given here and appreciate it all!

Any other tips would be greatly appreciated....

PS I've heard all the gambling jokes don't worry! ha

Thats one hell of a freudian slip LOL

geoffky

Joe look up snowballing debt...thats the way forward for you..

Savvy_Money

Joe I agree with Paul. Some posters here just get their kicks by making comments that are unconstructive and totally unhelpful. Well done for facing up to your problems. I'm addicted to chocolate which one day may cause me to have a heart attack - we all have our demons. The advice here has been on the whole good advice, ignore the negative ones!