Did a balance transfer in Jan - can I do another one now?

Ophelia_10

Hi

I did a balance transfer of around £700 (of cat vet bills :eek:) from Barclaycard to Virgin so that I could take advantage of the 0% fee and work on getting the card paid off.

However, I stupidly failed to make any payments for the first two months (for some bizarre reason I thought once I'd transferred it, I could just pay some off as and when I could - dumb, I know!). This has obviously resulted in my 0% being cancelled and am now being charged interest.

What are the chances of me being able to do another BT to another 0% card (setting up a DD for payment this time for definite !).

Prior to this, I have never had any defaults and have no other 'debt' issues or cards or loans etc.

Many thanks for any advice

jason1231972

Ophelia_10 wrote: »

Hi

I did a balance transfer of around £700 (of cat vet bills :eek:) from Barclaycard to Virgin so that I could take advantage of the 0% fee and work on getting the card paid off.

However, I stupidly failed to make any payments for the first two months (for some bizarre reason I thought once I'd transferred it, I could just pay some off as and when I could - dumb, I know!). This has obviously resulted in my 0% being cancelled and am now being charged interest.

What are the chances of me being able to do another BT to another 0% card (setting up a DD for payment this time for definite !).

Prior to this, I have never had any defaults and have no other 'debt' issues or cards or loans etc.

Many thanks for any advice

Your missed payments may scupper your chances for now. That's not to say you absolutely won't be accepted, but go easy on the number of credit searches you do...

...if rejected, is the debt still around £700? What's the APR? What could you realistically afford to pay per month? Is it your only debt of this nature (interest-charging)? I ask because £700 is neither here nor there in the grand scheme of things, and could be shifted quickly with some decication. Your minimum monthly payment should be around the £20 mark. Even paying £30, £40, £50 per month will quickly reduce this debt.

Paul_the_Painter

Try logging in to your Barclaycard account and see if they are offering you a balance transfer offer. Much easier than than having another search done. They are currently offering me 6 months at 0% with a 3% fee.

Ophelia_10

jason1231972 wrote: »

Your missed payments may scupper your chances for now. That's not to say you absolutely won't be accepted, but go easy on the number of credit searches you do...

...if rejected, is the debt still around £700? What's the APR? What could you realistically afford to pay per month? Is it your only debt of this nature (interest-charging)? I ask because £700 is neither here nor there in the grand scheme of things, and could be shifted quickly with some decication. Your minimum monthly payment should be around the £20 mark. Even paying £30, £40, £50 per month will quickly reduce this debt.

Thanks Jason - I don't have the APR to hand at the moment. I hear what your saying about the debt should be able to be shifted quickly, but I have a few trips planned this summer so would be difficult to tackle but I should be able to do something more if I squeeze hard. I'm paying £25 minimum but do try to pay off a bit more than that if I can.

Ophelia_10

Paul_the_Painter wrote: »

Try logging in to your Barclaycard account and see if they are offering you a balance transfer offer. Much easier than than having another search done. They are currently offering me 6 months at 0% with a 3% fee.

Thanks Paul - that was an excellent idea and I did what you said. They are offering 0% till November with a fee of 2.90% so that is something I will consider.

Many thanks for the great tip :T