balance transfer help

weetsie

Hi,

I owe £800 on a credit card and have no way of paying it off at the moment, no job or money as I already sold a load of stuff to pay £1400 of the debt off.

I'm looking at the barclaycard and I'm wondering,

will they accept my application considering I have £0 income?

I used two creditcards quite extensively over the last year as I put everything I could on creditcard when I had a business and just paid it off in full at the end of the month, my direct debits bounced a couple of times but other than that i had no issues.

as for balance transfers, does doing one with barclays automatically close the account I transferred from? If so could I do a balance transfer from my capitalone account which is unused with £0 balance?

Thanks.

smithers1981

I suggest you go to bed earlier so you can get up and go look for a job.:rotfl:

keeleyjadex

Hiya.

With £0 income I highly doubt that Barclaycard would accept. All you can do it try it and if they refuse then you know, right? It'll only mark your score once so isn't going to make a huge impact on you. Other option is look at Nationwide, I got 20months interest free on my BT and they offer a soft search so they tell you what you'd potentially get before you submit so you have time to back out.

The account you're transferring from won't automatically close. You need to wait for the BT to go through and account showing £0, cancel any DD's you have with them and call to close the account.

byjimini

Transferring a balance won't close the old account.

Personally, for such a small amount of money, just keep paying the minimums. I doubt you'd be accepted for a new card.

StuC75

To rephrase the OP

Owe's £800, No Job, No means to repay... Wants to shift it elsewhere..

Not sure of any company that would want to take that on, knowing that as the Truth..

Even if you Balance Transfer you will be charged a Transfer fee (So increasing a balance)... When would actually make a payment.. Or do you have the delusion of constantly transferring from one card to the other??

weetsie

StuC75 wrote: »

To rephrase the OP

Owe's £800, No Job, No means to repay... Wants to shift it elsewhere..

Not sure of any company that would want to take that on, knowing that as the Truth..

Even if you Balance Transfer you will be charged a Transfer fee (So increasing a balance)... When would actually make a payment.. Or do you have the delusion of constantly transferring from one card to the other??

I'm currently paying more per month in interest than the cost of a transfer, so even if I could pay it off in full in two months it would still be worth it to me.

and god help me if I can't get rid of £800 of debt in 2 years.

EDIT: they accepted my application, gave me £4300 credit also? happy days.

marywooyeah

glad you got sorted OP just don't be tempted to start spending some of that £4300 or you'll end up in the same boat again!