Large credit limit balance transfer

davetheplumber

My partner has about £18K of dept inherited from his marriage. This is about 8K on a coop credit card and 10K on a Barclaycard. He is currently paying about 20% on each:eek:. Is it possible to transfer such a large balance to a new 0% card or is there a better way to decrease the cost.

thanks

zerog

davetheplumber wrote: »

My partner has about £18K of dept inherited from his marriage. This is about 8K on a coop credit card and 10K on a Barclaycard. He is currently paying about 20% on each:eek:. Is it possible to transfer such a large balance to a new 0% card or is there a better way to decrease the cost.

thanks

It is possible to transfer but it depends on what limit any new card would offer you (probably not high). You won't be able to transfer between cards by the same bank.

Other options are to get a loan which will probably be at 10% or lower, use overdraft, reduce spending, sell house etc.

davetheplumber

Any suggestions of cards which are likely to give a high balance transfer? thanks

sharpy2010

Oh dear, someone else who wants to get out of debt by borrowing more...

jellyhead

sharpy2010 wrote: »

Oh dear, someone else who wants to get out of debt by borrowing more...

That's not what they are trying to do, not at all. Paying less than 20% interest means they pay less overall and can clear the debt faster, it makes sense.

jellyhead

I don't know much about credit cards, I only came on this board to look for information about the Natwest offer, but I don't have large credit limits on any of my cards. Barclaycard gave me the highest.

Even if you are given quite low limits it may still be worth trying. There are offers around at the moment that give 22 months at 0%, and even a few thousand would save you a lot in interest so I'd try for 1 or 2 if I were you. Maybe somebody else will be along to let you know if applying for 2 at the same time would be a bad idea. Natwest have just given us a limit of almost 8k on our new card, so it's worth a try.

davetheplumber

Thanks for the sensible answer Jellyhead:beer:. I think that Sharpy2010 got completely the wrong end of the stick:p. I don't have any debt and always pay off my credit cards every month and hate the idea of paying any interest to anyone. As Jellyhead indicated what is the point of paying 20% interest if you can use the money to pay off the debt !!!!

Still welcome any further thoughts but sounds like NATWEST is the one to go for in the first instance.

Fruit_and_Nut_Case

If your credit record is better than your partner's you might want to consider applying for a new card in your own name. You could then take on some or all of your partner's debt. Usual caveats, of course.

SCO

Fruit_and_Nut_Case wrote: »

If your credit record is better than your partner's you might want to consider applying for a new card in your own name. You could then take on some or all of your partner's debt. Usual caveats, of course.

Never a good idea to make another persons debt legally yours.

Fruit_and_Nut_Case

SCO wrote: »

Never a good idea to make another persons debt legally yours.

Hence why I said Usual caveats, of course. If they're in love, trust each other and plan to stay together then there should be no problem.

cwal

You could try MBNA or Virgin, in the past they have offered quite high credit limits, but if you get turned down its probably not a good idea to apply for other cards immediately as this could affect your credit rating as it will show on your file.