Transfer Balance help

lanadelray

Hi, I've had a quick search for the answer but I'm not sure what I'm looking for.

I have an Amex card which, after missing a couple of payments due to family problems, they put me on a fixed repayment of £350 pm. This has killed me but it has meant that in the next couple of months the debt will be cleared. The interest is 1.31%. I also have an RBS card with a balance of £3.5k, I'm too afraid to look at what the interest is but - because of the huge amex repayment - I've been paying just over the minimum each month and the balance has barely moved.

Both sets of debt are a couple of years old after a home renovation, I've not used either card since.

My question is do you think I could ask Amex if I would transfer the RBS balance to them and I carry on paying £350 per month? Or do you think they will want to get rid of me when the debt is finally paid off? I can call them but I'd just like to be forewarned if they are going to laugh at me.

many thanks

Dabooka

So you defaulted on your Amex and you expect them to sanction a BT to your now closed account?

Yeah, I think they'd laugh at you. I am.

lanadelray

ah yes but that was over 2 years ago Dabooka. I've paid off over £10k without any trouble and surely they must love me to be charging 1%?

Also the default wasn't lack of funds, I had left the country to support a very ill parent and it was the last thing on my mind.

[Deleted User]

They're going to prefer people paying more than 1% I'm afraid.

Tixy

It would be sensible to find out the APR on the RBS card.

If you are going to be paying it off at around £400 a month (the £350 spare plus the minimum payment you have been paying) then it might not be worth a BT fee to transfer elsewhere as it would be cleared in less than a year anyway.

Dabooka

lanadelray wrote: »

ah yes but that was over 2 years ago Dabooka. I've paid off over £10k without any trouble and surely they must love me to be charging 1%?

Also the default wasn't lack of funds, I had left the country to support a very ill parent and it was the last thing on my mind.

I suspect that the adage 'time being a great healer' isn't something you hear much in the corridors of Amex. And the reasons for default are largely academic.

Just buckle down, once it's paid off throw the £350 to the other debt

lanadelray

Thanks everyone. I'm going to try Amex even though they will laugh. I like them, it bloody hurt at the time but it's nearly paid off so I feel they did me a favour unlike RBS which isn't shifting. I don't think I can see online what the interest is but I know I'm paying approx £80 pm but the balance is only reducing £5.

You're right Tixy, I still want to pay £400 pm and I guess I can just xfer to another card. Just thought amex would be easier as it's already set up.

thanks again

Tixy

lanadelray wrote: »

You're right Tixy, I still want to pay £400 pm and I guess I can just xfer to another card. Just thought amex would be easier as it's already set up.

thanks again

Have AMEX marked your credit file with a default or with an arrangment to pay? If so then its very unlikely you'll be able to get a new 0% balance transfer card at the current time.

If the £75 ish a month is all interest (not payment protection or anything else) then the APR looks to be around 29%. If it is 29% and you pay £430 a month to the debt then it will be paid off in 9months and cost you around £330 in interest.

lanadelray

Thank you so much Tixy, that's so helpful.

I'm not sure what Amex have marked me. I know that they did start reducing my credit limit but it seems to have remained at £5k now. Though I'd never use it and I've destroyed the card anyway.

I can totally live with 9 months, I thought it would take forever. Thanks for calculating it for me.

Tixy

If you find it is a different APR - or want to look at how paying more or less a month affect how long it will take then use this link - http://www.whatsthecost.com/snowball.aspx