advice - saving on debts

blebleble

My financial situation:

loan £ 90 lLoyds 28 %
loan £ 3390 LLoyds 28.90 %
LLoyds credit card £ 950 29.9 %
old Barclay card £ 0.00 ( cleared) limit £750
overdraft natwest £100 ( 0 %)
newly opened Barclay Gold 0% balance transfer card for 12 months nwith limit £2250

How to take the best adventage from my new Barclay card 0 % balance transfer. I have no option to transfer balance from barclaycard to bank account.
Help please, many thanks, Anna

Gurranes

Are there any early redemption fees on the loans?

I would transfer the Lloyds card and settle the smaller loan that would leave £1210 unused limit on the Barclaycard. (if there are no fees added).

Again if fees make sense use whatevers left to reduce the final loan. Then if your overall monthly payments are lower than now put the difference to over paying the loan down to zero, put it aside to help when the 0% expires.

What is the APR on the unused Barclaycard? or the purchase rate on your new card. If they are lower than the LLoyds card and you really have to spend use those. When paying your new card the higher rate debt will be paid first.

grumbler

blebleble wrote: »

My financial situation:

loan £ 90 lLoyds 28 %
loan £ 3390 LLoyds 28.90 %
LLoyds credit card £ 950 29.9 %
old Barclay card £ 0.00 ( cleared) limit £750
overdraft natwest £100 ( 0 %)
newly opened Barclay Gold 0% balance transfer card for 12 months nwith limit £2250

How to take the best adventage from my new Barclay card 0 % balance transfer. I have no option to transfer balance from barclaycard to bank account.
Help please, many thanks, Anna

1. Withdraw cash from Lloyds card. This will cost you you 3%. They will probably just transfer money to your current account for the same charge if you ack them.
2. Use the cash to pay off a loan.
3. Transfer the balance from Lloyds to Barclays (I think 2250*90%=£2025 is max).

You can repeat this if your Lloyds limit doesn't allow you withdrawing £1075.

blebleble

Thank you for goog advice. But am I allowed to transfer balance few times to barclaycard few times within 60 days of credit card account opening? This is only way i will able to withdwaw cash from lloyds card and repay loan as i can withdwaw 50% in cash of credit limit. Or you advice to ring barclay and ask for trsnsfer balance to current account?

grumbler

blebleble wrote: »

Thank you for goog advice. But am I allowed to transfer balance few times to barclaycard few times within 60 days of credit card account opening?

Why not?
Read summary box
"2.5% fee on transfers made within 60 days..."

Or you advice to ring barclay and ask for trsnsfer balance to current account?

No, I don't. This will be a cash transaction that will attract higher interest rate and will not qualify for 0%.
And it's either to transfer money to current account or to transfer balance from it.