Advice on balance transfering

sarmia

Right.....my mother has two credit cards.. now might not get the right providers but the right amounts. The first is with the Halifax at £11,000 and the second with Mint at £7,000. She pays over £400 a month for these combined and this is just interest payments. I want her to transfer to a 0% card to start paying these off but she gets easily confused and thinks its too much hassle. So I want to sort it out for her. I have a couple of questions if anyone can help;

1. How much can you transfer, is £11,000 too much or could you transfer half on one card and the other half on another?
2. Could she get too cards out to cover both the current credit cards or would you have to use different providers?
3. Her basic wage is £13,000 though she earns around £20,000, she has a house which is worth around £400,000 -£500,000 with a £225,000 mortgage. (She has just just got divorced which has eaten up all the savings which has resulted in the high credit card amounts). Is it likely she will get another credit card on this wage?
4. If we are successful in getting some new cards, would it be easy to transfer to another new 0% once the period ends.

Help!!!!!!!!!!!

Mozette

If there is any leeway with the credit limits, you might want to decrease them, as 'available credit' can be a minus point, I think I have picked up from this board that Capital One are fairly lenient with giving out cards & credit limits, and generally do a decent 0% deal. However, if you don't get the limit you want, try phoning & asking for an increase - you never know - but transfer the maximum anyway, whatever at 0% is better than whatever at 12% 16% or whatever rate you get currently. Probably not worth applying for more than 3 cards at once - could try a low rate LOB BT - it's my feeling that lenders are tightening up on lending. But however many cards you get and whatever limit you get, you can transfer what they will let you. £11,000 to one card, or £1,000 to 11 cards - or anything in between!

GeordieSaver

have you looked at the Vigin Credit Card? It has a balance transfer deal of 0% for 13 months and comes with other benefits too:

0% p.a. on balance transfers for 13 months
(2.98% handling fee applies)
0% p.a. on card purchases for 3 months
15.9% typical rate (variable)
10% off at Virgin Megastores
10% off at Virgin Holidays
10% off at Virgin Wines
10% off car, home, pet and annual travel insurance
75% off at Virgin Active

The commission might put you off tho? Found the deal on https://www.quote-beater.co.uk

CLAPTON

a 225,000 mortgage will cost about 18,000 a year to service. If she earns 20,000 a year she must be spending her entire income on the mortgage.

Can you check the figures are correct as i can't see any mortgage provider giving her this figure.

you need to get her to write out a full SOA (i.e. list of income and spending and all the debts in detail) and then see whats what.

sarmia

Yeah she is in the s*!t and thats why I want to help.

Her partner earns good money and they are seeing about getting him on the mortgage as they do not want to move. I just want to help out as much as I can and I know she wont sort it out herself. I am really worried for her.

Her income just covers her outgoings her IO payment 'she says' is approx £1,000 a month she does get money from partner as well as wage. She was in a better paid job when originally took mortgage out. I wouldsay total debt outgoing including mortgage £1700 a month:eek: :eek:

Geordie - I did look at Virgin site and it asked how much mortgage payments where so with income they're prob say no