Trying to transfer store cards to credit card

Whats_my_age_again

Hi,
I am trying to help a friend who has slight issues with credit/debts. At the moment they have quite a bit of debt built up on two store cards, they also believe that they have a bad credit history as they have missed payments a few times. Due to interest on store cards they are getting nowhere from paying it off.

They are on a good wage and I thought applying for a 0% credit card and paying off store cards would be the way forward but what is likelihood of being granted one, which is the best one to apply for?

Are there any other alternatives?

Also they are getting charged for going overdrawn on their current account - needless to say money management is not their strong point. I have encouraged her to start a spending diary so we will see how that goes.

pania

Hi couttsy! :wave:

Prob best that they check the credit rating before applying for a new card, don't want to bring it down any further! yes that does sound like a good idea and i think egg is a good one at the moment as it has a long 0% period. (wait for arrows to get shot down in flames!) if their credit rating is a bit naff then i think capital one do a credit repair card? best to check website. don't think it has a particulalry good interest rate but may well be lower than what they are paying at the mo and should be able to cross some of the debt over onto it.
Would their bank consider a loan to pay them off? this way they aren't open to the temptation of just paying the minimum balance but actually get it cleared?
do they have any bank charges they can reclaim to assist them?

these bloomin store cards have such extortionate rates of interest it's awful and a real trap, you should be proud that you're helping them out this way. :T

Re the overdraft, are they able to arrange a reducing rate overdraft with the bank? say where the bank lowers their credit limit automatically by either £20 or £50 each month, this means it's being paid off and you're not open to the temptation of having an extra £50 to spend. :T

good luck with this hope it all goes well!!
p
xx