Help! Advice needed urgently!!!

xSmithx

I realise this is cross posted in credit cards, but I need as much advice as possible! Sorry!!

I am totally rubbish with money saving or being savvy hence why after some really rubbish times I am not in the best of health financially.

Now what my question is Barclaycard have offered me the option to move up to 90% of my credit card limit as a cash payment into my current account at the rate of 6.9% for three years.

I currently have 2xOD and 1CC amounting to 4k, I believe my credit rating has taken a bit of a nose dive in recent times so I wouldn't be able to get a consolidation loan elsewhere.

If I had a loan of 6.9% for three years I'd be looking at around 130 a month to clear it in that time.
The credit card isn't going to work in the same way is it? I'm mathematically dense, so how would the figures stack up and is it worth it?

What is the best/cheapest way to pay all that off???

Thank you for any help!!!

Trajal

Hey there welcome.

We need to see your debts laid out properly to be able to fully understand this and give a good answer.

Basically:

1 OD - How much? What does it cost you per month? APR?
2 OD - How much? What does it cost you per month? APR?
Credit card - How much? What does it cost you per month? APR?

Barclaycard - How much is the credit limit offered at 6.9%?

xSmithx

Thank you for the reply!

I am the kind of terrible person that doesn't know their interest rates on my current accounts!

My limit is 6500 on my credit card so I wouldn't go over and it's 14.9% at the end of the 6.9% term where it reverts back to 14.9% the term is for 3 years at 6.9.
I need to work out how much minimum payments etc would be?
Currently I pay nothing off much of them really, which is terrible, I just pay min and any interest that is accrued.
There is no fee or anything to have the cash sent to my acc.

My credit card is going down by £25 a month and that's 0% til June. Currently 1,200 balance.

My 1xOD is working out at 9.00 interest per month currently it's 800 OD.

My other OD charge is 9.00 per month interest and OD usage fee. It's at like 2000. I'm currently always living it, when my wages get paid in, I'm still minus so I feel that I am never really getting anywhere and would at least like to pay that off so I'm on a bit more of an even keel and its easier to work it all off then!

I just don't know what the better options would be!

Is that any help? I could try and find what my rates are. May take a little digging!

xSmithx

Interest-free overdraft up to £100
Up to £100 – 0% interest pa (variable)
Over £100 and up to £5,000 – 18.3% interest pa (variable)

Is what it says for my acc with 800 OD.

Acc with 2000 OD

First 500 free
1500 - monthly 1.20, anual 15.43
I think I may get this at a reduced rate and its cheaper than this. But let's go with this!

And my credit card goes bac to 29% in June.

Thanks!