Large balance transfer

BishopS0411_2

Hi,

When my wife and I got married last year, we put about £10,000 worth of bills on my Barclaycard. At the time we were both earning good money, so we were happy that we could pay it off within a year.

However, soon after the honeymoon, we discovered that my wife was pregnant. Since then she gave up work and we've not been able to repay the debt.

Each month we pay at least the minimum amount, but we're not making any impact on the overall amount owed.

Is anyone aware of any lenders that would be likely to take on such a large amount as a 0% balance transfer? I'm nervous about applying as we're looking to buy a new house next year and I don't want to ruin my rating by lenders bombarding my credit score.

Thanks in advance,

Steve

grumbler

BishopS0411 wrote: »

Is anyone aware of any lenders that would be likely to take on such a large amount as a 0% balance transfer?

How long is a piece of string? All depends on your income and other credit available/used. I guess the income is not big enough for getting another £10K of credit, especially at 0%. Trying to get a loan at lower interest rate is possibly more realistic.

I'm nervous about applying as we're looking to buy a new house next year and I don't want to ruin my rating by lenders bombarding my credit score.

I don't mean to sound harsh and judge you, but am I wrong thinking that pregnancy soon after marriage is something that one has to expect and be prepared to (instead of starting a new family life with £10K burden of debt)?
And if you struggle with paying £10K off and are making just minimum payments, I don't see how you can plan to get a mortgage in just a year.

thenudeone

You don't have to transfer it all, or all in one go.

Even if you can transfer just £1k or £2k, you will still be able to reduce your monthly interest charge and use the spare cash to pay off the debt quicker.

BishopS0411_2

grumbler wrote: »

How long is a piece of string? All depends on your income and other credit available/used. I guess the income is not big enough for getting another £10K of credit, especially at 0%. Trying to get a loan at lower interest rate is possibly more realistic.

I don't mean to sound harsh and judge you, but am I wrong thinking that pregnancy soon after marriage is something that one has to expect and be prepared to (instead of starting a new family life with £10K burden of debt)?
And if you struggle with paying £10K off and are making just minimum payments, I don't see how you can plan to get a mortgage in just a year.

Thanks for the response, Grumbler. I posted to see if I could get some advice on reducing my debts, not a lesson in leading a dull life!

My wife is now working again and has the potential to earn a six figure salary with commission, so I'm sure we can save the £50k or so required to move to a slightly bigger house.

BishopS0411_2

thenudeone wrote: »

You don't have to transfer it all, or all in one go.

Even if you can transfer just £1k or £2k, you will still be able to reduce your monthly interest charge and use the spare cash to pay off the debt quicker.

What a brilliant idea! Seems obvious now that you've suggested it, but I never thought of that.

Thanks for the suggestion. :beer:

BJV

No bright idea other than the ones already given.

But congratulations hope mum and baby to be are well.

jamesperrett

If my experience is anything to go by, you won't have problems applying for another card to transfer a substantial part of that balance. I've also found that card providers often increase the credit limit after a few months once they see that you manage your account responsibly.