Switching c/card to reduce debt?

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sam2013_2
sam2013_2 Posts: 26 Forumite
edited 4 October 2013 at 6:01PM in Credit cards
Looking at options to go into a Debt Management Plan.

My Building Society has my C/card and Mortgage Account.

I am looking into a Debt Management Plan the C/card charges and interest can be reduced, although it may not be possible.


I am happy with my dealings with the Building society over the years and would like to stay with them for my Mortgage.


Would it be better to swith the c/card to an interest free one with a different Bank for up to 2 Years, rather than enter into a Debt Management Plan?.

Or Would their be room for negotiation on the C/card from my existing Building Society?

In the mean time, it would be great if it was possible to stop the right to offset, but this is proberly not possible.

Is their any room for negotiation, or to stall charges until some money due to me comes in?

Thank you very much

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Options
    Do you have other debts you are considering a DMP for? or is this your only unsecured debt?

    You can include an unsecured debt in your DMP even if you have a mortgage with the same company.
    But you will be advised to move your current account to a new lender to prevent the company being able to offset funds from your current account to the credit card debt.
    Would it be better to swith the c/card to an interest free one with a different Bank for up to 2 Years, rather than enter into a Debt Management Plan?.
    Are you likely to be able to get another credit card with a sufficient limit to do such a balance transfer?
    Would doing this allow you to continue to repay all your debts without entering a DMP?
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