Balance transfer query

carrot_cake · 5 October 2013 at 11:46AM

Hi all
Apologies if this is in the wrong place, I wasn't sure if it needed to be in the Balance Transfer thread?

I have had a credit card (Barclaycard) for years and went right up to my limit and was struggling with it. Long story short, the card was stopped and I have been paying it off since (minimum payments by DD). To be honest, I just paid this every month and didn't think about it. However, I now realise that all I'm paying is interest (. plus about £3 off the balance each month). Very naive & stupid of me I know.

I would like to do a balance transfer and get the actual debt paid off but was wondering if someone with more knowledge could point me in the direction of the best way to do this. The amount owed is 1500.
TIA

*Scarlett · 5 October 2013 at 4:53PM

What is your credit history like?

When you say the card was "stopped" does that mean that there are defaults on the payments? If so you might struggle to get any low interest, 0% offers.

You can apply to another card for a 0% or low rate but but there is no guarantee of acceptance.

Maybe have a search for 0% b/ts for up to £1500 - MBNA usually have some deals on! Or your own bank might be able to offer something.

It's clearly really good that you are trying to reduce your debt.

carrot_cake · 5 October 2013 at 5:32PM

Hi

Thanks for the reply.

My credit history is much better than it was but not perfect. I was up to my limit on the card so couldn't use it anymore. I cut it up. I have never had any defaults but a few late payments on mail order catalogues although these are all paid up (really am trying to sort my finances

).

I have got another credit card which I applied for late last year (but stupidly did not think about balance transfer at the time). This is an M&S card and was accepted no problem (at that time I also still had balances outstanding on mail order accounts). The M&S card is all up to date. My aim is to keep that one as my "credit card" and just try to get another card to transfer the balance from my previous one. I don't think I could go to my bank as it's Barclays and the old card is a Barclaycard.

TIA