Credit Card Debit

debt_monkey_2

Hi

All i have a credit card debt of around ~£16k and paying in the region of around 400 pound a month which is crippling me.

I would like BT the whole amount .. i know then i can pay at least £220 each month +more when i get my bonus. Net Salary is £1700..

What other options do i have ... I intend on reducing my credit card limit considerably and never getting into this situation again..

[Deleted User]

Probably very few. You could try to get a 0% BT, but your chances are hampered by the large debt. Alternatively, you cold try for a loan, but again, you're very stretched.

Who is the card with and what's the rate?

debt_monkey_2

i managed to get one with approx balance transfer of £950.Question i have is once ive paid this 950 and cleared it can i BT again..?

my cards are with lloydsbank and barclaycard

17.95% i think rougly on both of them

[Deleted User]

Potentially (depending on the time frame of the offer) - but you wouldn't want to BT it and them immediately clear it - you need to throw your money at the interest bearing card.

Kitchen_Sink

debt_monkey wrote: »

Hi

All i have a credit card debt of around ~£16k and paying in the region of around 400 pound a month which is crippling me.

I would like BT the whole amount .. i know then i can pay at least £220 each month +more when i get my bonus. Net Salary is £1700..

What other options do i have ... I intend on reducing my credit card limit considerably and never getting into this situation again..

Even ignoring any interest, paying back just £220 per month will take you over 6 years to repay the £16k you currently owe :eek:

And that's assuming you don't spend any more.

Not sure any interest free BT offers last that long.

What was the £16k spent on?

My advice would be to go and see a free debt councillor, such as that offered by the CAB

Kitchen_Sink

debt_monkey wrote: »

i managed to get one with approx balance transfer of £950.Question i have is once ive paid this 950 and cleared it can i BT again..?

my cards are with lloydsbank and barclaycard

17.95% i think rougly on both of them

If you can only afford £220 a month, it's going to take you 4-5 months to clear that. Longer, once you consider the minimum payment requirement on the existing card. Isn't the minimum payment on the existing card significantly more than £220 a month anyway??? :huh:
Whether you can then do another BT depends on the terms of the new card.

But why would you?

Better to pay off the debts charging higher interest first.

Like I said, go and see a FREE debt councillor.

bertiewhite

debt_monkey wrote: »

i managed to get one with approx balance transfer of £950.Question i have is once ive paid this 950 and cleared it can i BT again..?

my cards are with lloydsbank and barclaycard

Kitchen_Sink wrote: »

Not sure any interest free BT offers last that long.

I don't know if this is any help but both Barclaycard & Virgin (MBDA) regularly offer me 0% for a year. This is without ever clearing the balance and I am still bound by the existing limit - although I successfully doubled my Virgin limit recently to enable larger transfers to take place.

Tixy

Hi debt monkey and welcome to the forum.

Unfortunately with most cards £220 won't even cover the minimum payment required on £16k of credit card debt (MBNA cards at 0% being the exception).

You might want to consider posting on the Debt-Free Wannabe section for the forum for some ideas of what other options may be available to you. The posters there may be able to offer suggestions on your finances/income/outgoings so you can better afford higher repayments than the £120, or be able to offer advice on debt plans etc for dealing with your debts.

Also as someone has suggested you might also want to consider contacting one of the debt advice charities, IMPORTANT - Where to seek professional impartial advice about your debts.

debt_monkey_2

So heres my plan opinions are welcome..

Currently i believe with all my income and expenditure i have a monthly deficit of around min £122 per month.

I plan to take alone of the value of 15K over 84 months.
This will help clear most of the majority of credit card.

How i re-pay my loan... currently paying £157 a month on my student loan this finishes in about two months time this is included in expenditure.

Make some cuts to my monthly costs i beleive will leave me with around £167 each month. Loan repayment is £220 Credit card bill i have put 0 as intend on having only card with a limit max of £500 which i intend on paying as soon as i use.

[Deleted User]

I think you have to be prepared for the likelihood that you won't get a loan of that size.

What is your back up plan if you don't?

debt_monkey_2

Then go for a small size loan maybe i know my bank offered me something in region of 13.2k. i think my credit history is pretty good. I have two mortgages which have never been in arrears.

Only thing i am concerned is with interest rates going up in the future i will be move from a fixed to a variable rate. and how that will impact my getting a mortgage..