Paying off credit card - advice needed

Paul_the_Painter

Virgin WILL offer you a 0% deal, so transfer the Barclaycard interest bearing part of your balance to the Virgin card, might take 2-3 months to settle down, and you'll have some interest to pay in the meantime, but with those limits you and cards you should have everything on 0% fairly soon.

onerickylambert

Your overdraft is the most expensive so pay this off with savings, leaving £2300ish. Then use the remainder to pay off Lloyds, as this is next expensive if you are on standard rate. Leaving you £900 savings.

Use this £900 to pay Virgin, and balance transfer the remaining £3100 to barclaycard. At this point you will have

Barclaycard / 13427 / 15.9%
Virgin / 0
Lloyds / 0
Lloyds Overdraft / 0 / ?? / 50 (usage and interest)
Tesco / 4286 / 16.9% / 45

Virgin should quickly offer you a BT deal once paid so transfer what you can from Tesco to Virgin and with another £300 or so payment clear Tesco.

Balance transfer between the cards as offers come up to get everything on a promotional rate. Don't use the cards for any more spending and consider adding in a Halifax card (0% for 30 months) to help get you to 0% on all debts quicker (a loan at 4.5% may also be an option from Sainsburys).

wamballa

This is a phenomenal thread and seriously good advice.

I have now started the transfers and feel good that at last I'm doing something now to get back on track.

Thank you all for taking time to help me out it is really appreciated!!

Mr_Goodkat

wamballa wrote: »

To Paul the Painter my limits are

Barclaycard: 14000
Virgin: 11200
Lloyds: 4250
Lloyds O/D: 3500
Tesco: 7000

So I am ready to go ahead with the plan:
Pay off lloyds cc and overdraft
Pay off virgin with barclaycard 0%
Increase tesco minimum each month

My question is what to do with the large BarclayCard balance where some of it is charging interest? Should i:

1 live with it until i find a 0% deal?
2 get a loan (10year?) to control the barclaycard loan

Thanks guys!

I would live with it until you get another 0% balance transfer, as I advised earlier:


Once you have cleared the Virgin card and your overdraft with both reported to the CRA it may be worth applying for another 0% card. Given your level of debt you might not get it but worth a search.

Keep the virgin card open don't spend on it and they may offer you a balance transfer deal in the future, if nothing after six months give them a call and see if they will offer you anything not to close the account.