Best Way To Balance Transfer?

pestcontrol

Hi,

I have £14K credit card debts on 4 cards. I would like to get a new card (or possibly 2, if 1 lender won't want such a large debt) so that the cards are more affordable to pay off.

I have a limited company which I will be closing within the next month or two (once creditors have paid) & I will be starting in full time employment in August. Last year's turnover for £15,500 (I have 2 years of accounts & am about to do my 3rd year, more or less the same turnover), but after expenses (not tax) the company earnt £11K. My new salary will be £18,500. My partner gives me £800 per month for 'house keeping'.

I would like to get it sorted asap, but want to make sure I do it in a way that's most likely to be accepted (& therefore not affect my credit rating).

Having a limited company means I'm not self employed, but effectively I am. Should I wait until I am in employment, & if so, should I wait until I've been there for a while (a few months?)? Or do you think I should try for the card/s now? Also, should I add the 'house keeping' money to my earnings?

Many thanks for any advice!!

bigadaj

You might struggle until you've been in your new employment for a few months, but one try won't do any harm.

If you get rejected then wait six months and try again. In the meantime pay as much as you can off every month, starting with the highest interst rate card. It might also be worth paying off one card as they might then offer you an attractive deal for a balance transfer.

thebritishbloke

I'm pretty sure that as you'd have been officially employed by your company, that you wouldn't have to declare that you owned the company (in fact, I don't think that question is ever really asked on applications). If your company is still open for the time being, and you still work for them, I'd make the applications now. That way, you can put that you've been in your job for X years rather than for 0 months at your new job.

MartinLewisMoneyShowitv1

pestcontrol wrote: »

Hi,

I have £14K credit card debts on 4 cards. I would like to get a new card (or possibly 2, if 1 lender won't want such a large debt) so that the cards are more affordable to pay off.

Hi

Did you find a solution for your balance transfer request? We, at the Martin Lewis Money Show on ITV 1, would love to speak with you about it. Can you email us at itvmlshow@itv.com please?

Thanks,

Mark

pestcontrol

MartinLewisMoneyShowitv1 wrote: »

Hi

Did you find a solution for your balance transfer request? We, at the Martin Lewis Money Show on ITV 1, would love to speak with you about it. Can you email us at [EMAIL="itvmlshow@itv.com"]itvmlshow@itv.com[/EMAIL] please?

Thanks,

Mark

Hi Mark,

With the help of Money Saving Expert I have found a solution, so am very grateful, but I'm afraid I wouldn't want to appear on a tv programme. I'm sorry!

Best wishes

Sam