Credit card - balance transfer - out of debt help please.

Darlyd

Have also posted this on debt free.

I really need some help.

I have the following Debts. I need to get rid off. Or at least reduce my out goings without affecting my credit file.

Barclay card:£1,913.77 (limit £12,500) (apr 26.9%)
Next: £819.83 (limit £3,600) (apr 24.9%) -- store card
Very: £753.91 (limit £5,650) (apr 15.9%)
Simply be: £340.20 (limit £1,400) (apr around 40%)

Total: £3827.71

I watched martin Lewis on this morning the other day and took his advice and found a 0% balance transfer card. Was accepted for Santander. Thinking I would have quite a large limit to clear my debt and 15 months of paying no interest. But all paper work has arrived now and I only have a £2500 limit with them.
I also received a letter from Barclay card about transferring credit and store cards for a fee of 3.9% til august 2016 0% interest. Or. 1.9% fee till November 2015 0% interest.

I can't make any sense of this.
I can afford £200-£275 a month.

Please can you help.

Thank you.

[Deleted User]

The obvious thing is to BT the Bcard debt to the new card.

However, I wouldn't think you could BT the catalogue accounts, so you would need a card that offers a money transfer option, so you can transfer cash into your joint account.

Does either of your cards offer this?

Foxy-Stoat_3

If you use the Barclay Card online then you will see if any super balance transfer offers are available. Use that to clear the catalogue/store cards - do cancel them afterwards and don't buy anything from them again !

You could then to a balance transfer to Santander card for around £2000 of the Barclay Card Balance.

Work to clear down the BC first.

Darlyd

Thanks so much for reply.
Just read T&C for Santander and no for cash payment

Barcley card yes 0% on all money transfers until nov 2015 1.9% fee applies.

Never done this before. Have no idea what to do.

Shall I transfer Barcley card balance to Santander so I don't pay no interest for 15 months.
And then transfer balances from catalogues to Barcley card for 1.9% fee but pay it all off by November?

Fruit_and_Nut_Case

Darlyd wrote: »

...1.9% fee till November 2015 0% interest...

If it's like my current Barclaycard status, this is probably actually a money transfer offer.

Darlyd

Oh. So pay all Catologues off using Barcley card. THEN transfer £2500 to Santander ?

I took a photo but no idea how to upload here.

Foxy-Stoat_3

Darlyd wrote: »

Shall I transfer Barcley card balance to Santander so I don't pay no interest for 15 months.
And then transfer balances from catalogues to Barcley card for 1.9% fee but pay it all off by November?

Yes, but it doesnt matter which way round you do it as the debt that attracts the highest interest will be paid first.

Darlyd

Ok. I will ring Barclay card up to double check their offer.
Am hoping to save at least £2k in interest over the next 15 months.

Thank you so much. Much appreciated.

Darlyd

Ok just spoke to someone in Barcley card. Told me I transfer say £2k cash to my bank they charge me £38 one off fee (which is 1.9%) and then clear my Catologues off. Come November if balance not paid off I will be charged 26.9% apr (my usual interest).
If I do the above it will make my Barcley card balance go to £2913.77. Of course then transfer over £2500 to Santander for free 15 months no interest. Making my Barcley card balance only £413.77. Which I can pay off by November.

Is this worth doing? Sorry to sound thick.

MallyGirl

sounds like a plan

Nuttydj

Just be careful about your numbers here. The limit on the santander card is 2500 from what you said, they probably have a limit on what percentage of that can be a balance transfer I.e. 80%.

Even if they don't you want to make sure you leave a good buffer so as not to go over limit