consolidate CC debt

MightyMagnus

Hi all,

I have £16.2k on MBNA with a £20k limit, and £12k on Barclaycard with a £15k (soon to be £18k) limit.

Some of the balances are still on 0% but most isn't and those that are are ending soon. Net result is my repayments are around £730/month but I'm being charged around £400 in interest ( and its going to get worse as those remaining 0% balances come to an end (((

I've just received a 4.9% for the life of the balance offer with no fees from MBNA

I'd love to get the whole balance at that rate and pay off over 5 years at £530/ month

I've not spoken to either provider yet - any suggestions?

bigadaj

Sounds like it's worth a transfer the problem seems to be the headroom and capacity on that card, you'd only be able to transfer over a little over £3k.

That seems a substantial amount of debt both in absolute terms and relative to limits but we don't know your wider financial situation including salary and income.

It's worth doing some soft searches on additional cards to see if there is potential to put some on 0% or low rate, though it may be difficult to get high limits on any cards you might be successful with.

planteria

yes, we really need more info to try to guide...

my first thought is that you have two good CLs with two good providers. so don't lose them.

but you need to get all of the debt at 0%, or low --i had the same letter yesterday.

on the face of it, a card with another provider to move the MBNA balance to, if possible, and then, if necessary, move the interest-accruing balance from Barclaycard to MBNA. perhaps trying for a new 0% card, or if not move to the 4.9%rate:undecided

MightyMagnus

OK I also have a £6500 NatWest private MasterCard I pay off every month - typically £2-3k per month - that may be why my credit limits have become so generous on the other cards - I only wish I hadn't used them...

So I just applied and was accepted for the Tesco 0% fee 0% 21months card and got a £6800 limit approved. Not as much as I need ideally - I was thinking of using it to clear off as much as it'll allow me off the Barclaycard, then use the remaining MBNA bt limit to clear another £3k off - which will probably leave me with around £2.5k balance on the Barclaycard - If I clear that off with cash, I'm hoping they will offer me a lifetime balance with no fee - currently the account is showing a less than favourable 6.9% with 2.9%fee - If I get a no fee deal I'll transfer all of the MBNA off and back on to secure the 4.9% for the balance. Pipe dream?

redpete

You've not said what the rates are that are not offers but 4.9% and 6.9 % both seem good deals

MightyMagnus

for sure 4.9% with no fee is a blinding deal for the life of the balance - I just need to get the money off and on again