credit cards and lost my job.

miamoo

I'm just wondering if my 'plan' to manage my current debt will work. Can anyone help/advise please!?

I have £2300 on a Barclaycard which gives me 0% balance transfers for 9 months. I've spent £1500 on it.
I have 3 other cards that are clear £400 capital 1, £550 on vanquish and £500 mbna. I have used these on the past but transferred the balances on to the Barclaycard when they offered me cheaper rates. So these are currently clear.
Plan was to pay it off before the 9 months ran out but then I lost my job! the 9 months runs out September.
(I definitely wont be in a position to get a job until end July as I'm awaiting an operation) The recent offer from Barclaycard is still 9 months 0% so until end January next year.

My plan is, use the bill money eg rent/council tax/gas/electric/water to pay directly off the Barclaycard to reduce the balance to £0.
Then use the other 3 cards to pay the bills and then transfer the balances back on to the Barclaycard.
Will they let me transfer the same cards again?

I know this isn't an ideal situation, but the extra few months at 0% makes it more likely I will be in a position when I can have it repaid in full before the deal ends.

Chrysalis

I am confused by your plan, and if it is what I think it is then it serves no purpose.

So

transfer balances of interest charged cards to 0% BT card - done
Pay ongoing living costs with interest bearing cards, but transferring their balances prior to end of following statement to BT card to avoid interest?
Use the money saved from paying bills via credit to pay off the BT card, but the BT card is also been loaded with new credit as you paying bills via credit so its a loop achieving nothing.

The 9 months interest free is from when you get the card, not from each new BT. Also I am not sure if barclaycard allow you to do new 0% BT's all the way through the 9 months.

grumbler

miamoo wrote: »

...
My plan is, use the bill money eg rent/council tax/gas/electric/water to pay directly off the Barclaycard to reduce the balance to £0.
Then use the other 3 cards to pay the bills and then transfer the balances back on to the Barclaycard.
Will they let me transfer the same cards again?

They will - credit limit permitting. However, you'll find that the only way to pay some bills with CC is to withdraw cash that will cost you ~3%.

I know this isn't an ideal situation, but the extra few months at 0% makes it more likely I will be in a position when I can have it repaid in full before the deal ends.

Theoretically, you can even transfer the current balance from Barclaycard to other cards, then back to Barclaycard, but you'll have to pay BT fees twice.
Does Barclaycard not offer you a 'money transfer' to a current account?

grumbler

Chrysalis wrote: »

transfer balances of interest charged cards to 0% BT card - done

The cards are empty.

The 9 months interest free is from when you get the card, not from each new BT. Also I am not sure if barclaycard allow you to do new 0% BT's all the way through the 9 months.

Barclaycard is famous for ongoing new offers for existing customers almost every month.

miamoo

No they aren't offering me a money transfer only a balance transfer. I didn't realise that I could transfer the balance back to the other cards, and then back again! That might be easier.
I'll have to compare what fee's I would have doing it both ways.
Thanks though, I didn't even know if it would be possible

miamoo

Yes as Grumbler said the 3 low credit amounts are clear, so I would just have exactly the same debt as I have now, plus the fee's I am charged.

This would give me until next year to get a job and get the £1500 paid off.
Rather than it ending in September.

grumbler

fees......................

miamoo

lol omg you would have a heart attack if you saw some of my posts!
I used to know how to spell stuff, but I don't know what's happened to me because I just haven't got a clue anymore.
When I was at primary I was top speller in my class and now I struggle with my own name

Chrysalis

grumbler wrote: »

The cards are empty.
Barclaycard is famous for ongoing new offers for existing customers almost every month.

now I am really confused.

he said £1500 is on the BT card (barclaycard) and he transferred the balances to it.

So how did that translate to all 4 cards been empty?

Sadly I am out of this thread, I have completely lost track of the situation and the plan.

If barclaycard offer a ongoing endless 0% BT that simply needs renewing every 9 months, seems too good to be true.

grumbler

Chrysalis wrote: »

now I am really confused.

he said £1500 is on the BT card (barclaycard) and he transferred the balances to it.

So how did that translate to all 4 cards been empty?

All balances have been already transferred to 0% at Barclaycard that is now the only card that isn't empty. As simple as that.

If barclaycard offer a ongoing endless 0% BT that simply needs renewing every 9 months, seems too good to be true.

What do you mean by 'renewing'? The new offers are for new BTs from other cards.

Sealtainn

Barclaycard send me new offers of 0% BTs and MTs at least once every 6 weeks