Got a closed credit card with balance - transfer to a 0%?

JMW12

Hi all, :hello:

First post on here, so am not sure if this is the right place to post? I wonder if anyone can help me shed a little light on this please.

I have a couple of closed credit cards (TSB) with balances of around £3,500 each. I was wondering if I can transfer (all or part) to a 0% balance transfer card? I tried calling the credit card company to negotiate the APR (25+%) but was told that as the account is closed there is nothing I can do except pay it.

I checked my credit score (Experian) and it's excellent, but wanted to check to see if anyone else had done a balance transfer to pay off (all or part of) closed credit card/s before, and even if was possible. Or would anyone else have any ideas how to reduce this quicker than I feel I am at the moment - feel a bit stuck..! Don't want to apply for a card/loan to be rejected and then mark my credit file unnecessarily.

Thanks in advance for any replies.
J

sourcrates

Hi,

If it's closed, then you won't be able to do anything except to pay the account, you will probebly have a default on your credit file for this debt, and it's quite likley the account will be sold to a debt purchaser before too long.
Consolodation existing debt is very rarely a good idea anyway, I would suggest, you either write and ask them to freeze interest, or wait till it's been sold on, then interest will be stopped, and you can negotiate a payment plan with the new owner.

crimson_snowflake

Sourcrates, I think you may have misunderstood JMW12 and be alarming him/her unnecessarily.
The original post doesn't say why the cards are closed; it could be due to some mishandling of the account, but may be simply because he/she rejected an interest rate rise on them at some point. If so, these accounts won't be in default or sold on to debt collectors.

I had a similar situation with an old Lloyds TSB card that was closed after a rate rise rejection. (Some cards are then called "closed", others just "suspended", it seems to depend on the provider). I was able to transfer the balance from it with no problems.

So, JMW12, assuming that these were "rate rise rejection" closures and not due to any payment problems with these cards, a balance transfer should be possible as long as you know the full account/card number (not always given on the statements).

If these cards are closed there is no risk of you spending on them again after the balance is cleared (the usual reason why consolidation is not recommended).
Of course, it is possible that, with these balances outstanding, you might be regarded as being already over-committed with respect to income, so it might be difficult to get a new card, but that's where the MSE eligibility checker might be able to help you get an idea of your likelihood of acceptance without the need for a full application / credit search.:money: :A

sourcrates

crimson_snowflake wrote: »

Sourcrates, I think you may have misunderstood JMW12 and be alarming him/her unnecessarily.
The original post doesn't say why the cards are closed; it could be due to some mishandling of the account,

Hi,

The reason for closure is irrelevant, if the OP fails to pay, then the actions I described are pretty common place, and will most likley happen, whatever the reason the account was originally closed for.

To save argument maybe the OP can clarify the circumstances for us ?

JMW12

Hi all,

Thanks for the various replies so far - interesting..

The cards were "closed" over 7+ years ago. At that time I was not earning much but now I am in p/t employment, earn over £10,000 p.a. and am more than capable of paying the cards minimum payment plus around £50 extra p.m which I do. For info - I am in no way not going to pay it, just looking for a way to clear the balance a bit quicker and clear my feet so to speak.

My initial question was if it was possible to get a balance transfer to clear some of the outstanding debt at the high interest rate. Apologies if it was unclear in my original post.

Thanks again,