Urgent 27k debt help

pvt

Paul_1977 wrote: »

No.

My boss has 30k limit on a card and has an average salary.

Yes, he may well have. But if he ran it up £27k of debt on it, do you think he would have any luck getting another one along side it, also with a £30k limit, that he could then do a BT to?

Paul_1977

pvt wrote: »

Yes, he may well have. But if he ran it up £27k of debt on it, do you think he would have any luck getting another one along side it, also with a £30k limit, that he could then do a BT to?

The OP has the debt over three cards.

grumbler

Paul_1977 wrote: »

The OP has the debt over three cards.

The number of cards doesn't matter.
What matters is the total available unsecured credit that for your boss is at least £30K now and would be at least £60K if he is accepted for a new card with £30K limit.
People with "average salary" hardly ever can get £60K of unsecured credit. That's what CRAs exsist for.

I said "If it were me".

Well, your salary has to be much higher than 'average' for you to seriously consider this possibility. Is it higher than your boss' one?

bigadaj

grumbler wrote: »

The number of cards doesn't matter.
What matters is the total available unsecured credit that for your boss is at least £30K now and would be at least £60K if he is accepted for a new card with £30K limit.
People with "average salary" hardly ever can get £60K of unsecured credit. That's what CRAs exsist for.
Well, your salary has to be much higher than 'average' for you to seriously consider this possibility. Is it higher than your boss' one?

This answer is true in these circumstances but may not be in other situations.

I currently have around £40k in available credit on my cards and would have had more than £60k available a few (~5 years ago) when my salary was a lot less than it is now.

Whether this would be extended if I'd already got £30k of debt on my cards would of course be a very different question.

Number of cards would have some impact as it is relatively common to get credit limits of £10-15k, less so for higher amounts.

All of this is largely academic in relation to the OP, but as they haven't been back then it's one way of continuing the debate.

chattychappy

I must have had as much as 80K of credit available in the past. At the time my salary was well under this, but it didn't stop me getting new cards. I think my outstanding CC debt peaked at around 60K.

Paul_1977

grumbler wrote: »

The number of cards doesn't matter.
What matters is the total available unsecured credit that for your boss is at least £30K now and would be at least £60K if he is accepted for a new card with £30K limit.
People with "average salary" hardly ever can get £60K of unsecured credit. That's what CRAs exsist for.
Well, your salary has to be much higher than 'average' for you to seriously consider this possibility. Is it higher than your boss' one?

Im lost, I have have three cards with 27k debt, and I take out another 30k card and transfer the 27k onto that one card, closing the three old cards after, how will I have 60k debt?

grumbler

Who said 'debt'?
What I said was 'available credit'.

And the new lender has no means to make sure that you close the old card after transferring the balance.

DCFC79

Paul_1977 wrote: »

Im lost, I have have three cards with 27k debt, and I take out another 30k card and transfer the 27k onto that one card, closing the three old cards after, how will I have 60k debt?

Whats to stop you not closing the 3 cards and going out to spend £30k to make the debt £60k ?

pleasedelete

Paul_1977 wrote: »

No.

My boss has 30k limit on a card and has an average salary.

Its possible.

http://www.balancetransferexpert.co.uk/large-balance-transfer-credit-cards/

I said "If it were me".

The article you link to doesn't have anything about £27k limits in it. The examples quoted are for £1200 limits.


The best way to get a high limit (£25,000- long time since I have seen a higher limit offered) is to have a card a while and use it sensibly. Plus have a decent income, spend a lot on the card and pay it off monthly. Amex is best for upping limits quickly in my experience

Paul_1977

DCFC79 wrote: »

Whats to stop you not closing the 3 cards and going out to spend £30k to make the debt £60k ?

Nothing. That is up to the card holder.