balance transfer to reduce debt

mikeboi7

Good afternoon all I wonder is someone out there could help me.
I have a very poor credit rating and have a MBNA credit card with a balance of £6400.
I pay £200 minimum payment each month but am just servicing the interest and not reducing the debt.
What I was to be able to do is pay £200 per month but bring the balance down at the same time....all the balance transfer cards I have looked at that I may get accepted for do not allow for such a high balance transfer...any ideas please?


Mike

MallyGirl

you are only seeing a representative figure. What you get offered as a limit will depend on your own personal circumstances - income, commitments, current debt, etc.

I have transferred considerably more than you need in the past

Candyapple

Have you tried using the eligibility checker?
https://www.moneysavingexpert.com/eligibility/credit-cards/

mikeboi7 wrote: »

Good afternoon all I wonder is someone out there could help me.
I have a very poor credit rating and have a MBNA credit card with a balance of £6400.
I pay £200 minimum payment each month but am just servicing the interest and not reducing the debt.
What I was to be able to do is pay £200 per month but bring the balance down at the same time....all the balance transfer cards I have looked at that I may get accepted for do not allow for such a high balance transfer...any ideas please?

If you find yourself being declined, chances are you need to look into your budget. Post up your statement of affairs over on the DFW board for more advice:
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

You may find yourself failing on the affordability checks because most lenders if you were looking to do a balance transfer of £6k would expect you to be earning circa £25k and have no other debts. Even then, your credit history and repayments to other lenders all comes into play.