Large balance transfer?

Denice66

I have one credit card but it has a balance of around £13,500 on it (with a credit limit of £14,500). It's with MBNA. Never have any problems meeting the minimum repayment each month and rarely use it these days.....the debt stems from a good few years ago when I was more irresponsible!
However, I realise that at this rate, it's going to take me years to pay off and thousands in interest. I'd like to transfer to a 0% card - at £500 p/m I could easily pay off in just over 2 years, maybe faster if I throw some extra at it.
Does anyone know of any cards that are likely to accept a balance transfer of this size (not within the MBNA family obviously)? I'm a homeowner, f/t employed with a good salary. Don't want to start applying for stuff where I'm not likely to be accepted as I understand that leaves a footprint which can have a negative effect in future. Has anyone had any success in transferring a balance of this size? Any pointers appreciated.

PeacefulWaters

Have you asked MBNA if they'll transfer you to a low rate for life type of card?

Denice66

No...I didn't even know you could do that? Not sure why they'd agree when they're making good money out me as it is?

PeacefulWaters

Denice66 wrote: »

No...I didn't even know you could do that?

Worth asking as id be surprised if you could get similar limits elsewhere.

Not sure why they'd agree when they're making good money out me as it is?

it may keep you from moving part or all of your balance to a competitor.

https://www.mbna.co.uk/compare-credit-cards/?gclid=CLqm5rKe880CFY-DaQodaAQAnA&gclsrc=aw.ds&dclid=CKmRl7Oe880CFUh7AQodYfQBAw

By the way, well done on getting to a stage where you're dealing with this. Another option would be a personal loan over 30 months. But make sure you don't build up card debts again.

JimmyTheWig

Denice66 wrote: »

Not sure why they'd agree when they're making good money out me as it is?

Well, if they don't then you'll move the balance elsewhere and they won't make any more money from you.
Though I don't rate your chances of them saying "yes", it's worth the cost and effort of a phone call.

As to getting another card to do a balance transfer, it's a pretty big balance you've got so unless you've got a salary to match then you'll struggle to get that big limit. But if you apply for a new card and get, say, a £4k limit there's no reason not to transfer as much as you can at 0%. You'll still save money.

Denice66

Thank you . Yes, I guess it's worth a try asking MBNA....although it'd be better if I could actually say I'd been offered a better deal elsewhere...I'm no good at bluffing! It's just s frustrating paying around £470 every month and the balance only reducing by less than half of that .

Denice66

Salary around £65k - do you think that would make a difference?

[Deleted User]

Well, it certainly would if you saved some of it!

But yes, a higher income essentially means lenders may afford you more credit than someone on a lower salary.

KRB2725

Run an eligibility check on balance transfer cards, you may need to split it between a couple. FWIW, I found Barclaycard and Virgin Money quite generous.

SHill

Yes but still ask MBNA if you can reduce your current interest rate.
But don't lie or bluff the organisation. Remember you are asking for their help.
Read the article credit card shuffle.

MallyGirl

emmatthews wrote: »

Run an eligibility check on balance transfer cards, you may need to split it between a couple. FWIW, I found Barclaycard and Virgin Money quite generous.

I found the same. These 2 are my highest limit cards