I have £6k credit card debt- can I do a 0%BT for such a high amount?

mica2

Hi. I have about £6000 in credit card debt over 2 cards. One is Barclaycard with interest of 17.43% and the highest balance so if I did one card this would be it. The 2nd card is with Lloyds at 10.94% balance of £1680.43. I have done the CC eligibility checker and I could have a 70% chance of getting Halifax. But I wondered if there was a way of knowing which cards offer high Balance Transfer amounts or is it a gamble? I recently transfer part of the Barclaycard debt (£2k) to Post Office for 0% a couple of months ago so would it be too soon to apply for another card? What is the time limit?
I'm panicking that the Barclaycard balance is getting out of control.
I'm starting a new job in a couple of weeks which will mean I could afford to start paying a bit more but I still am struggling each month to survive. I did a SOA for a DMP but I don't want to do it as I'm hoping to buy a house sometime soon and also the sale from my current place I am hoping I will have enough to pay off most of my debt.
I just want to cut the interest I'm paying on the Barclaycard!

FluroFrancis

ring Barclaycard and ask nicely they might reduce the interest on your current balance, they did on mine to 6.9% for 2 years (obviously any new spending is at the normal apr but any payments pay that off first), its not guaranteed they will but if you don't ask you don't get

Westminster

With a pessimistic view of what you have written, if you are unable to get a handle on this relatively small debt and will only be able to start paying a bit more with your new job, it appears unlikely you will be able to save up anywhere enough deposit for a mortgage any time soon.

I would recommend heading over to the DFW section of this site and get an SOA posted.

You should get plenty of helpful advice on where you can trim your outgoings to start getting the debt paid off rather than simply moving it around (at a cost each time due to the BT fees)

[Deleted User]

It's going to depend a lot, on your disposable income and your outgoings.

Based on your current salary and outgoings, how comfortable do you think a potential creditor will be, loaning you money, to double your current debt?

mica2

FluroFrancis wrote: »

ring Barclaycard and ask nicely they might reduce the interest on your current balance, they did on mine to 6.9% for 2 years (obviously any new spending is at the normal apr but any payments pay that off first), its not guaranteed they will but if you don't ask you don't get

That's a great suggestion thank you! I will give it a try.

mica2

Westminster wrote: »

With a pessimistic view of what you have written, if you are unable to get a handle on this relatively small debt and will only be able to start paying a bit more with your new job, it appears unlikely you will be able to save up anywhere enough deposit for a mortgage any time soon.

I would recommend heading over to the DFW section of this site and get an SOA posted.

You should get plenty of helpful advice on where you can trim your outgoings to start getting the debt paid off rather than simply moving it around (at a cost each time due to the BT fees)

The point is I will have a deposit from the sale of my flat and any thing else I make will help clear the debt. I have been through a really rough time this year and and struggling to get a grips on my finances because of it so i'd appreciate a bit of compassion. I already posted a SOA and the suggestions were to do a DMP but that would leave me with a poor credit score for 6 years so no hope of moving house.

Sam29

Yes you can transfer that amount. I had same situation. 70 percent chance of halifax acceptance. They only offered low limit so went with virgin who offered 7k. I transfered 6500 onto this card at 0 percent interest. Its slowly going down and the old card is gone. Little steps is what its all about. Even if you cant get high limit shifting some to zero percent will reduce pressure while you chuck cash at highest interst card. Good luck

tonymcp86

mica2 wrote: »

The point is I will have a deposit from the sale of my flat and any thing else I make will help clear the debt. I have been through a really rough time this year and and struggling to get a grips on my finances because of it so i'd appreciate a bit of compassion. I already posted a SOA and the suggestions were to do a DMP but that would leave me with a poor credit score for 6 years so no hope of moving house.

It very much seems to be a stock answer is "go and write an SOA" and then the broad stock answer is "DMP". People have an ability to pay back debt my managing their relationships and shuffling in some cases.
I personally wouldn't do a DMP as yes it would dent the score for 6 years, and in which time my own plan has me paying back all my debt long before then.
Barclaycard did reduce my % to 9.9 this week for 2 years on my balance. I also have a 0% transfer to process, which will considerably reduce interest payments and focus on the actual debt itself.
Good luck

mica2

tonymcp86 wrote: »

It very much seems to be a stock answer is "go and write an SOA" and then the broad stock answer is "DMP". People have an ability to pay back debt my managing their relationships and shuffling in some cases.
I personally wouldn't do a DMP as yes it would dent the score for 6 years, and in which time my own plan has me paying back all my debt long before then.
Barclaycard did reduce my % to 9.9 this week for 2 years on my balance. I also have a 0% transfer to process, which will considerably reduce interest payments and focus on the actual debt itself.
Good luck

Great stuff well done. That's encouraging.

mica2

Sam29 wrote: »

Yes you can transfer that amount. I had same situation. 70 percent chance of halifax acceptance. They only offered low limit so went with virgin who offered 7k. I transfered 6500 onto this card at 0 percent interest. Its slowly going down and the old card is gone. Little steps is what its all about. Even if you cant get high limit shifting some to zero percent will reduce pressure while you chuck cash at highest interst card. Good luck

Oh great! Thanks for sharing that's really made me feel a bit better, although will have to see if they offer it.

mica2

I just got declined for the Virgin credit card Now I feel really pants. What do I do now?