What to do if credit limit is not enough

claire8370

Hi,

I am paying my last year of my doctorate in health psychology next month (£3441), but the university insist I pay this over 6 months, which is not possible. I have tried negotiating with them, asking whether I can pay over 9-12 months, but they are refusing.

The last 2 years my circumstances were different (I was in a relationship and had shared bills), so I have never put myself into debt over this course. Therefore I am looking to take out a 0% credit card for the full amount and pay this off over the year, which would be much more manageable.

I just applied for Halifax and was accepted but they only gave me £1500. A bit frustrating as I have two other cards with 0% interest and each have £4000 on them that I could use, it just wouldn't be at 0%.

My questions are:

Shall I wait to see if Halifax increase amount when my letter and card comes through?
Do I cancel Halifax and try another credit card?
Any other options?

Any advice much appreciated.

TheShape

claire8370 wrote: »

Hi,

I am paying my last year of my doctorate in health psychology next month (£3441), but the university insist I pay this over 6 months, which is not possible. I have tried negotiating with them, asking whether I can pay over 9-12 months, but they are refusing.

The last 2 years my circumstances were different (I was in a relationship and had shared bills), so I have never put myself into debt over this course. Therefore I am looking to take out a 0% credit card for the full amount and pay this off over the year, which would be much more manageable.

I just applied for Halifax and was accepted but they only gave me £1500. A bit frustrating as I have two other cards with 0% interest and each have £4000 on them that I could use, it just wouldn't be at 0%.

My questions are:

Shall I wait to see if Halifax increase amount when my letter and card comes through?
Do I cancel Halifax and try another credit card?
Any other options?

Any advice much appreciated.

2 other cards at 0% but wouldn't be at 0%?? Previous Balance Transfers??

You've got £1500 available on the Halifax card to use, so keep it. Can you put £1500 on the Halifax (paying approx £15 p/m minimum payment) and pay the remainder over the six months?

You could also apply for another card and see what the combined credit limits are.

Nebulous2

I'd keep the Halifax one. It's better getting some of it at 0% than none of it. If you haven't made any other recent applications then you could use an eligibility checker and try one more for a card you have a high chance of being approved for.

You haven't given much detail about things like income / other debt etc but you may be running out of available credit on the grounds of affordability if these other two cards are carrying a balance.

Kayalana99

Have you tried Santander? They gave me a limit of £2,500 and if you combine the CC that should be enough?