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What to do if credit limit is not enough

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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.

Comments

  • TheShape
    TheShape Posts: 1,882 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    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
    Nebulous2 Posts: 5,664 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Kayalana99 Posts: 3,626 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    Have you tried Santander? They gave me a limit of £2,500 and if you combine the CC that should be enough?
    People don't know what they want until you show them.
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