Balance transfer or debt settlement?

CzechMate

Okay.

Thank you for all of your help and advice

binaryuniverse

Deleted_User wrote: »

The arrangement to pay is a huge negative. The chances of getting a BT offer are slim to none.

Well that's not entirely true. Even when I had AR and defaults on my file I've been accepted for balance transfer cards. Twice from Capital One and one from Tesco. Capital One do only offer 0% for 6 months however, then it goes up to some 34% apr, which probably doesn't help.

Also, I don't believe their credit file is 'trashed'. ARs don't help a credit file, but they're not as bad as defaults.

So it may be worth applying for a Tesco BT card. At worst they say no, and you can attempt a settlement. At best you get this other card.

Chrysalis

Just to add a note here, my very first credit card which had since the age of 18 (and managed badly), was still on my file and still in the lloyds tsb repayment department when I applied for my first 0% card a few years back, the application was auto approved with a decent credit limit.

So it would seem having an outstanding card on a payment plan wont necessarily mess you up, however at the time I had my capital one card in use for several years, excellent payments record with a high limit. So that very likely cancelled out any negative affects of the lloyds card. But is no harm in trying as long as you dont go overboard.