shifting debt

steed1

hi
i am trying to help a friend who has 19k of debt on 4 credit cards for information he is not on the electoral registar and he has a good experian credit score
we have shifted 18k to 12months 0% short term but am looking longer term at least 3 years
we have done a elegibilty check on mse for a balance transfer of 8k and mbna is 95% acceptence and tesco is 80%
the questions i have is
do we wait till the 12months 0% finish before applying bearing in mind that it could be less months at 0%
is it advisable to do muliple card applications
whats the likelihood of getting two cards
how will it affect his credit rating
steed1

bexster1975

Hi

If they have transferred £18k to 0% for 12 months then my first port of call would be to clear the £1000 not transferred. How much per month are they hoping to pay? I'd be reluctant to apply for another now if all but £1000 is at 0% why not start paying that off at whatever level they can, then apply to transfer the remainder just before 12 months is up. Being on the electoral register will help credit score.

Bexster

sourcrates

How long has your "friend" had this debt hanging around his neck ?

Balance transfers are usually yet another "stop gap" measure.

Of course we dont know your friends circumstances, but might they benefit from some debt management advice instead ?

enthusiasticsaver

If there is only £1000 of credit card debt charged interest why does he not make that a priority for clearing over the £12 months plus as much of the £18k as possible. He will stand a much better chance of getting a longer 0% if part of the debt is cleared. Shuffling debt constantly does affect credit records.

steed1

Hi
he has been to cab but decided he wants to try to get out of the debt himself
we have maxed out the 4 cards for balance transfers at 0%
he has 1.6k on J lewis at 0% which ends in November then reverts to 18.9%
i only became aware of his debts at the end of last year
we transferred 8.5k to tesco for 12 months 0% which finishes in January 18 the balance will be around 4.2k the other o% offers are finishing in may18
that is why we were thinking of shifting the debt to long term 0% cards
by my reckoning it would tame 3 years to pay them off if he got 0% interest .