£20k in debt is it easier to just go bankrupt?

fatbelly

MarkMr wrote: »

I don't think 0% juggling is possible with my current low credit rating.

fatbelly wrote: »

I agree with W2L - ignore your credit score as it's just a made-up number.

Try a soft search and see what comes up.

MarkMr wrote: »

Apparently I can apply for an MNBA credit card at 0% for 36 months (according to this site).

Now there's a lesson!

MarkMr wrote: »

If I did that, what would the next steps be?


Would I try and put 2 cards in there (£16k) or would that be instantly rejected?


Should I put a smaller amount, say £1000 on there, and pay it off in the 12 months?


Or go with a full £8k and close down one of the other credit cards allowing me to open it again when the 12 month period ended?

.

Try for 16k - transfer as much as you can to 0%

patchwork_cat

Remember that the MBNA is for 36 month, not 12 as you are referencing in your solutions.

Willing2Learn

Willing2Learn wrote: »

If you have history of struggling to budget and manage your money, then I would respectfully suggest you do the following as it is the simplest method of repayment:

Divide the total amount borrowed by the months of the promotion.
For example: £16,000 / 36 months = £445 per month repayment.

And then stick to it. You will and can come out the other side

I hope the above didn't scare you off. You know, it can be tweaked to make the repayments less. For instance 36 months x £345 = £12,420 - leaving a balance of £3,600. That balance can be paid off on the next balance transfer promotion!!

Simples (or so the meerkat says).

MarkMr

Thanks! That's great info! Sorry for the late reply. I was busy over the weekend.



Will apply tonight and see what credit card options I get.


Can I place 2 smaller card balances on to the new MNBA card?

MallyGirl

you can transfer as many cards as you have credit space for. You are usually limited to 90% or 95% of the limit to leave headroom for fees on top

MarkMr

Thanks everyone. I applied and was only able to get £2200. But I've taken that off the most expensive monthly card and will be paying that back over the 36months, as well as the other regular payments. When I can afford to, I will over pay and hopefully close that debt quicker.


Do I then just close that credit card, or add more to it from the other none 0% cards?

Willing2Learn

MarkMr wrote: »

I applied and was only able to get £2200. But I've taken that off the most expensive monthly card and will be paying that back over the 36months, as well as the other regular payments.

What credit card company gave you the £2200 limit? I thought all your current cards had the same interest rate @ 17.5%?

MarkMr wrote: »

When I can afford to, I will over pay and hopefully close that debt quicker.

You mean the card with highest rate yeah? Just snowball those cards. You may become eligible for a 0% balance transfer card with a higher limit in six to 9 months, as long as you have successfully been reducing the overall debt. You can keep on juggling lol...

MarkMr wrote: »

Do I then just close that credit card, or add more to it from the other none 0% cards?

Just ask them for another balance transfer promotion!!!