Need to pay off mycredit card - undecided how?

jo_london_mum

Hello
I would like some advice please.

I have 8k on my Natwest cc.

Home owner, with tiny mortgage but other living costs including season ticket loan and maintenace payment to ex for my 2 teenage sons. Earnings £49k

Applied for loan through M&S, but they refused my applicaiton.

I then checked here and eligability checker told me I have zero chance, so wish I had looked here first!
Post office loan said good chance, so applied, and approved in priciple, but obviously I dont have to accept the loan.

My gripe is the interest they are charging me is over 11% and repayments are £177 per month over 5 years. They didnt tell me this until the end of the application part!

I then contemplated balance transfer ccs, and just paying that same amount interest free for 4 years. But Im not sure the balance trasnfers would go up as high as £8k
Can anyone help? Thanks in advance x

Willing2Learn

There is no way to pre-determine the credit limit of a BT card, although some issuers will give you a 'credit limit estimate' on their own eligibility checker. Have you looked at any BT eligibility checkers yet?

[Deleted User]

How does the 11% loan APR compare with your current card rate?

foxy-stoat

Apply for another credit card with a Balance Transfer option....or over pay your current card.

thriftylass

I would probably get a BT as high as possible and then snowball. I.e. pay the 0% normal and overpay the 11% by as much as possible. How much is your take home pay, could you do a SOA. I would presume earning £49 and having a small mortgage, despite child support and the loan should leave you with plenty to play with a month?

jo_london_mum

Deleted_User wrote: »

How does the 11% loan APR compare with your current card rate?

9.9%is the standard, but I must be on higher than that - how would I find that out?

Willing2Learn

Your APR will always be on your monthly statement...

jo_london_mum

Willing2Learn wrote: »

There is no way to pre-determine the credit limit of a BT card, although some issuers will give you a 'credit limit estimate' on their own eligibility checker. Have you looked at any BT eligibility checkers yet?

No, but I will thanks so much - I take it they have that on this site?

jo_london_mum

Willing2Learn wrote: »

Your APR will always be on your monthly statement...

Its 17.436%

Willing2Learn

jo_london_mum wrote: »

I take it they have that on this site?

https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

jo_london_mum

thriftylass wrote: »

I would probably get a BT as high as possible and then snowball. I.e. pay the 0% normal and overpay the 11% by as much as possible. How much is your take home pay, could you do a SOA. I would presume earning £49 and having a small mortgage, despite child support and the loan should leave you with plenty to play with a month?

Doesnt feel like it! And I dont even pay the mortgage, my OH does.
I have just had a 6k rise, so am better off from this month...

So my take home eafter season ticket loan and pension/AVCs is

£2400
Then outgoings:

£540 child support
£400 general spending, maintenance, going out, work lunches, coffee etc

£200 holiday savings
£200 days out and buying clothes etc for my kids

£200 car payment
£190 credit card payment

£100 savings
£65 Satellite TV
£50 petrol

£45 car insurance
£45 Internet
£40 water

£15 TV license

Various other payments, Netflix, ring cam subscription etc about £50

Leaves about £250/300

Other half pays household insurance, Council Tax, mortgage, food shopping, some holiday and other savings, his own car stuff etc.

Thats just to give you a snapshot... I can see I may have to plough more into getting it down, just dont want to be paying over the odds for interest.