In need of a BT. Income to debt is my problem

donkeyshorn

In need of a BT.

Earn 30k (net 25k) as does OH, net £2100 pcm, min payment on cards is £155 pcm

Have the following debt in my name, debt/credit limit:

*Halifax Clarity 900/2500 19.2% APR
*MBNA 1 2300/5000 - 20.9% APR - former BT card, paying £45 interest pcm
*MBNA 2 2850/4500 - 0% BT card
*Fluid 1000/1200 - 0% BT card. They have just offered my a higher credit limit which I've not accepted (but still can?) 0% runs out in a couple of months.
*Barclaycard 1500/4000 0% BT Card
*Car PCP of £20,000 (£350 pcm). The OHs car, she pays this but is in my name.
*Mortgage of 200k

OH pays half the cards. We overpaying the MBNA 1 card by around £50 pcm.

Just finished a loan of £145pcm, so that will hopefully show on my credit file soon. Freeing up spare cash?

MBNA 1 (2700 available credit) are offering two transfer deals either:
A. 0% for 16 months 4.5% fee.
B. 3.9% APR over 36 months 0% fee

I was going to BT the Fluid over to MBNA 1 in a month or so to MBNA 1.

Looking at my debt to net wage ratio, at a guess, how long before I can get a new BT card or get another offer from the current ones? Does anyone think that Fluid offering a higher credit limit is a good indication? Maybe I need to pay off the Halifax with MBNA 1 offer? Want to keep the Halifax card for holiday spending if possible.

If I put the Fluid and Halifax on the MBNA 1 card that would result in some 0% and some 20% would that be tricky to move the 20% to a BT at some point?

[Deleted User]

If you’re both on £30k then that’s circa £3800 per month between the 2 of you.

So the question is where’s the money going?

I would post a SOA on the debt free wannabe board if i were you to see where you can cut back and throw more at these debts.

donkeyshorn

Thanks Gary,
My problem isn't available money each month. My issue is not being accepted for any new BT cards. They all come in at 30% chance or lower, using the MSE tool.
I would like to know;
A. If I should move some of my card debt from one card to another, maybe to pay a card off, how does this look to card companies?
B. Or just be patient and overpay the MBNA card 1 as much s possible?
C. Any other ideas to get a BT card.

[Deleted User]

Clearly the available money is an issue otherwise you’d be tackling this and knocking the debts down, no?

You need to clear the highest interest bearing card first then work your way backwards from there.

And follow my other advice above.

Willing2Learn

Try the eligibility checkers direct with the card issuers as sometimes the results will be different from the MSE tool.

Also, if you fail the eligibility checkers from mainstream cards then try the eligibility checker with a CapitalOne BT card...

Candyapple

*Halifax Clarity 900/2500 19.2% APR
*MBNA 1 2300/5000 - 20.9% APR - former BT card, paying £45 interest pcm
*MBNA 2 2850/4500 - 0% BT card
*Fluid 1000/1200 - 0% BT card. They have just offered my a higher credit limit which I've not accepted (but still can?) 0% runs out in a couple of months.
*Barclaycard 1500/4000 0% BT Card
*Car PCP of £20,000 (£350 pcm). The OHs car, she pays this but is in my name.
*Mortgage of 200k

1. I would transfer the entire MBNA 1 debt of £2300 to the Barclaycard.

2. Keep MBNA 1 card open and wait for next month's existing customer offer which should be much better as your card will be empty.

3. Transfer the £900 Halifax to either MBNA 2.

4. Keep the Clarity open as it is always useful to have an overseas card, just make sure you absolutely do not spend on it. If you don't have this willpower, then close it.

5. How much of an increase have Fluid offered? I probably wouldn't bother with the increase and when MBNA 1 rolls out a new customer offer and your 0% ends with Fluid, you can transfer your Fluid debt to MBNA 1 and then close Fluid.

6. Why is your partner's finance in your name? You do realise how risky a situation this is and for £20k? You are mad. She could break up with you and walk away leaving you £20k in debt.

[Deleted User]

Is the 0% offer still applicable on the Barclaycard?

donkeyshorn

Unfortunately not. It doesn't offer any transfer options. Would you pay off the MBNA with the BC (if it's possible,)? The APR on the BC is 19%.

MBNA 1 does state when making a payment. 'You can use a debit card from another bank'.

System

This is absolutely not a case of transfering the money around (again). You need to at this mess off.

donkeyshorn

Nice thinking but...
The BC card wont let me transfer anything onto it (unless I'm mistaken). And the MBNA 1 won't let me pay with a credit card.
Thanks.

Candyapple

Ok so MBNA 2 - how many months of 0% left and can you actually add more debt to it at 0% or has that offer ended?

Fluid - how much of an increase have they offered you? Do they have any existing customer 0% offers?

How many months left of 0% on your Barclaycard? Have you checked your monthly offers to see what 0% deals they have?