Trouble paying off finance!

FleaMedia

Not sure if I should be posting in loans or credit card d or whatever so please tell me if I’m in the wrong place.

Anyway here is my situation...

I currently have 2 items on finance both around the £500 mark. The interest free period is just about to expire and so I intended to put the rest of the balance onto an interest free credit card. I was unaware that you cannot pay off finance with credit so I thought I would be able to make a balance transfer instead, I talked to the credit company and they said I would be able to do this, but it appears not to be the case.

Is there any way I can work around this to move the balance into my card?

What are my options?

Any help would be much appreciated.

[Deleted User]

You'll need a money transfer card.

MallyGirl

or pay with credit card to get the balance on there and then do a 0% BT to another card. If the finance companies will accept card payments that is.

foxy-stoat

Not a very good plan, buy products using interest free credit then try and pay them off with interest free credit cards - why not just save the £83.33 a month if the period was 12 months and you could of paid them both off by now.

Best thing you can do is try and get a money transfer card as already suggested.

FleaMedia

:doh: I knew I would mess it up somehow. I thought I was being clever paying it off with a card. I only found out that I couldn’t do it that way after getting my credit card. I just got it around 2 weeks ago.

Do you think it’s will stop me from being able to get a money transfer card?

Does being approved for a credit card negatively affect credit rating / ability to get a card?

foxy-stoat

What card is it? You sure it doesnt have a money transfer option?

FleaMedia

Yorkshire Bank Gold MasterCard.

I don’t believe I have interest free money transfer. That was the idea really to pay off the balance with 0 interest.

[Deleted User]

You"ll need to try for another card. You may struggle having just gained one, but nothing to lose.

FleaMedia

I have just found out that Yorkshire Bank is now part of the virgin group. Virgin money do a 26 month interest free money transfer card. As I was lead to believe by Yorkshire bank that I would be able to do a balance transfer, I wonder if they could move me over onto the virgin card... I have seen that they are now offering virgin cards on their site.

FleaMedia

Or try for a long term low interest with a relatively low credit limit. Pay one finance with the money transfer - bank transfer to my gold card - pay other finance with money transfer again.