Help Needed Desperately

Homecat

I have just applied for a o% balance transfer credit card from Virgin Money as it came up on this site for me. But 2 days later I've discovered they are not wiping out all the balance, just part of it, because they say it would be more than they are prepared to offer me in credit - fair enough. But ... I'm trying to work it out - I will now have to pay on 2 cards, one with interest and one without. So I will pay more to the interest one than the other. The thing is I reckon that paying less on the interest loan will mean I'm paying it off longer and when the 24 months' 0% balance ends on the Virgin card I'm still going to owe them £640 at a much higher rater of interest than I'm currently paying and for a further 12+ months. Would it be better to just stay where I am, which will make me clear in 26 months. Trouble is it looks as if Virgin have already sent the money over to my other card and I don't know how, if it is possible, to get that money back to Virgin if I cancel the card. Please help urgently as I'm going mad with worry here and want to do something today if possible. Many thanks.

[Deleted User]

When you say wipe out the balance, I assume you mean the limit was insufficient for the full transfer, rather than being written off?

If so, transfer what you can and focus on paying off the interest bearing balance. You'll pay less and clear it quicker.

Don't even consider trying to transfer a 0% balance back to an interest bearing card. That would be all kinds of mad.

Homecat

Yes, I mean limit offered was insufficient for the full transfer.
I wasn't meaning to just transfer the 0% balance back to the new card. I mean that I have 14 days from when I receive it, to cancel it, which I was considering. But it looks as if they have already sent the money to the old card and I was wondering how to get it back to them, if one even can.
As it stands, once the 0% balance period is over (24 months), I will still need another 9 or 10 months to finish at a much higher interest rate than I'm now paying. If I just stayed as I am, even with interest, because I could put my monthly amount all into one card, it will be done in 24 months. ???

Ngozi

If you clear one card, the one still charging interest first, good chance that you'll be able to do another balance transfer if necessary in 24mnths time.
With the Virgin card, they'll still be a minimum repayment each month at a guess, probaly £5 or £10 so you will be chipping away at it.

MallyGirl

what interest rate is the old card. What will the interest rate of the 0% card be after the deal runs out.

Homecat

Old card, Co-op is at present 15.8% - new Virgin one will be 22.9% after the 0% balance period.

[Deleted User]

Having the balance at 0% will save you money and means you can clear it quicker.

If you don't pay it all off during the promo period, you can move the remainder to another 0% deal.

PRAISETHESUN

Keep things as they are now. Pay only the minimum payment to the 0% card and then throw whatever spare cash at the higher rate card. The money saved from interest payments on the 0% cards is still helping you push down the debt faster, even if you couldn't get the entire balance transferred.