Please Help

razzmatazzic

I have had a Lloyds TSB credit card now for 3years and have not been keeping up payments with them. They gave me a £1000 credit limit. I believe it was 16.9%APR. Over the years, I've been caught up in paying late and the interests have stacked up considerably. Out of ignorance I gave up briefly and was not paying and they basically helped themselves into my Lloyds TSB current account and at times in my savings.

I was very naive about 0% bal transfer and everytime I saw it I believed it was a catch. I could have sorted this problem out a long time ago.
But now, having got onto this site I have noticed that this problem can be sorted and Lloyds CC have been having a laugh at my ignorance. Someone recommended Virgin CC offering a 0% bal transfer for 15 months. My debt at Lloyds is now £1100. I have also read here that if one is doing a bal transfer, one should put the CC away after transferring the balance and set up a direct debit, so the payment can reduce. I am for this 100%

Where I need help is now these:
1. I need to pay a subscription (£250) which would definately guarantee me long term wealth in property investing. I intend to take £250 out of this Virgin CC as soon as I get it, set up a direct debit on the £1350 and PUT THE CARD AWAY! I cannot raise the £250 from anywhere else and I also want to sort out my finances asap. I'm not looking for a credit card for a shopping spree. The £250 I'm intending to take out is to have a success story tomorrow. Does anyone have an advice and if possibly the amount I may be paying after taking out the £250?

Thanks

keeperbear

razzmatazzic wrote: »

I need to pay a subscription (£250) which would definately guarantee me long term wealth in property investing. I intend to take £250 out of this Virgin CC as soon as I get it

Sounds like a very bad and dodgy idea to me mate. No paid subscription will ever "guarantee" long term wealth, especially when you have to borrow money on a credit card to pay for it. Do you get this subscription offer via a spam email from Nigeria?

A better strategy would be on focusing on paying off your existing credit card debt first.

razzmatazzic

Thanks keeperbear,

I perfectly understand where you are coming from and I appreciate your response. I have gone past the level of fear. I am not selling anything to you and not going to convince you otherwise, as it takes so much to convince me too about property investing. The foundation is solid and the system in operation is not based on speculation but fact. This site is not for touting other websites, if not I would have referred you. But never mind, I came looking for help firstly to sort out the credit card problem. It probably is a good idea not to take the money out of the credit card but if have to I will. I am sure enough (95%) that the risk will pay off. It is not a "Nigerian" spam email. These are people who do business with Kiyosaki etc. Cna't say more.

But, thanks for your help.

gmidgley

You need to make sure that the Lloyds TSB Card has not affected your credit record, you said

I have had a Lloyds TSB credit card now for 3years and have not been keeping up payments with them.

That could affect your chances of getting a card with Virgin, plus with only a £1000 credit limit on Lloyds which your currently over, its doubtful you would get a Virgin card.

razzmatazzic

Hi gmidgley,
I was turned down today on applying for Virgin CC.
I am so naive I wish I didn't.
What do I do now?
Please help if you can

sicker

I would write to Virgin and thank them for saving you £250. If it was that good I would not tell anyone, not even my friends here.

Mozette

To be honest, if you can't raise £250, then you can't afford to gamble it, and please face it; that is what you'll be doing. There are no guarantees like that. Please don't allow yourself to be fleeced because you are desperate. Go on the DFW board, post a statement of affairs and get the help you clearly need. There is no quick fix, but there is a solution.

Zebedee69

To be honest mate, if you believe that a £250 subscription is going to make you "wealthy" then you shouldnt have a credit card.

You need to go right back to basics and stop being naive! Not just with cards but in your everyday life.

The £250 is a scam, if you take it up then its your looking but I think you'll be sorry.

razzmatazzic

Thank you everyone for all your replies.
Desperation is the word. Its no use being desperate to raise such money from a CC. That idea is totally dead and buried. What does DFW mean? and where is the board?

taless

DFW = Debt Free Wannabe forum, it can be followed at this link http://forums.moneysavingexpert.com/forumdisplay.html?f=76

MABLE

razzmatazzic wrote: »

Thank you everyone for all your replies.
Desperation is the word. Its no use being desperate to raise such money from a CC. That idea is totally dead and buried. What does DFW mean? and where is the board?

This idea may not have been a good one but dont be put off exploring other avenues in the future. The next time may be a money spinner.