Balance Transfer Help

VictorOne

Hi all, thank you in advance for taking the time to read, and my sincere apologies if the question has been asked a thousand times before. I’ve searched through threads but can’t seem to find anything that matches my problem. 

Having watched the ML show last week, I was particularly interested about Balance Transfers because at the moment, I feel as if I’m sinking. 

I have 2x CapOne cards, 1x Barclaycard and 1x Vanquis Card. In total, the available credit over all cards is £2.8k, and I’m £2.7k in debt to them. 

My credit rating isn’t amazing, I don’t miss payments but, I do only pay the minimums at the moment because that’s all I can afford. Ideally, I want a Balance Transfer card to pay off the £2.7k over those cards, but using the eligibility checker, all I seem to be offered, or rather guaranteed, is a 118118 credit card with a £1200 limit. I have not proceeded with this card, even though it would help bring the utilisation down, obviously because I don’t want another credit card per-say. 

Could anyone recommend what to do, has anyone else experienced the same problem? Basically, I want to get rid of all my cards using a Balance Transfer card, one with 0% to pay them off. Trouble is finding a lender of £2.7k. 

Any advice? 

Thanks you. 

[Deleted User]

You won't find out what limit you'll get until acceptance.  £1200 is the representative limit only.

You may get less, or more. Or of course, declined.

Even if you get offered less than you want, take it and transfer what you can.

VictorOne

Appreciate the reply. The site did say the limit was guaranteed £1200 but it’s 118118 and I just see that as a red flag, a pay day lender. It’s not a BT card anyway. 

MallyGirl

definitely avoid payday lenders. Were you not eligible for any 0% Balance Transfer cards?

jay1804

If you aren't eligible for any new BT cards, you could try paying down your barclaycard balance first, as they sometimes offer balance transfers for existing customers. However, this may not be the best solution depending on the balances, credit limits and interest rates of all your cards.

Naomim

If you have poor credit rating you may be be eligible for any BT cards at the moment.  Why don't you pop over to the Debt Free Wannabe (DFW) boards and post there.   There's lots of us paying down debt and can probably help with some constructive advice on how to best manage them.

Naomim