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Best way to convert £10K card balance to cash?

13

Comments

  • When you say "a project", do you mean something personal, or a profit yielding business project? If it is a profit yielding business project then lenders will be more flexible than just a standard personal loan and a business loan, whilst attracting a higher APR, may well be a possibility, or a business overdraft secured against property. If it is just a house/garden/hobby project then obviously not.
    There's obviously no option for a loan. If there was, that route would obviously have been taken. 
  • "Guess what, take out a loan!"

    "Guess what, withdraw cash via the card!"

    "Guess what, root around a cupbaord and sell old socks on ebay to raise £10K"

    "Guess what, don't borrow money pay off debt!"

    Completely useless replies. 

    It's like people think: "Look, look, look, there's a question. I have no idea what the answer is but I'm bored so I'll just type something!!!"
  • "Guess what, take out a loan!"

    "Guess what, withdraw cash via the card!"

    "Guess what, root around a cupbaord and sell old socks on ebay to raise £10K"

    "Guess what, don't borrow money pay off debt!"

    Completely useless replies. 

    It's like people think: "Look, look, look, there's a question. I have no idea what the answer is but I'm bored so I'll just type something!!!"
    I disagree - I didn't say root around the cupboard to sell off old socks. I said you should analyse your expenditure to see what could be cut, and if there were items you had (not old socks) that could be sold - that would make a dent in your debt. It's not going to raise £10k overnight - but would put you on the right path to recovery. 

    The reality is that with your current debt - nobody will touch you through traditional lending channels - so if you want more money - you'll have to address that outstanding debt now, not later. 

    I also pointed out that you'd likely not be able to go out and spend £10k in one go, as it was possible your card provider would decline it. So all in all, helpful responses. 

    However if you see the replies as useless - with this being a money saving forum - that's certainly an opinion you're welcome to have - but it won't address the debt that you need to deal with.

    You haven't really said much about your project - if you gave a little more detail there might have been a few more informative responses. For example - if it's a business project such as refitting a restaurant - there may be venture capital companies that could provide finance on a secured basis - but the interest you'd have to stump up would be extortionate in line with their risk. Do you have property that you can secure funding against?

    If you can hit that £10k existing debt down a chunk - you'd likely see some of your offers returning without paying off the whole lot - but the process would likely take a few months, which sounds like time you don't have.
  • Thanks, Cymruchris, but I'm not looking for brainstorming sessions that consider completely different possibilities. They're all completely out of the question, hence my question. There's no "alternative solution" such as asking a nice bank manager for a loan, looking under the mattress of a £10K, spending weeks ebaying hundreds of items, finding a winning lottery ticket that I forgot to cash. 

    A specific question was asked and I invited answers to that specific question. People completely glossing over and ignoring that question and instead just suggesting dead ends (most of which are obvious) is of no help. 

    Thanks anyway. 
  • Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.
  • JenB79 said:
    Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.

    I was wondering that as well - whether the OP is confusing Money Transfer and cash withdrawal. However while you have said that you don't know any credit card which doesn't offer cash withdrawal, there are some that have different (lower) limits for cash than for expenditure. I've seen that in online banking "Your credit limit is......" "Your cash limit is......."   

    I also suspect if they are wary of him over extending they may call a halt after a few days of withdrawing £500 a day. 

    Another possibility, which may already be in use, given the urgency of this request, is to put as much expenditure as possible through the credit card and divert any earnings / money to pay for those things to the project. 
  • Nebulous2 said:
    JenB79 said:
    Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.

    I was wondering that as well - whether the OP is confusing Money Transfer and cash withdrawal. However while you have said that you don't know any credit card which doesn't offer cash withdrawal, there are some that have different (lower) limits for cash than for expenditure. I've seen that in online banking "Your credit limit is......" "Your cash limit is......."   

    I also suspect if they are wary of him over extending they may call a halt after a few days of withdrawing £500 a day. 

    Another possibility, which may already be in use, given the urgency of this request, is to put as much expenditure as possible through the credit card and divert any earnings / money to pay for those things to the project. 
    Good question. Perhaps there was some confusion on my part as I was thinking about 'withdrawing' money via 'money transfers'. 

    There might be an option to withdraw bits of cash on a daily basis. I thought it was around £250 a day so at that rate it would take 40 days (if the card supplier doesn't suspend the facility/lower the limit) in the meantime. 

    Perhaps it's higher which could make it a viable option? It's a good idea and worth exploring. 
  • JenB79 said:
    Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.
    Sorry, my reply to Nebulous was aimed at you. Good question. And thank you for posting this. Very helpful. 
  • Nebulous2 said:
    JenB79 said:
    Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.

    I was wondering that as well - whether the OP is confusing Money Transfer and cash withdrawal. However while you have said that you don't know any credit card which doesn't offer cash withdrawal, there are some that have different (lower) limits for cash than for expenditure. I've seen that in online banking "Your credit limit is......" "Your cash limit is......."   

    I also suspect if they are wary of him over extending they may call a halt after a few days of withdrawing £500 a day. 

    Another possibility, which may already be in use, given the urgency of this request, is to put as much expenditure as possible through the credit card and divert any earnings / money to pay for those things to the project. 
    Very helpful post, Nebulous. Excellent points all 'round. I hadn't realised that cash withdrawals might be a possibility. 
  • When you say "a project", do you mean something personal, or a profit yielding business project? If it is a profit yielding business project then lenders will be more flexible than just a standard personal loan and a business loan, whilst attracting a higher APR, may well be a possibility, or a business overdraft secured against property. If it is just a house/garden/hobby project then obviously not.
    There's obviously no option for a loan. If there was, that route would obviously have been taken. 
    There is not "obviously" anything, because you are only giving very limited information. If I went to my bank for a £10k business overdraft they would give me one, if I went to my bank for a £10k business loan rather than a personal loan, they would give me one (though they might require some form of security), but this would be for a business project, not a personal project, which is why I asked if it was a profit yielding business project, or a personal project. Also, depending on if it is business and the time you commenced business and turnover the Recovery Loan Scheme could also be an option. The problem is that no one can offer concrete advice because you are being deliberately vague in your answers and seem more interested in arguing with people that finding a genuine solution. 

    As others have pointed out it is unlikely you will be able to get all £10k out of a card with a £10k limit no matter what the method as if you suddenly start hammering the limit the bank will likely block the transaction(s).
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