Virgin credit card

Moneymatters2022

Hey all. So an update, I’ve cleared my MBNA card and around £650 additional on my Virgin card. The remaining Virgin balance is being BT to my spouse on 0%. How will this look to credit agencies that I’ve cleared this much so soon, will it be positive? Or should I leave a small amount on one card.

phillw

Moneymatters2022 said:

How will this look to credit agencies that I’ve cleared this much so soon, will it be positive? Or should I leave a small amount on one card.

Always do what will save you the most money.
How it looks is too subjective, plus it implies you are looking to borrow more money before actually clearing the debt you just transferred to your spouse.

born_again

Moneymatters2022 said:

Hi All.

I’m new here but looking for some advice after exhausting all other options.

I was in quite a bad state at the start of this year with debts however I’ve managed to clear 75% of them after hunkering down and paying off circa £11000.

Im now left with two credit cards, one totals £3500 with Virgin and another of £800 with MBNA.

As I missed a payment last year with Virgin, they have removed my 0% interest rate promo, after several talks and emails they will not help me long term and have only given me a 1month interest free period. Beyond payment plans and financial ombudsman, can anyone help with ideas? The interest rate is 21% on £3500 so it’s circa £70 a month plus my min payment. They have also emailed me to say I’m in “persistent debt” which is quite rich considering they will not lower my rate or be willing to help me.

I also can’t take a new CC or loan at the moment as my credit history is still in “recovery mode” should I say. 

Thank you.  

That sounds like you have only been paying minimum amount.

Well done on the £11K 👍