Does this plan to default then enter into a DMP work?

fatbelly

Thanks. I've just been back to your other thread and can see that you explained a lot of this in your first post

https://forums.moneysavingexpert.com/discussion/6523246/in-a-big-financial-mess-and-i-cant-see-the-wood-for-the-trees/p1

You got good advice on that one

lea

Hello again

I was wondering, if I had an option to do any balance transfers on my existing cards (even if its at a high APR), to clear smaller credit card debt and absorb it into one of my cards with a higher available limit, would this be worth considering before I default on payments?

My thinking is that there would be less accounts that potentially then default if i am able to clear any of the smaller balances this way?
Or does one default have the same impact as five or six defaults and therefore not worth trying?

Thanks again 

fatbelly

Personally I wouldn't

See what others think.

2021rdsunshine

lea said:

Hello again

I was wondering, if I had an option to do any balance transfers on my existing cards (even if its at a high APR), to clear smaller credit card debt and absorb it into one of my cards with a higher available limit, would this be worth considering before I default on payments?

My thinking is that there would be less accounts that potentially then default if i am able to clear any of the smaller balances this way?
Or does one default have the same impact as five or six defaults and therefore not worth trying?

Thanks again 

The way I see it having 1 default or 5 has the same impact. That option would only work if you had enough available limit to include all your debt and therefore avoiding any defaults. And also if it was a 0% balance transfer, otherwise you are just shifting the debt around. I personally wouldn’t do it 

lea

Thanks both, will leave as is. I wondered if defaulting on less accounts might make a difference on my credit file but if it makes no odds then there's no point.

ChampagneSupernova36

lea said:

Hello again

I was wondering, if I had an option to do any balance transfers on my existing cards (even if its at a high APR), to clear smaller credit card debt and absorb it into one of my cards with a higher available limit, would this be worth considering before I default on payments?

My thinking is that there would be less accounts that potentially then default if i am able to clear any of the smaller balances this way?
Or does one default have the same impact as five or six defaults and therefore not worth trying?

Thanks again 

Hiya Lea. I found during my own debt free journey that whenever I cleared off one line of credit (ie a loan to clear the cards or a balance transfer) that I would simply max out the card again as it was just moving things around and not getting rid of any debt. Unless you really trust yourself with another line of credit , I’d avoid it . Good luck , E x