Best way to pay off remaining debt

FrancisBegbie

Hi , 

I had total debts of £13,000 across five credit cards 

I have got this down to :  

Santander £700 standard interest 
Barclaycard £5000 % interest fee for one year 

I don’t want to pay any interest 

My plan is to transfer both to an interest free balance transfer card and pay them off for as long as I can get interest free

do you reccomend that ? 
 

TheAble

Oftentimes balance transfer cards charge a fee for the transfer so you would need to factor that into your costs.

Assuming the 5k Barclaycard has no fee for leaving as is, were it me I would pay off the £700 Santander (or as much as possible) and keep things as they are currently. Aim to pay off the Barclaycard in the next 12 months.

FrancisBegbie

I’d really like to extend this and pay off less each month 

DisabledDan

I am not sure what the problem is, people transfer over and over again, as long as you keep reducing the debt you will usually find some company to take it on, some do not charge for a 12 month period.  

enthusiasticsaver

You can do further balance transfers if you do not pay off the £5k within one year but there will probably be a fee. See if you can move the £700 to an interest free card unless you think you can clear within a few months as the BT fee may be more than the interest. 

MFWannabe

FrancisBegbie said:

Hi , 

I had total debts of £13,000 across five credit cards 

I have got this down to :  

Santander £700 standard interest 
Barclaycard £5000 % interest fee for one year 

I don’t want to pay any interest 

My plan is to transfer both to an interest free balance transfer card and pay them off for as long as I can get interest free

do you reccomend that ? 
 

Barclaycard is interest free for one year? I would leave that as it is; pay off just above minimum each month and then at month 10 or 11 look for another balance transfer 
Santander I would balance transfer now if you can get a card to do this 
Check on the eligibility calculator on this site. 

Some don’t have a transfer fee either 

fatbelly

FrancisBegbie said:

Hi , 

I had total debts of £13,000 across five credit cards 

I have got this down to :  

Santander £700 standard interest 
Barclaycard £5000 % interest fee for one year 

I don’t want to pay any interest 

My plan is to transfer both to an interest free balance transfer card and pay them off for as long as I can get interest free

do you reccomend that ? 
 

That sounds like a good plan, even if you just get a small limit - enough to transfer the Santander one

https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

Nat West and Zopa do fee-free cards

ManyWays

fatbelly said:

Nat West and Zopa do fee-free cards

There are a lot of reports that people with a Zopa card are unable to transfer the balance to another lender. best to avoid if you may not clear the amount in the 0% term