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What to do ....balance transfer/ Purchase 0% ending but can't get another

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  • sourcrates
    sourcrates Posts: 31,520 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Debt management allows you to repay your current indebtedness, but at an affordable rate.

    The debt charities offer free DMP`s, in conjunction with the credit industry, so basically the banks pay the debt charities to take on this burden, but to the debtor, there is no charge.

    Yes your credit file, and anyone financially associated with you, will be shot for 6 years.

    After 6 years all entries are removed, there is no such thing as a credit black list, you might be just as likely to obtain further borrowing off a bank you once defaulted with, as with a new lender, they operate as a business, and judge risk on a range of factors.

    Best advice is not to resort to further borrowing or consolidation if interest rates become unaffordable, although debt management will make obtaining credit almost impossible for a period of time, that is not always a bad thing, and you should concentrate on a long term strategy to rid yourself of this 70k plus weight on your shoulders.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper

    After 6 years all entries are removed, there is no such thing as a credit black list, 
    Financial institutions can maintain a list of individuals that have no wish to do business with in the future. Not illegal. The information held is of a very basic nature. In no way sensitive or of a personal nature.

    Commercial common sense really. The old adage. Once bitten twice shy. 


  • kimwp
    kimwp Posts: 2,924 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Brie said:
    Brie said:
    So much credit available!!!!  that's the issue.  get rid of some of that and you should have good offers.  M&S is usually quite regular with BTs and so is MBNA.    I'd say cut out some of the credit on Tesco and Amex and then the others will start making offers.  

    Not sure how you can say that as if it's a foregone conclusiom when we have no idea of op's income. Without the Tesco and Amex the op has a very high utilisation and reducing the available credit may spook tbe others.

    With 2 cards reverting to full interest in a couple of weeks and admitting they are going to struggle when this kicks in then really needs to head over to debt free forum and post full SOA.
    Agree that the income is a big factor but so many people don't realise it's not the credit they use but the credit they have available that is a problem a lot of the time.  Someone else has pointed out that the total credit that we know about is about £70k which is significant.  But they are using much less.  So if you get rid of that unused available credit then banks are going to be happier about the risk.

    Yes - a full SOA would be useful.
    It's a balance between available credit and utilisation. The first is the risk that you could max out your credit and not be able to afford repayments (so I guess that's assessed in combination with income and commitments). The second is about whether you are managing the credit you have available. I think a utilisation of under 25% is preferable.
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • Brie
    Brie Posts: 14,666 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    kimwp said:
    Brie said:
    Brie said:
    So much credit available!!!!  that's the issue.  get rid of some of that and you should have good offers.  M&S is usually quite regular with BTs and so is MBNA.    I'd say cut out some of the credit on Tesco and Amex and then the others will start making offers.  

    Not sure how you can say that as if it's a foregone conclusiom when we have no idea of op's income. Without the Tesco and Amex the op has a very high utilisation and reducing the available credit may spook tbe others.

    With 2 cards reverting to full interest in a couple of weeks and admitting they are going to struggle when this kicks in then really needs to head over to debt free forum and post full SOA.
    Agree that the income is a big factor but so many people don't realise it's not the credit they use but the credit they have available that is a problem a lot of the time.  Someone else has pointed out that the total credit that we know about is about £70k which is significant.  But they are using much less.  So if you get rid of that unused available credit then banks are going to be happier about the risk.

    Yes - a full SOA would be useful.
    It's a balance between available credit and utilisation. The first is the risk that you could max out your credit and not be able to afford repayments (so I guess that's assessed in combination with income and commitments). The second is about whether you are managing the credit you have available. I think a utilisation of under 25% is preferable.
    Not disagreeing I think - maybe we're saying the same thing in different ways?  But what do you mean by "utilisation of under 25%"??  That if you have £10k credit available you only are using £2.5k?  Maybe that's ok with a salary of £75k or whatever but if it's £100k credit available and £25k being used that would appear very risky to me and possibly to most banks.
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
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