New Balance Transfer Card Error

lastkiss

I have a post office credit card. It has come to the end of the 0% interest so I successfully applied for a balance transfer card with Capital One. There were a few bank options open to me but I chose that one as it had the best rate. 

I didn’t realise they were the same bank. I should have and I’m kicking myself, but I’ve ADHD and am notoriously bad at admin. Now I can’t do the balance transfer and I can’t get another card - I’ve tried but I was just beginning to build up my credit so it’s not an option.

Capital One helpline were distinctly unhelpful. No transfer, no extension of 0% and if I cancel the new card it will be at least 6 weeks before it shows on my credit account.

I’m going to struggle paying the 1500 I owe with interest. I am disabled and can’t work. I was relying on transferring to another 0%.

I would really appreciate any advice as I don’t know what to do from here. 

CliveOfIndia

lastkiss said:

I was relying on transferring to another 0%.

That was an ill-advised strategy initially.  It's something I do harp on about, but one should never assume you'll be able to do another BT.

lastkiss said:

I can’t get another card - I’ve tried but I was just beginning to build up my credit so it’s not an option.

Have you had a look at eligibility checkers on lenders' own websites?  They tend to be slightly more accurate than generic third-party checkers.

lastkiss said:

I would really appreciate any advice as I don’t know what to do from here. 

If you absolutely can't shift the balance elsewhere, then you basically have 3 options.  Either cut right down on expenditure and go all-out to pay off the debt (filling out an SOA can be a great way of seeing where your money is going and where potential savings can be made).  Secondly, speak to Capital One, see if they'd be prepared to freeze the interest.  This would allow you to pay down the capital, but would impact your credit history.  Thirdly - and probably the most drastic option - you could just stop paying altogether and let it default.  Not an option to be undertaken lightly, but there's a limit to what action can be taken against you for an unsecured debt such as this - especially if you genuinely don't have the money to pay it.

This would effectively mean you'd have no access to any more credit for a few years, as it would leave a big black mark on your history.  Probably not the end of the world if all you'd be looking for is another credit card, potentially more damaging if you'd be looking for a mortgage in the near future.

lastkiss

Thank you for your helpful response Clive. I have learned a hard lesson here. I made several assumptions I shouldn’t have. 

Trying lenders own websites is great advice and I will start looking there. Thank you. 

I did speak to Capital One. It was a call centre abroad and there was a bit of a language barrier, but from what they could understand from me they couldn’t offer me any assistance at all - I even spoke to a manager with no luck. 

I genuinely will struggle to pay it as is. I’m so annoyed at myself for assuming I could transfer when the time came. Could I ask what an SOA is? That sounds like it could be helpful in giving me parameters to work to - I am horrible at budgeting. 

Not paying would be my last resort. I live in supported disabled accommodation and will never again be able to have a mortgage so I am not worried about that. But the thought of having people chase me for money makes my blood run cold so I’ll do anything to avoid that. 

CliveOfIndia

lastkiss said:

Could I ask what an SOA is?

It's a Statement Of Affairs.  There are any number of templates available, the one that is used most often on these forums is https://www.lemonfool.co.uk/financecalculators/soa.php

Fill it in as accurately as possible.  It's a very useful tool for getting a pretty accurate view of your income and expenditure, and can prompt you to think of everything that you spend - and potentially look for savings that can be made.

You can, if you wish, use the "Format for MSE" option and copy & paste the results into this thread.  This will allow others to take a look and give some impartial and objective suggestions.  But if you don't want to share it, it can still be a useful exercise just for your own benefit.

lastkiss said:

Not paying would be my last resort. I live in supported disabled accommodation and will never again be able to have a mortgage so I am not worried about that. But the thought of having people chase me for money makes my blood run cold so I’ll do anything to avoid that. 

Yes, simply not paying is a last resort, and should only be considered after you've exhausted all other options.  However, since a credit card debt is unsecured, there's actually not a lot they can do - other than trash your credit history.  Absolute worst case is that they could take you to court.  But even then, a court can't make you pay what you don't have.  For this reason, in the vast majority of cases they won't even bother going as far as court - it'll cost them far more than they'd ever be able to recover.

paradigital

I assume you don’t have a third card even one without a decent rate on it?

The reason I ask is that I had a large balance with Halifax on one card, took out a second with Halifax that had a good 0% offer for transfers.  I ended up transferring the original card to Capital One, then back to the new Halifax card.  Yes that meant two transfer fees, but ultimately allowed me a transfer between two cards with the same bank.