Best Balance Transfers Discussion Area

Moggles_2

kashkasd wrote: »

If you have credit card trouble i think i can help you becuase we are very professional

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Moggles_2

misselvis wrote: »

have had my LBM and am really working hard to clear my debts... Last month I got my credit reports from Experian and Equifax using the £2 cheque system and am was really pleased with the zeros, however I have 3 credit cards still existing. I am paying over the minimum but I want the money I pay to go towards the debt rather than the extortionate APRs. I have £380 on Vanquis apr 39%, making standing order payments of £100 per month, £1450 on Halifax apr 29% due to the negative payment hierarchy the 21% I managed to negotiate has been paid off and £1750 on a HSBC cc apr 18%, so in total i have £3580 and can afford to throw £350 per month at the debt. I am looking to remortgage in October 2009. I haven't applied for credit for 2 years and have been really consistent with my payments but still feel I should look for either a 0% BT or a low life time CC. Suggestions would be gratefully appreciated.

Congratulations on turning things round.
:beer:
To maximise the 0% period, 16 months is currently available to new customers from Virgin.
A 2.98% handling fee applies, but there are no other charges during the introductory 0% period

http://uk.virginmoney.com/credit-card-v3/

misselvis

thanks moggles it seems to me that the virgin cc seems to the preferred choice am just nervous about the whole application process and whether they will give me the required balance amount needed. if they don't will just transfer the most amount I can and take it from there.once again lots of thanks for the advice

Tarce

Hi all, finally got round to registering here!

here's my current situation:

i stupidly allowed my 2 current credit cards to go over their 0 % interest period, so i need to sort this out asap!

i have 2 cards: tesco with about 2.5k on it. i've only ever used this to clear a BT.
Plus my BoS card which i am unfortunately spending on and is currently at approx. 5600 quid.

Ok, so i need to transfer 7850.

i think i previously had a virgin card before these 2 (so about umm .. 14 months ago) - cleared and closed it.

Options - do i apply for another virgin card 0% for 16 months?
or go for the Abbey card in case virgin will turn me down?

OR

should i go for one of those life of the debt, fixed rate cards? i hope to be able to repay the whole thing in about 3 years, but clearly i am a bit lax in my tarting skills so this might be better for me?

tho the tarting alert here will sort that! I'm just concerned that the BT will be too large to transfer altogether?

or finally, what about a dreaded bank loan and then vow never to be tempted by the evil plastic again?

its just so tricky to avoid having to use it sometimes isnt it? How do people manage that? i have 16 yr old twins who are always needing something or other!

Thanks for reading and i'm sorry if this has all been covered already .. its a vey long thread!

Moggles_2

Tarce wrote: »

I need to transfer £7850. I previously had a Virgin card (about 14 months ago), cleared and closed it.
Options: do I apply for another Virgin card 0% for 16 months or go for the Abbey card in case Virgin turn me down?

To maximise the 0% period, 16 months is currently available to new customers from Virgin, as you know. A 2.98% BT fee applies, but there are no other charges during the introductory 0% period. If your previous account was closed 14 months ago, you'll be fine

http://uk.virginmoney.com/credit-card-v3/

Moggles_2

Tarce wrote: »

OR should I go for one of those life-of-the-debt, fixed-rate cards? I hope to be able to repay the whole thing in about 3 years, but clearly I am a bit lax in my tarting skills, so this might be better for me? Though the tarting alert here will sort that, I'm just concerned that the BT will be too large to transfer altogether.

There's no perfect solution that suits everyone. Bear in mind that credit limits tend to be lower on life-of-balance deals.

Why not plug some numbers into this credit card calculator?

http://www.whatsthecost.com/creditcard.aspx

You can then estimate the time it would take to clear the balance using cards charged at different interest rates. You can also see the effect of increasing your payments by a few pounds.

Moggles_2

Tarce wrote: »

or finally, what about a dreaded bank loan and then vow never to be tempted by the evil plastic again?

Well, I wouldn't want to be tied into a bank loan, but then I have always transferred my balances to a new 0% BT card in good time before the special rate ends.

There's risk attached to everything but, in general, credit cards are the safest way to purchase goods/services, IMO. (If you carry cash, it could be nicked. If you use cheques, they could get altered - assuming you can find somebody that still accepts them)

With today's online facilities, it's never been easier to keep track of cc spending than it is now and, used sensibly, they have many advantages.

If you only ever spend what you can afford to pay back each month, you'll never pay interest. It's your choice really.

Tarce

Excellent stuff there, Moggles, thanks a lot! I'll get right on the case

Tarce

well, thats me just applied for the virgin card .... fingers crossed!

Moggles_2

Tarce wrote: »

Well, that's me just applied for the Virgin card .... fingers crossed!

Very best
M