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Originally Posted by sammy452
I have a Barclaycard with £3500 on it (limit £5600) and Halifax with £3800 on it (limit £7900). I am paying 26.75% interest on Halifax, so really want to get rid of this one. Spoke to Barclaycard about tranferring Halifax [debt] at 6.9% life of balance but [Barclaycard]will only increase limit to £7000.
Barclaycard suggested transferring all monies to Halifax and then transferring back to Barclaycard to take advantage of 6.9% for total debt. This sounds too good to be true and wondered whether I will come unstuck down the line, if I take this route?
Originally Posted by sammy452
I am a housewife so have no big income, therefore can't apply for other cards, as far as I am aware?
Jo4 wrote: »
Sorry, forgot to say that they are upping their payments in May by £300 a month and then they are upping them again in September by another £320 a month. Does that make any more sense?
I must attempt to find out how much they could save.
bram01 wrote: »
Thanks for the new article. There's just one part I must take issue with:
Surely if the debt is 0% then the best action is to pay off the minimum amount each month and put the rest in a high interest savings account until the end of the 0% deal*. That way you can earn money on your debt thus reducing it further. Plus, if you pay tax but have a flexible or offset mortgage, use that instead to reduce the amount of mortgage interest you pay, which is then tax free. At the end of the 0% simply drawdown the over-payments to clear the card debt.
* I know you mention stoozing in the linked article, but surely it applies even if you're trying to clear an old debt too.
Originally Posted by Arbie
My 0% period on two cards ends in mid-March (bad planning, I know!) - HSBC and Virgin.
I also have a Halifax card, which I took out in October 07 for the 0% on purchases for 15 months deal, with £2k on it. This money is presently sitting in my savings account garnering some interest.
My ideal situation would be to pay off the Halifax card with the earmarked funds, and use this as leverage for them to alter my deal to the 15 months at 0% BT deal mentioned previously in this thread - this saves me applying for a new card (and indeed, possibly two, given the size of my debt); and as I aim to pay it off in 13 months, would be the last BT (the Halifax credit limit will cover my BT debt in full). Does anyone have any hints or tips as how to best twist Halifax's arm into letting me run with this plan?? How do I appear a valued customer to them when I'm asking to move a debt to them?
Originally Posted by SingaporeGirl
Last August I transferred a balance of about £500 onto a Virgin Credit Card which is 0% till Aug 2008. I also had 0% on purchases till Oct 2007. I stupidly overlooked this and have made about £300 of purchases up until this month. Now I understand that my repayments will be biased towards clearing the cheap debt first. I believe I am charged 15.9% on the purchases I made
What is the best thing for me to do?
1) Keep making the monthly payments
2) Can I transfer this balance again onto another 0% card (and remember the rule not to make any purchases on it!)
3) Pay off the full balance with money I have saved in an Yorkshire Building Society e-ISA (I don't really want to touch this as it was a gift from a relative that passed away)
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