Best Balance Transfers Discussion Area

llyamah

thenudeone wrote: »

As long as the balance is a true balance (i.e. it won't put the card into a credit balance) and the account is being kept within the terms, there should be no problem.

There's no restriction on how the balance was arrived at.

I thought so, thank you.

llyamah

js008 wrote: »

Most people are aware that if you pay for a holiday with a credit card then this offers you better protection if the travel operator goes bust or something similar happens. My question in relation to this is.... say for instance you pay the deposit and balance for a holiday(Cosmos actually) and then you transfer that card balance onto a 0% card do I lose any protection that the initial card offered or is the liability/protection transferred to the new card?

Thanks.

The protection will be from the card that you actually paid with, not the one that you transferred the balance to.

Re holidays; holidayhypermarket wanted to charge me a 2% handling fee, or something like that, for paying by credit card - they didn't charge anything for debit card. So check that Cosmos don't charge you more for paying by credit card.

eyesofthehawk

can anyone offer some advise to a noob?

i have 6k debt on an MBNA card and have missed a few payments... as such am now on a ridiculous interest rate that has left me in a position that i foresee never being able to chip away at the initial sum. I have managed to transfer 1k to a barcley card interest free which is great but im struggling to find any other cards or loans that will take the debt either interst free or at a reasonable rate so i can then work towards paying it all off. I just need to have a payment plan and a date when i know i will be free (light at the end of the tunnel)

has anyone some words of wisdom to help?

llyamah

eyesofthehawk wrote: »

can anyone offer some advise to a noob?

i have 6k debt on an MBNA card and have missed a few payments... as such am now on a ridiculous interest rate that has left me in a position that i foresee never being able to chip away at the initial sum. I have managed to transfer 1k to a barcley card interest free which is great but im struggling to find any other cards or loans that will take the debt either interst free or at a reasonable rate so i can then work towards paying it all off. I just need to have a payment plan and a date when i know i will be free (light at the end of the tunnel)

has anyone some words of wisdom to help?

Hello

I cannot offer much help, but have you had a look at this:

http://www.moneysavingexpert.com/loans/debt-help-plan

There are also boards for this specific problem, I think you should probably start by taking a look around those:

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Sorry that this is the best I can come up with...

llyamah

sscott5581

eyesofthehawk wrote: »

can anyone offer some advise to a noob?

i have 6k debt on an MBNA card and have missed a few payments... as such am now on a ridiculous interest rate that has left me in a position that i foresee never being able to chip away at the initial sum. I have managed to transfer 1k to a barcley card interest free which is great but im struggling to find any other cards or loans that will take the debt either interst free or at a reasonable rate so i can then work towards paying it all off. I just need to have a payment plan and a date when i know i will be free (light at the end of the tunnel)

has anyone some words of wisdom to help?

You will be lucky to get any cards offering 0% deals with missed payments on your credit file.

However you could try creation card they are currently offering 0% for 12 months on BT. They are a prime lender but more lenient. http://apply.creation.co.uk/creation-card/web_channel/cards/microsite/carddetails.aspx?termsAndConditionsCode=MC0110&MC=18000075&operatorCode=1&responseCode=ORGCRE

Good luck!

MothballsWallet

I've been looking at the Natwest and Halifax cards with 0% BT deals for 20 months, but both of their sites cite an example based on a credit limit of £1,200 - does anyone know if this is a typical limit with these cards, or do they just choose that number because it's easier to illustrate the calculations?

sscott5581

MothballsWallet wrote: »

I've been looking at the Natwest and Halifax cards with 0% BT deals for 20 months, but both of their sites cite an example based on a credit limit of £1,200 - does anyone know if this is a typical limit with these cards, or do they just choose that number because it's easier to illustrate the calculations?[/QUOTE]

Thats correct, limits given will be subject to status

thenudeone

sscott5581 wrote: »

but both of their sites cite an example based on a credit limit of £1,200 - does anyone know if this is a typical limit with these cards, or do they just choose that number because it's easier to illustrate the calculations?[/QUOTE]

All cards use the same numbers so that people can compare them more easily. Not sure if this is a voluntary code or a statutory regulation.
£1200 was probably chosen because everyone can easily see that it could be paid of at £100 a month for a year, so the cost of credit is more obvious.

k_bagpuss

I applied for and was accepted for the new Barclaycard 24 month balance transfer deal last night, and I've had an automated phone call this morning asking me to confirm my balance transfers so it seems to be going through very quickly

tearose

Thanks for the replies about the Barclaycard application. It just arrived in the post - no email/phone call to say I'd been accepted. But when it arrived my limit was only 1k, so the maximum I could transfer was £900 (I needed to transfer 3.7K). I recently checked my credit rating and it was very good, and I earn a good wage so I was quite puzzled/annoyed that i'd wasted time and had another bloomin' credit card... Barclaycard just said that's what the computer said... So, I applied for a Virgin balance transfer and got an instant decision and 5.5k credit limit! I feel a bit tricked by Barclaycard. I put in that I wanted the card for balance transfers and the amouts so they will have known it would not be any good for me for that, but maybe hoped that I'd use it for purchases and rack up another debt on it instead. If I had not had my LBM and it was a few years younger I probably would have done!

The term is shorter on the Virgin card but still not bad - I've been ignoring my debts for long enough and just paying the minimum payments with +++ interest rates so it's a still a great start!