Best Balance Transfers Discussion Area

Moggles_2

beediebeedie wrote: »

Can anyone tell me how to calculate what my minimum monthly repayments would be for a £3000 balance?

The minimum payment is 2.25% of the sum shifted, therefore your first minimum payment on a balance of £3000 would be £67.50

YorkshireBoy

Moggles wrote: »

The minimum payment is 2.25% of the sum shifted, therefore your first minimum payment on a balance of £3000 would be £67.50

It'll be £5 Moggles, won't it?...

The minimum payment will be the lesser of:

2.25% of the balance shown in your statement (minimum £5, or the full balance if less than £5);

or

the total of payment protection premiums plus interest and fees charged on the statement, plus £5.

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1157698188950&idParent=1157698106817&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

JimmyTheWig

My wife and I both have Abbey cards on 0% deals. They're both new in the fact that they're Santander cards rather than MBNA cards, but neither of them are new enough to be on the deal now being talked about. (Mine, in fact, was a better deal!)
We both pay £5 a month minimum repayment.

Asmo

Hi everyone, first post here so apologies if I'm in the wrong subforum or have neglected any protocol.

Basically I have a £2500 overdraft with Natwest (Graduate Account), and they're stinging me with ludicrously high interest. Around 29% I think, it's averaging around £40 a month. Unfortunately I'm only temping at the moment so I think a loan's out of the question- do you guys think a 0% 15 month cc is the best way to tackle my problem? If so which do you recommend?

Thanks in advance.

Moggles_2

YorkshireBoy wrote: »

It'll be £5 Moggles, won't it?...

So it is. Looks as though Santander has copied MBNA.
(Only wish it would emulate MBNA's online/telephone services :rolleyes:)

Cheers
M

Moggles_2

Asmo wrote: »

Basically I have a £2500 overdraft with Natwest (Graduate Account) and they're stinging me with ludicrously high interest. Around 29% I think. It's averaging around £40 a month. Unfortunately I'm only temping at the moment so I think a loan's out of the question. Do you guys think a 0% 15 month cc is the best way to tackle my problem? If so which do you recommend?

Which credit cards do you have at the mo?

Asmo

Moggles wrote: »

Which credit cards do you have at the mo?

My first foray into the world of credit cards this, just have the Graduate Account overdraft.

shr_2

GeCon wrote: »

So, is it a bad sign if I got a message saying something about looking into it more and getting in touch with me within 7-10 days?

Hi all
Just thought I'd let you know about my recent experience with Virgin.
I applied for a card, got the message above, and then when I didn't hear from them after about 2 or 3 weeks, I called them. They told me that I had been declined and told me the likely reasons why - a lot of credit cards which were almost at the limit according to the records when I applied. I was also told that this decision was an automated decision by computer and that it tended to decline on certain criteria. I said that some of the credit had been paid off and that I had an excellent credit history - which the person I spoke to verified.

The person I spoke to was extremely helpful, very professional and knowledgeable (can't say that about too many call centres!) checked out my details and offered to put it to a secondary decision by a real human being. Within about 48 hours I was sent a text message saying that I had been accepted for a credit card, and was given a very reasonable £5K limit. Plus within days some of my original BT requests were processed.
:j
So my message to you is if you are declined by Virgin don't just leave it there especially if you have a good credit record.

S

Moggles_2

Asmo wrote: »

I have a £2500 overdraft with Natwest (Graduate Account) and they're stinging me with ludicrously high interest. Around 29% I think. It's averaging around £40 a month. Unfortunately I'm only temping at the moment so I think a loan's out of the question. Do you guys think a 0% 15 month cc is the best way to tackle my problem? ... My first foray into the world of credit cards.

If this would be your first credit card, a 0% balance transfer card is probably not an option at the mo, TBH. Your lack of permanent employment also works against you.

Lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your lack of credit history or a permanent job, as too great a risk.

It takes time to build a credit history. For tips to improve your chances of acceptance, have a look at the *Credit Rating* articles on the main site, especially Martin's *Manage and Improve your credit score* article;)

Meanwhile, I would concentrate on reducing your overdraft as much as possible each month. Clearing the debt ASAP will reduce the interest you pay and you'll improve your credit rating in the process.

Asmo

Moggles wrote: »

If this would be your first credit card, a 0% balance transfer card is probably not an option at the mo, TBH. Your lack of permanent employment also works against you.

Lenders launch these interest-free promotions, which are sometimes heavily advertised, to draw in new customers. Often they are flooded with applications and can afford to cherry-pick applicants. They are all going to see your lack of credit history or a permanent job, as too great a risk.

It takes time to build a credit history. For tips to improve your chances of acceptance, have a look at the *Credit Rating* articles on the main site, especially Martin's *Manage and Improve your credit score* article;)

Meanwhile, I would concentrate on reducing your overdraft as much as possible each month. Clearing the debt ASAP will reduce the interest you pay and you'll improve your credit rating in the process.

Feared that might be the case. However, I'm willing to give it an outside punt, whereabouts should I start?

Thanks for the sound advice.