balance transfer question- a tough one!??

midnight_caller2002

Hi everyone. not been on the forums for a while but trying all the same....

ok here goes...

i received some credit card cheques for a 0% BT rate. These are from Ltsb for my platinum card. the card is pretty much near its limit of circa £15000..
was thinking i could move £3500 to an empty egg card then move it back at 0% all simple so far. March is my anniversary month with egg and i will beable to BT £3500 onto the egg for 6 months.....
Questions now:
1. if i move 3500 onto ltsb card. then 6 weeks later try to move 3500 to egg for my anniversary deal would the 3500 that i move be the original sum. A bit long winded and confused so again. balance is £15000. if i move 3500 quickly to egg then back again using credit card cheques then i have 3500 @0% and £11500 at standard rate.. 6 weeks later i will move 3500 onto egg to try and use up my anniversary deal. Is it likely i can run both BT's at the same time or would ltsb 'pay off' my 0% 3500 first by BT'ing that across to egg instead of another 3500 of the remaining £11500?
2. Given the fees involved with BT's and the sums i am talking is it worth BT'ing twice in 6 weeks. fees are 3% i think.

hope this enough to go on...

before anyone advises iget a loan at a better rate i cant poor credit at the mo.

ALso does anyone have much success in calling up creditor and simply asking for interest to be reduced/ frozen. Especially when LTSB is my only creditor. I always more than meet my minimum payment. But want to budget £300 a month nothing more.


thanks guys...

CLAPTON

The LTSB CC will use any 'payment' to reduce the lowest apr debt i.e. the 0%... so you will be paying 3% for less than 6 weeks benefit (equivalent to an APR of over 24% )...so the double swap is no good.

Making use of the egg deal for six months may be worthwhile but what happens when the deal runs out?.. What is the APR of the Ltsb cc and what will the Egg APR when the 0% runs out.

I'm afraid your best bet is to consider ways of increasing your repayments (maybe overtime / part time job etc) because at 300 per month you are talking over 6 years to clear the debts.

CC will sometimes reduce APR for their best customers but aren't much help to those who can't go elsewhere.

midnight_caller2002

thanks for that. current APR 17.9% on both cards, i do need to increase payments as snowball debt free date is scary!!!