Suicidal - please help me!

sporter_2

Hey guys, guess what?

When I got home today there was a letter from Barclaycard offering me a BT of either 1.9% until September 08 with a 2.5% fee, or 6.9% rate until balance paid off, with a 2.5% fee.

I rang them and told the man about the M&S cc with £4,000 limit and ending 0% promotion rate. He said they couldnt give me a higher credit limit, but stated I could BT £1,700 over to Barclaycard. Funny, I thought I only had approx £200 left on the card, but it seems they have upped my limit without me knowing. :j I had better check again though.:D

Is it best to transfer the £1,700 from the M&S to Barclaycard then? Also the M&S 0% rate ends tomorrow.

What do you think?

Buffythedebtslayer

Yes I would, Barclaycard are in my experience a fairly decent cc, not like MBNA who would sell your granny to get your money. and 6.9 is good.

actually before you do that, would it be better to shift some of your MBNA debt to Barclaycard? is the % higher?

and........ that might trigger some sort of offer from MBNA - when ever I have moved moneyoff they come up with an offer a couple of months later. I know I totally slate MBNA but they are the most likely to come up with low/0 % offers,

xxx

sporter_2

Well, do you think thats the best way...........its only £1,700 I can transfer onto Barclays and MBNA rate is 2.9% until Sept (£7,000 of the balance, the rest is at 19.9% (must check this out) whereas £3,831.23 of M&S will change to 18.9% as of tomorrow.:mad:

If you feel thats best, how much would you transfer from MBNA to Barclays and how much from M&S to Barclays?

Thanks for listening

Seaxwyn

Hi sporter - that's great news about the offer from Barclaycard!

If MBNA is on 2.9% and M&S going to 18.9%, I would transfer £1700 off the M&S card. But do whatever you feel most comfortable with.

Whatever, it's great news and a real step forward in dealing with the debts.

Buffythedebtslayer

Yeah, sorry thought MBNA had put the rate up, I would move from M and S

I have just finished jiggling mine around - ended up on Eggbut will eventually be MBNA. got so tired working out what went where and how much the fees would be.

but Barclay card increase is definitely positive.

keep shifting
xxxxxxxxxx

Wol2

Hi Sporter

Don;t jump yet!!

Spent about an hour putting together a post for you earlier this evening and lost it (twice) because my puter went on the blink (twice!!)

Now trying again....but abbreviated version.

First..please read MSE again right the way through..lots of good advice and will back up what I am about to offer as my input.
http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

Next... I take out a NEW card...and transfer my existing baalnces on to it. I DON't just up my limit on existing cards.

So what might work for you? worth touting the offer you have just got and speaking to some others.

First thoughts is to transfer both M & S and Barclays onto a new card and close the latter two down.
Try Barclaycard...they have lots of different cards and you will need to logon to their website here to decide the best one for you
http://www.barclaycard.co.uk/personal-home/cards/compare-all-cards/index.html?WT.mc_id=96255543420560-&TC=ASGLP16524
i.e. their current offer is not necessarily good neough...becuase it lreates to existing card...nto a NEW card...and you have to ask for the deal on the new card otherwise they won;t give it you!!

HOWEVER...you have differential rates for the other two (MBNA and Sainsburys) which is doing my head in...and to be honest..if you ever BT then keep your new BT card for that purpose only with no purchases or other transactions (as reccommended by MSE as otherwise you end up paying a fortune). Just set up minimum payment DD and watch it go down month by month.

Might therefore be better to pick ONE NEW card and try to BT all of them over...whether the ew card has either a 0% longish term BT rate (12 months) or a low rate life of balance rate.

You current actual credit limit on all 4 cards is £21,300.

Your actual balance owing is £20, 650. If you BT this amount the max handling fee (assuing 3%) will be £619.65 making a total of £21,274.65 owing...just under you total credit limit of £21,300.

i.e. be aware you are going to pay someone a fee of £600+ for the privelige of consolidating your CC's..but hey that is their incentive to help you!!

Ones to try (courtesy MSE): phone applications notinternet...and do tell them you are consolidating.... tell them your 4 cards and credit liits and indicate you preference to close them all down once you have a brand new card.

So your possible optioins are: (see MSE for rates or websites concerned)

a) Barclaycard...go for platinum 0% Flexi rate for 12 months (2.5% fee) or for the life of balance low rate (Long term Balance tranfer at 6.5%)

http://www.barclaycard.co.uk/personal-home/cards/compare-all-cards/index.html?WT.mc_id=96255543420560-&TC=ASGLP16524


b) Virgin...the longest term offered at mo...0% 15months....(2.98% fee) (this is really MBNA and as you have MBNA you can try to transfer over MBNA card plus M & S minimum plus try to include the other two...they must be depsrate for your business??) But ring them rather than apply over the web.


c) Egg 0% til May 09; 3% fee

d) MBNA platinum 0% til Apr 09; 3% fee. Try this as you already have existing card. This lus whatever else you BT over all need to be cancelled...and as I said ealier...they were really flexible in a phone call

e) Tesco and Abbey both offer 0% for 13 months on debts new customers shift to it, for a one off 2.5% fee. If you can pay the debt off within the thirteen months, then the lower fee makes these a better pick than Virgin (Abbey's been having some problems with online applications; if this happens, call it up: 0845 765 4321).

f) Finally you may want to opt instead for life of balance low rate:
MSE recommends Citibank
The gold standard for long term cards is a ‘life-of-balance' transfer deal; here the cheap rate lasts until the debt you've shifted is repaid in full. The current cheapest is the Citibank’s* life of balance card; which charges 5.8% for life, provided you shift the debt to it within 90 days of opening the account.


Alternative option is the Barclays life of balance at 6.5% as mentioned above.

Good luck..at home tomorwo morning so PM me with your phone number if you want further info

Much love and good luck
Wol2
xxx

sporter_2

Thanks Wol2.

Just read MSE again as you suggested. :money:

Being that my debt is soooo high, obviously this will mean me applying for more than one cc to do the BT?

Should I check my credit rating before I do anything?

Sporter

Buffythedebtslayer

just thought I 'd bump your post up for you hon

Wol2 is AMAZING

xxx

sporter_2

Thanks........im still here waiting

Seaxwyn

Hi sporter! I'm sure Wol's advice is good, but just for starters, to make a substantial dent, and get the rosy glow feeling that you've done something positive, why not transfer that £1700 from M&S today!

Hope you're still feeling positive about it all. It is possible to pay off those huge debts, lots of us on here have started in pretty much the situation you are in now and made big headway. Good luck!