Balance Transfer question

Southpaw

Hi

A friend of mine owes about £5k on store cards and credit cards and has asked me for some advice. (I don't know the full details yet)

I'm thinking balance transfer the store cards onto a 0% balance transfer card and maybe arrange a lower APR on the cards.

BUT what would be the best way to do this?

Would it be best applying for the card and requesting balance transfer of all the amounts at time of applying?

or put only a few on at time of applying them requesting them after receiving card and credit limit?

I ask as would it increase or decrease the chances of getting the card in the first place and also increasing the amount of credit??


Also with the credit card debts what is best way to do these. Would she just need to phone and ask for a better deal or would it be necessary to have another card as a back up???


Thanks in advance.

Bokkens

WOW,
Okay starting from the top,
READ Martin's articles on Balance transfers,this will be quicker than me trying to explain it all again.
Look out for the "Snowballing" technique as this will help your situation.
Do the snowballing first before you try and apply for 0% cards ,applying for too many cards withing a short period of time can cause the card companies to turn you down.there are many factors that affect your acceptance for a credit card including pervious payment history do you pay on time? where you live salary,house ownership etc.
I would use the snowballing technique and then move the highest debt or the highest APR to a "life of balance card " to allow extra room and allow your money go further.Even though it may be moved to a 0% card or a LOB card it is still a debt and has to be paid at some time in the future if you can allow for this in your plan over the next couple of years it should be easier than your current situation.
Good luck.
If you get stuck then post again.