help please?

sheeks

hi there i have a bank of scotland one card which has maxed at £3000 due to me over spending,i have a very good credit score from experian and have never missed any payments on my other loans and other stuff.
i can afford the repayments on the one card at this time although the interest is making me wonder if i should transfer the balance to another card so i can repay it back faster as i would like to do,without the interest taking most of my repayments.
Although i dont have any other credit cards which one would seem the best for me to do this,also i dont really know the ins and outs of this so i would be gratefull for some one to help me on this.
thank you

GeorgeUK

Your credit score from Experian unfortunately doesn't count for much. Each organisation calculates the score differently so they may see things a little differently.

If you have had less than 3 credit checks in the last 6 months, you should be ok. Are you on the electoral roll at your current address?

Your options if you do decide to get another credit card are either going for a 0% promotional offer on BalanceTransfers, or getting a LifeOfBalance card. Either way, this should be for getting rid of your debt and you will need to be sure you aren't just going to overspend again. This would be a vicious cycle to get into and you would get into trouble very quickly if you were not careful.

How much can you throw at this debt each month without overspending again?

CannyJock

sheeks wrote: »

hi there i have a bank of scotland one card which has maxed at £3000 due to me over spending,i have a very good credit score from experian and have never missed any payments on my other loans and other stuff.
i can afford the repayments on the one card at this time although the interest is making me wonder if i should transfer the balance to another card so i can repay it back faster as i would like to do,without the interest taking most of my repayments.
Although i dont have any other credit cards which one would seem the best for me to do this,also i dont really know the ins and outs of this so i would be gratefull for some one to help me on this.
thank you

I'd recommend the Virgin Money card, 0% for 15 months, 2.98% fee. First minimum payment is around 3% of the balance, next 14 minimums are only £25.

If for any reason you don't get a credit limit that'll take the full balance from your other card, transfer as much as you can, pay the minimum on the Virgin card till you've cleared your other card. Then switch to paying maximum you can off the Virgin card.

Once you've cleared the other card and received a £0.00 balance statement, you can either cancel it, or hold onto it and try and negotiate a deal after it's been cleared for a while.

sheeks

GeorgeUK wrote: »

Your credit score from Experian unfortunately doesn't count for much. Each organisation calculates the score differently so they may see things a little differently.

If you have had less than 3 credit checks in the last 6 months, you should be ok. Are you on the electoral roll at your current address?

Your options if you do decide to get another credit card are either going for a 0% promotional offer on BalanceTransfers, or getting a LifeOfBalance card. Either way, this should be for getting rid of your debt and you will need to be sure you aren't just going to overspend again. This would be a vicious cycle to get into and you would get into trouble very quickly if you were not careful.

How much can you throw at this debt each month without overspending again?

hi mate thx for the reply,yes i am on the electoral roll at my address.
and i wont overspend on the card either i will cut it up when i transfer the balance.
also i can afford to put mabee £100-£150 a month to it no less than £100.
so which card would be my best option.
also i have never applied for other cards in my life.

GeorgeUK

If possible, i would go for CannyJock's suggestion of the Virgin Card. It has about the longest 0% promotion currently on offer. I was aware of the 3% minimum payment, but didn't realise that was only for the first month. If you only need to pay £25 for each subsequent month, i can't see you getting a better deal than that. Just make sure you don't EVER spend on that virgin card and that you meet the payments - otherwise it will revert back to a normal card rate.

CannyJock

GeorgeUK wrote: »

If possible, i would go for CannyKock's suggestion of the Virgin Card. It has about the longest 0% promotion currently on offer. I was aware of the 3% minimum payment, but didn't realise that was only for the first month. If you only need to pay £25 for each subsequent month, i can't see you getting a better deal than that. Just make sure you don't EVER spend on that virgin card and that you meet the payments - otherwise it will revert back to a normal card rate.

That's one hell of a typo :rotfl:

GeorgeUK

Typo? what typo? :rotfl:

sheeks

GeorgeUK wrote: »

If possible, i would go for CannyJock's suggestion of the Virgin Card. It has about the longest 0% promotion currently on offer. I was aware of the 3% minimum payment, but didn't realise that was only for the first month. If you only need to pay £25 for each subsequent month, i can't see you getting a better deal than that. Just make sure you don't EVER spend on that virgin card and that you meet the payments - otherwise it will revert back to a normal card rate.

ok thx for your help mate,just wondering what you mean but the 3% minimum payment

GeorgeUK

Just because a card is a 0% promotional offer does not mean you do not pay anything. The interest on that card is 0% but you are still required to make a payment each month. Most cards are 2%, 2.5% or 3% of the outstanding balance that you need to pay each month - CannyJock has said that for this card you only pay 3% in the first month then £25 for each month after that until the promotion ends.

eg
£2500 borrowed
3% minimum payment in first month (2500*0.03) = £75
resulting balance = (2500-75) = 2425
and no interest will be added as it is a 0% promotion

IF the minimum was set at 3% for EVERY month, the next payment would be
(2425*0.03) = £72.75
BUT
CannyJock has said (i've not checked) that Virgin have set all other payments to £25

This means that the extra money you are saving can be thrown instead at any debts that you are paying interest on as only £25 is required for the Virgin card after the first month.

Note - there wil also be a fee for any Balance Transfer you do so you can usually only transfer about 95% of any limit you are given