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Please give me advice on what to do!
divalou
Posts: 27 Forumite
in Credit cards
Hi there;
Let me explain my situation - i have recently opened a business and (obviously) the set up costs exceeded our budget. And due to a few dead weeks etc we havent been able to pay them off all that much, infact paying them off is sort of crippling the business. What i needed was to pay them off in a lump sum and reduce monthly outgoings to something more managable.
I tried the bank for a business loan and they wouldnt even go as far as to put me through the system - the business is viable and we are getting busier by the week but just need that little bit of breathing space so we arent living hand to mouth.
So, my next thought was personal loan, but being self employed the rate would be rediculous!
So, next - credit cards.
I already have a credit card with Halifax, but a limit of £1800 and an APR of almost 20%. So I was thinking about tarting? Maxing out that card them balance transfering to an 0% card.
But then as the limit isnt really high enought to pay off what I owe, I thought maybe a 0% on purchases would be the better option.
What do you think?
and to complicate things, as we all know they dont give self employed people a good credit scoring and the "smart search" has come up with like 30% cards with 50 odd days interest free.
Do i risk applying for a lower interest card? Would it be a slightly safer bet to apply to the highest of the lower interest 0% cards?
please help very confused!
Let me explain my situation - i have recently opened a business and (obviously) the set up costs exceeded our budget. And due to a few dead weeks etc we havent been able to pay them off all that much, infact paying them off is sort of crippling the business. What i needed was to pay them off in a lump sum and reduce monthly outgoings to something more managable.
I tried the bank for a business loan and they wouldnt even go as far as to put me through the system - the business is viable and we are getting busier by the week but just need that little bit of breathing space so we arent living hand to mouth.
So, my next thought was personal loan, but being self employed the rate would be rediculous!
So, next - credit cards.
I already have a credit card with Halifax, but a limit of £1800 and an APR of almost 20%. So I was thinking about tarting? Maxing out that card them balance transfering to an 0% card.
But then as the limit isnt really high enought to pay off what I owe, I thought maybe a 0% on purchases would be the better option.
What do you think?
and to complicate things, as we all know they dont give self employed people a good credit scoring and the "smart search" has come up with like 30% cards with 50 odd days interest free.
Do i risk applying for a lower interest card? Would it be a slightly safer bet to apply to the highest of the lower interest 0% cards?
please help very confused!
0
Comments
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If the business is getting ''busier'' should you not be making more money? - more money then more to pay your bills or have I missed something?0
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