Credit Card Debt?

**Amy**

15.9% is for if you spend any extra on the card, and after the 15 months of 0% on the balance transfers.

Well thats what i think anyway. Your best bet is to ring up the card company themselves.

dmsu86

Many Thanks for your help amy, its much appreciated :beer:

dmsu86

ok, so i spoke to my gf last night.

The card she is paying the debt off is the one she initially built the debt up with.

She is paying £27 a month interest (Which is included in her £100 a month, meaning £73 is paying off the debt)

What are her chances of switching the debt over to a 0% APR Card? She has kept up with the majority of payments, only the last couple of months she has slipped up abit.

Opinions?

Thanks

dmsu86

anyone?????

itsnever2lateisit?

dmsu86 wrote: »

ok, so i spoke to my gf last night.

The card she is paying the debt off is the one she initially built the debt up with.

She is paying £27 a month interest (Which is included in her £100 a month, meaning £73 is paying off the debt)

What are her chances of switching the debt over to a 0% APR Card? She has kept up with the majority of payments, only the last couple of months she has slipped up abit.

Opinions?

Thanks

Get your gf to look here http://www.moneysupermarket.com/cards/credit_card.asp and do the smart search, answer the questions honestly and it will give you an INDICATION of what cards she might be able to obtain. IF she is able to get a 0% balance card it is important that she does not spend on it. This is because her repayments will go towards the 0% BT first, so any spends will attract interest, and you are back to square 1. She should also resist the temptation to spend on the existing card otherwise she will end up with double the debt. This move requires discipline, a determination to rid herself of debt, not a route to more 'easy money' as she has found out you have to pay it back!!

I wish her luck with a sucessful application

dmsu86

Her card with debt on she cut up ages ago so she wouldnt/couldnt spend on it. IF she got a 0% APR card she would cut it up also, only purely use the account to pay off the debt. I know she would be able to do this no problem.

If she cant get a 0% APR card, could I? never owned a credit card before so where would i stand regarding credit rating? Could we get a joint one? both on a reasonable salary etc

Thanks

itsnever2lateisit?

dmsu86 wrote: »

Her card with debt on she cut up ages ago so she wouldnt/couldnt spend on it. IF she got a 0% APR card she would cut it up also, only purely use the account to pay off the debt. I know she would be able to do this no problem.

If she cant get a 0% APR card, could I? never owned a credit card before so where would i stand regarding credit rating? Could we get a joint one? both on a reasonable salary etc

Thanks

You might be able to get a card. BUT then if you take on her debt you are soley responsible for it, it is not possible to have a joint credit card, you can have an additional card on the account, but the principal card holder is responsible for that too

dmsu86

I will get her to do the questionnaire, but looking at the scenario what are her chances of getting a 0% APR card?

- This card with the debt was her first and only credit card
- £1800 debt left to pay
- Only missed a couple of payments as far as i know
- 22 yrs of age living with parents
- Employed full time on a reasonable salary
- The fact i will pay towards the debt also

What are her chances honestly?

Lizalu

I think her chances are pretty high, although she might not get a large enough credit limit to transfer the whole debt, I don't see why she wouldn't be offered a card.

dmsu86

Lizalu wrote: »

I think her chances are pretty high, although she might not get a large enough credit limit to transfer the whole debt, I don't see why she wouldn't be offered a card.

If her chances are pretty high then that is great . I think definently the debt would be paid off inside of a year.

What is best to do, call up the card companys? or go into a shop branch etc?

Need to find out if her card is part of MBNA cos if so then the virgin card wont be an option