Question on [BT]- paying off Catalogue

zimsabre

ok so im doing this on my mothers behalf. she is in just under 6k debit on Catalog's and a bit on a credit card (£1000). ive had a look at her credit score and what would be the best way for her to pay it all off.

she would be accepted for the Virgin 15month 0%bt card with a limit to clear it all.

my question is.. can the BT be used to pay off catalog's? or is BT only for other credit cards? at the moment she is paying £500 a month... and dose fall behind but from what i can tell from all her statments she is paying somuch intrest.. (age old trap of hmm here have £1000 limit and pay us £5 for the rest of your life muhahaha!) .. im also explaining to her about 0% on purchases and cashback sites etc.. to keep away from catalogs.

how would you go about getting all those catalog debits on to a 0% bt card? the aim is to get all the debit on to the Virgin card "when she gets it". and pay off the whole debit in full befor the 15 months is up. or even pay alittle less per month and shift it to another 0% card.


other debit she has is a bank lone... 22%!!:eek: but she is happy paying £380 for the next 4 years... but if i show her how to get rid of the first half of her catalog debit she might be converted to manage her debit PROPERLY.

CLAPTON

virgin is run by MBNA and they allow you to BT from your current account (it doesn't have to be a 'real' overdraft) ... so the best thing is to BT as much as possible from her current a/c then use the money to pay off the debts with the highest APR first.

System

zimsabre wrote: »

ok so im doing this on my mothers behalf. she is in just under 6k debit on Catalog's and a bit on a credit card (£1000). ive had a look at her credit score and what would be the best way for her to pay it all off.

she would be accepted for the Virgin 15month 0%bt card with a limit to clear it all.

my question is.. can the BT be used to pay off catalog's? or is BT only for other credit cards? at the moment she is paying £500 a month... and dose fall behind but from what i can tell from all her statments she is paying somuch intrest.. (age old trap of hmm here have £1000 limit and pay us £5 for the rest of your life muhahaha!) .. im also explaining to her about 0% on purchases and cashback sites etc.. to keep away from catalogs.

how would you go about getting all those catalog debits on to a 0% bt card? the aim is to get all the debit on to the Virgin card "when she gets it". and pay off the whole debit in full befor the 15 months is up. or even pay alittle less per month and shift it to another 0% card.


other debit she has is a bank lone... 22%!!:eek: but she is happy paying £380 for the next 4 years... but if i show her how to get rid of the first half of her catalog debit she might be converted to manage her debit PROPERLY.

Hi

I'm assuming when you say 'debit' you mean debt??

Anyway, if your mother is accepted for the Virgin card (or any other card issued by MBNA) there is the option of a 'super balance transfer' (SBT) which allows cash to be transferred into a current account, there is a fee payable as with most BT's - I think it's 3%.

So the catalogue debt could be paid by cash from your mum's current account following the SBT.

Regards

UNDERGROUND

zimsabre

ok so
cc limit > £5000

move asmuch of the limit to her current account SBT (£4000) and pay off asmuch of the debit in 1 go from her current account.

leaving the cc in debit with (£4000) 0% < and pay this one off monthly £270 clearing it in 15 months befor the 0% runs out.

have i got it right?

CLAPTON

yes indeed you have


but she mustn't spend on the CC

she MUST always pay on time otherwise she will lose the 0% and start paying very high interest.... I would suggest setting up a DD for the minimum amount so there is no possibility of forgetting to make the minimum

and try to pay the debts with the highest APRs first.

zimsabre

THANK you all for the help! might not seem much but for her it would mean alot less sleepless nights. nice and simple way to consolidate her debt insted of paying 5 different people.