Virgin Barclaycard used for gambling site with cash advances

Mrsensiblenotthewife

Ok i took out a virgin credit card to which i then allowed the wife to transfer 1900 pounds she had on a high paying credit card to save her interest, i got an additional card for her but we made an agreement not to use merely for her to pay off before 0% ran out April 2009, i received a statement in this weekend with £17-00 interest on it and when i read the statement (previously hadnt because didnt think i needed to) i find the wife has been paying a gamling website and using the card ie £100 at a time she has done this for £800 worth in the last couple of weeks, she has been charged £3 a time also, so my desperate question to anyone that can help (other than the obvious when am i kicking her out) i wondered as well as the £3 do i get charged also interest monthly for this? and if so how much? the amount is not standing at £2800 thanks in advance for anyone that can help me!

Mrsensiblenotthewife

ps... Would it now be worth me applying for another 0% and transferring the £2800 onto that card?

Bismarck

Mrsensiblenotthewife wrote: »

my desperate question to anyone that can help (other than the obvious when am i kicking her out)

Are you joking about this?

Mrsensiblenotthewife

No i am not joking she had a gambling prob before but promised she would NEVER do it again anyway i am really angry but she has promised to pay £300 a month towards paying it off before Apr 2009 but i think thats not going to make any difference as ill be charged monthly now anyway so do i move to another card pay a one off transfer fee?

NickX

Mrsensiblenotthewife wrote: »

i wondered as well as the £3 do i get charged also interest monthly for this? and if so how much? the amount is not standing at £2800 thanks in advance for anyone that can help me!

The answer is YES, you will be accruing interest at a high rate from the actual date of the gambling transactions. You do need to settle this card as soon as possible.

If you do not have the £2800 to hand, then I think you would be best to get a new 0% card and transfer the balance, even if you have to take another hit on a Balance Transfer fee.

Bear in mind that you need to pay off the ENTIRE balance to stop these transactions accruing interest.

General opinion here is that Cash Withdrawal type transactions should be avoided unless you have money to burn.

Mrsensiblenotthewife

thanks so much for your reply i will do just that and cut up the virgin once cancel and most definately no additional card on the new card thanks again

CLAPTON

the cash advance rate is probably about 2% per month (say 26% APR) so it will cost £16 or so on a cash debt of £800.
so the real problem here is the gambling and not the interest. is she willling to seek profession help or join gamblers anonymous?

NickX

CLAPTON wrote: »

the cash advance rate is probably about 2% per month (say 26% APR) so it will cost £16 or so on a cash debt of £800.
so the real problem here is the gambling and not the interest. is she willling to seek profession help or join gamblers anonymous?

Well the OP will have to look at the Terms & Conditions to check the cash advance rate.

But the point I was trying to make was that this balance will be trapped there accruing interest every month until the ENTIRE balance is cleared. This will soon mount up, so I would still advise either clearing the debt or Balance Transferring it to a new 0% card.

Mrsensiblenotthewife

thanks for advice have just had a really awful day it turns out the wife managed to get another credit card which has 500 on it so i was wondering for any experts out there if i got a 0% and transferred total of £3400 how much would the balance transfer fee be?
so annoyed considering i had cleared my debts and worked hard to do it, including her gambling debts, so dont know how much longer i can put up with this!

NickX

Mrsensiblenotthewife wrote: »

i was wondering for any experts out there if i got a 0% and transferred total of £3400 how much would the balance transfer fee be?

Well it depends on the card. Some of the longer offers (up to 15 months) offer 0% with a fee of around 3%, which would be £102.

However if there are some 0% deals for 6 months only that have no fee at all. Ulster Bank is a good one - their Gold card seems to guarantee a Credit Limit of £3000 and most people report getting an increase to £3600 on activation. They then let you Balance Transfer up to 95% of the limit, which works out at £3420 so would cover this debt.

Just bear in mind that if you do go for a 6 month deal, you will need to get a plan in place for how to handle the debt in just under 6 months time.

NickX

Check out this link for a detailed list of the offers available :

http://www.stoozing.com/0fees.php