Just got a Virgin Card

mdj1

I have been trying to clear an old Cahoot (Abbey) revolving loan. A year ago it had about £6k on it, but over this time i've managed to get this down to £3k.

A few weeks ago I applied for a few credit cards with 12 - 15 month 0% balance transfers. Egg turned me down and offered me another card (no transfers) as they do. Another one never got back to me, but Virgin called me this evening to have a chat.

Very pleasent conversation with the lady and in the end she said she would be aproving my card, she then asked if i wanted to transfer any balances and I stated that this would be down to the card limit.

She said the agreed limit was 6k!

I'm really chuffed about this. It means I can now transfer this last £3000 which cahoot have upped to 19.9% APR!!!!! to a 0% transfer. Still pay the £200 a month which I was paying on my cahoot account and clear the balance by the end of the 15 months!

I recon I will save between £300 and £400 in interest alone!

I was very bad with money. Just over 5 years ago I had a few defaults but have tried my hardest to get back on track. Paying back tens of thousands of what I borrowed. I could have done an IVA and finished it by now or gone bankrupt and not paid a penny, but i'm proud to have got this far.

With the current credit market as it is, I must be on the way to restoring my credit to excellent (its been good for a while) if virgin are willing to let me have a £6k limit!

:j

Barneysbush

Very well done mdj1

Bismarck

that's great news...

I really like a good story to start the day with...pleased for you.

clio

Egg turned me down and offered me another card (no transfers)

What card does Egg have that doesnt do BT's

YorkshireBoy

mdj1 wrote: »

Still pay the £200 a month which I was paying on my cahoot account and clear the balance by the end of the 15 months!

You could always just pay the £25 minimum each month (3% in the first month though), and save the other £175 (10% Halifax Regular Saver)...and pocket around £90 savings interest along the way.

Whatever you do, be sure to set up a minimum payment DD. It'd be a shame to blow it by paying late and losing the 0% rate.

...have tried my hardest to get back on track. Paying back tens of thousands of what I borrowed. I could have done an IVA and finished it by now or gone bankrupt and not paid a penny, but i'm proud to have got this far.

Well done! You have my utmost respect.