Should I apply for a personal loan to clear high interest rate credit card?
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No. It means you need to contact Cap One and ask them to carry out a balance transfer from your Vanquis card.
Be aware that there are sometimes issues with BT'ing from Vanquis.0 -
Thank you, good to know. With balance transfer can they take part of the balance or only the whole amount? In this case balance is £3,000 but only been approved £1,000 balance transfer to 0% card.The 365 day penny challenge #32: £149.17/£667.95
Pay ALL your debt off by Xmas 2019 #??: £110.36 / £4265.240 -
It cannot be any more than the limit - usually around 95%.0
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@Mapbroke
Just make sure you use the 0% promotional period to reduce your overall debt-level. Make your monthly payments more than the minimum so that the debt reduces quicker. Apply for another BT card when the six-months is up.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Willing2Learn wrote: »Make your monthly payments more than the minimum so that the debt reduces quicker.
Just to clarify - the OP needs to focus on the remaining 2k on the Vanquis card, so extra payments need to go to that card.0 -
Deleted_User wrote: »I'd disagree with that bit. The OP needs to focus on the remaining 2k on the Vanquis card.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Thank you, good to know. With balance transfer can they take part of the balance or only the whole amount? In this case balance is £3,000 but only been approved £1,000 balance transfer to 0% card.
You can ask them to transfer the maximum they can transfer on the 0% card from your existing card. You will then owe say £1000 at 0% to the new card and £2000 at 49.9% to the existing card.
Your plan then is set up a direct debit to make the minimum payment on the 0% card and pay off absolutely every penny you can afford every month on the 49.9% card until it is clear. Once the 49.9% card is clear you then work out how many months left of the 0% deal you have, divide what you owe by that then amend the direct debit to that amount so the 0% is cleared by the end of the deal.
Once clear of the debts and if you trust yourself with money you can get a card that pays cash back on purchases and set the direct debit to clear off in full every month, cancelling the other cards. Use that card to do some of your normal spending, i.e petrol or weekly shop. Use it to pay some of anything you buy over £100 for the Section 75 protection. What you will now do is build up some positive credit history and get rewarded for doing so.0 -
Ok so to clarify - I am better off paying as much as I can on the Vanquis card in the next six months, and just the minimum payment on the £1,000 0% interest card?The 365 day penny challenge #32: £149.17/£667.95
Pay ALL your debt off by Xmas 2019 #??: £110.36 / £4265.240 -
Ok so to clarify - I am better off paying as much as I can on the Vanquis card in the next six months, and just the minimum payment on the £1,000 0% interest card?I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
Everyone - you've been so helpful, I can't thank you enough. Feeling a lot more motivated that this is a problem that I can solve!The 365 day penny challenge #32: £149.17/£667.95
Pay ALL your debt off by Xmas 2019 #??: £110.36 / £4265.240
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