Super Balance Transfers discussion area
Comments
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Ah, good to see I'm not the only one.
MBNA/Virgin agree they were wrong. But still in the process of disputing some of the charges, which they say were due to late payments.0 -
hello all, first time posting on here so you may have to bear with me.
I have a personal loan with natwest with 30 monthly payments of £226 left to pay. spoke to them and they said if i wanted to clear the loan today would be £5945.
I have an overdraft with them as well at £2500 at which i approx pay £35 a month interest.
basically what would be my best options with regards to both of these or what could i do to save money?
cheers
Craig0 -
craiga2003 wrote: »hello all, first time posting on here so you may have to bear with me.
I have a personal loan with natwest with 30 monthly payments of £226 left to pay. spoke to them and they said if i wanted to clear the loan today would be £5945.
I have an overdraft with them as well at £2500 at which i approx pay £35 a month interest.
basically what would be my best options with regards to both of these or what could i do to save money?
cheers
Craig
That's about 16.8% Interest on the overdraft per year is it not? You could do a super balance transfer for that for 20 months at 0% for a 4% fee with a Virgin money card subject to status.0 -
Just looking at purchasing a car for around £5K any suggestions on the cheapest methods of credit available, the problem is I am also self employed and only been trading for a year??
Any help appreciated.
Lee0 -
***********************I owe £3233 @ 0%0
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lee.stanley3 wrote: »Just looking at purchasing a car for around £5K any suggestions on the cheapest methods of credit available, the problem is I am also self employed and only been trading for a year??
Any help appreciated.
Lee
Recently got a virgin credit card that allows super balance to your current account. I am also self employed. Virgin CC is managed by MBNA - twice i was rejected in the past because my debt ratio was more than 80% of my available credit. I suspect you will also need super clean credit history.I owe £3233 @ 0%0 -
Dear all,
Can I transfer my overdraft (£2,500) to a credit card with 0% interest thus allowing me to clear my debt. I think this will give me some breathing space. Also what are the best cards for this transaction, I am with natwest.
Thanks in advance,
Sabres0 -
Dear all,
Can I transfer my overdraft (£2,500) to a credit card with 0% interest thus allowing me to clear my debt. I think this will give me some breathing space. Also what are the best cards for this transaction, I am with natwest.
Thanks in advance,
Sabres
I applied for the card, then requested the "money transfer" / "super balance transfer" (depending on the term used by the lender) to my current account, similar to transferring balances from one card to another via the normal "balance transfer way".
So if you were accepted for the card and you have a given a credit limit of above £2500 (as you need to leave 5% approx of the cards balance free so approx £2700 credit limit) then you would request a money transfer/super balance transfer of £2500 to your current account, then your overdraft would be gone and the new credit card balance would be £2500.00 + fee @ 0% for however many months the agreement was for. You will get charged a fee for the SBT / MT of about 3/4% of the amount transferring so in your case £75.00-100.00.
Remember you would still need to make the minimum payment monthly every month otherwise I think this would void the 0% deal and it would revert to the standard APR %age. But seriously think about clearing it within/before the alotted time otherwise you will just be back in the same situation.
Hope it helps, just going from my experience of them.
P.S You need to find a lender who does MT/SBT i.e. Virgin and MBNA.0 -
Hi, apologies if I'm asking obvious questions, just want to get my head round this.
I have three overdrafts, one at £1400, one at £600 and another at £700 all with Nationwide, I also have a credit card with them at £4000.
I would like to combine the £1400, £600 and £700 overdrafts onto the Virgin balance transfer card that's in the article at the moment.
Would they take the debt from all three accounts? I'm not sure what my credit score is but I suspect its not great.
I was also hoping to close my Nationwide credit card and move the debt onto another 0% card.
Many thanks,
Katie0 -
Hi everyone..
Need some advice if you don't mind..
Between 5 current account authorised overdrafts (3 are previous accounts I had (2 Santander & 1 Barclays), two are currently used (both Halifax)), I owe £5,300 in overdrafts that I wish to pay off, get rid off and close the accounts of Santander and Barclays down, leaving my 2 accounts with Halifax overdraft free.
With a couple of other bits and bobs, I would be looking at borrowing £5,500.
Santander are charging me, for an AUTHORISED overdraft about £25.00 a month - so it has to go!
I am rated as "GOOD" on my credit report, although they say that my "amount of available credit" is £2,304.
The question is, what is the least costliest way to borrow and repay for doing this? Is an SBT the way to go?? I have never had a credit card before.
I spoke to my own bank, and also a couple of others, who all recommended taking out a loan, as I would obviously know my payments each month for a set period, but I will be charged anything between 6% and 20% APR to do so, and it seems extortionate.
However, something inside is telling me a 0% credit card is the cheapest way to do this. I would obviously heed money saving advice and "tart" before the introductory rate ends so I would never pay interest until it was all paid off, and I would never pay just the minimum payment.
Advice would be appreciated.
Many thanks0
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