Super Balance Transfers discussion area

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  • Debtfree2012_2
    Debtfree2012_2 Posts: 2 Newbie
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    Hi All,

    This is my first ever post so please be gentle!

    Through my uni days and a couple of years after I lived well above my means, this has now saddled me with £12k debt which I am trying to clear however this is made up of some seriously expensive credit card debt and overdrafts all charging me monthly interest!!which really makes clearing the debts extremely difficult!! :(

    Is there any super balance transfers open to any poor souls such as myself as this would enable me to pay pretty much the same as I pay now with no interest and a real light at the end of he tunnel

    Thanks
  • dantheman2010
    dantheman2010 Posts: 697 Forumite
    First Anniversary Combo Breaker
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    Read my post on page 4, it explains it all!
  • Fruit_and_Nut_Case
    Fruit_and_Nut_Case Posts: 4,617 Forumite
    Mortgage-free Glee!
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    dantheman2010 wrote: »
    Read my post on page 4, it explains it all!
    For anyone not using the forum default posts-per-page, click HERE.
    Are you for real? - Glass Half Empty??
    :coffee:
  • andyh321
    andyh321 Posts: 3 Newbie
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    Hello,

    I currently have £3,000 overdraft with major bank, racking up quite a lot of interest.

    I also have £4,000 on a balance transfer/pirchases card with a few months left to run until expiry on the BT but am incurring interest on purchases.

    I am payng off a little bit more than the interest on both cards.

    I am hoping to pay this all off but am looking for away to pay the overdraft off first and balance transfer the £4k so that I am not incurring more interest and so can pay it off more effectively.

    Can anyone help? How do I go about doing this with a 'super balance trasnfer'?
  • JennyJewell
    JennyJewell Posts: 1,574 Forumite
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    Hi to anyone currently reading this thread :)
    I am looking at the Virgin SBT card at the advice of the money saving team. I would need to transfer a balance into my bank to clear my overdraft of £1500 and also pay a credit card balance of just under £900.
    Can anyone tell me please how soon do they take the payment fee - is it instant or is it included into your first monthly payment? Also how soon is that first monthly payment please?
    Hope someone can help me please x
    Jenny
    Everything happens for a reason :)
  • Attackthebanks
    Attackthebanks Posts: 59 Forumite
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    JennyJewell wrote: »
    Hi to anyone currently reading this thread :)
    I am looking at the Virgin SBT card at the advice of the money saving team. I would need to transfer a balance into my bank to clear my overdraft of £1500 and also pay a credit card balance of just under £900.
    Can anyone tell me please how soon do they take the payment fee - is it instant or is it included into your first monthly payment? Also how soon is that first monthly payment please?
    Hope someone can help me please x
    Jenny

    Did a similar thing with my overdraft of £2000, 4% fee was £80, this was added to my balance which is 0% for the 20 months, it's added right away to the account so my balance is now £2080, but it's just included in the overall 0% deal, so no need to pay the £80 upfront or on it's own.
    Not had a first monthly payment statement yet, but i ve set up a direct debit for a set amount to cover the balance in FULL over the life of the 0% offer!
  • JennyJewell
    JennyJewell Posts: 1,574 Forumite
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    Thank you so much for your reply Attackthebanks - very helpful :)
    I shall get onto this - not sure if I will even succeed in doing it but can only try :)
    Many thanks,
    Jenny x
    Everything happens for a reason :)
  • Ewaf
    Ewaf Posts: 174 Forumite
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    Hi Guys, after advice.

    I found out I am going to start getting charged a £1 a day for my student overdraft as it's nearly been a year since I graduated. My OD is currently £1500 and I am in it 99% of the time. If I do this I will be paying roughly £70ish a month to ensure it gets paid off before the end of the 20 months. If I don't do this I will be paying £30ish a month in fees and then anything I can afford to pay off. My bank aren't letting me cut down my overdraft each time so I think it's going to be a real struggle to stay out of it, and I think clearing it with a SBT is the best option.

    What are people's thoughts? Worth doing this?

    Any advice greatly appreciated.

    Thanks
  • blonde_bambi
    blonde_bambi Posts: 1 Newbie
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    Hi,

    I have graduated this year and have now got a job and want to start clearing my overdraft and credit card debt that I got through out uni.

    I have also got a letter from Lloyds TSB (who my student account and student credit card are with) saying how I will now be being charged to use my overdraft.

    I have an overdraft of £2000, which I am all the way into every month and my credit card is £1250, which I am also all the way into.

    Would it be best to do a Super Balance Transfer for both these debts and have them in one place with 0% interest, where I can gradually pay it off every month?

    O could I get a 0% credit card, pay off my overdraft with my salary and spend (live off) the credit card. Then transfer both my credit cards with a balance transfer and gradually pay off that?

    I'm not sure what to do, but I want to get on top of my money now, before it is too late and I have to keep borrowing more!

    Thank you.
  • smeg-head_2
    smeg-head_2 Posts: 1 Newbie
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    I've been to the Virgin site today and it's only offering 9 months on the 0% card.

    On the phone they said if I had an offer code or something then they might be able to offer a longer deal.

    Anyone got a reference code or number?

    Please!
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