Hello everybody
I currently have a total outstanding credit card balance of approx £4480 across two credit cards - £3690 is on a Virgin MBNA 0% card expiring in April, and £790 is on a Barclaycard Rate-for-life 6.8% card.
Wifey and I realise we're in a pickle when we come to April as MBNA will shoot up to 19.9% (I should point out that, while the cards are in my name, we both ran up the balance together). Having looked at the options available we considered the following options
1. A loan, although the interest rates on £4,500 are hideous
2. A 0% balance transfer credit card; transfer both balances across; standing order of x equal amounts and we pay it off in the time allotted.
Went on MoneySupermarket; applied for the Lloyds 0% which I was advised I had a 9/10 chance of getting; was rejected. Appealed, but got a reply saying I was still rejected. Hey-ho. (I think this might be because my everyday purchases card - paid off in full each month - is with Halifax)
Two options have recently presented themselves.
1. Wife has a Barclaycard in her own name - she's had an offer of 0% on balance transfers but I'm not sure if they will let her transfer the balance to a card in my name. They obviously won't let her transfer the Barclays balance to this card - but does anyone know if they'll let her transfer my Virgin balance to it?
2. Virgin have written to me offering 0% until Feb next year on balance transfers (3.5% fee) and money transfers (4% fee). If I were to draw down the full £4480 as a money transfer into my current account then use this money to pay off the Virgin card, am I right to think that Virgin have to pay off the balance with the shortest 0% first? Which means I'm effectively, if convolutedly, paying off my Virgin card with my Virgin card for a 4% fee? Or do I have this wrong? My credit limit is only £7,200 so I would need to request an increase to facilitate this although my salary now is much higher than when I originally took out the card.
VERY grateful for any advice on what to do next, as we are keen to put our debt behind us and move on!
Kind regards,
Richard
I currently have a total outstanding credit card balance of approx £4480 across two credit cards - £3690 is on a Virgin MBNA 0% card expiring in April, and £790 is on a Barclaycard Rate-for-life 6.8% card.
Wifey and I realise we're in a pickle when we come to April as MBNA will shoot up to 19.9% (I should point out that, while the cards are in my name, we both ran up the balance together). Having looked at the options available we considered the following options
1. A loan, although the interest rates on £4,500 are hideous
2. A 0% balance transfer credit card; transfer both balances across; standing order of x equal amounts and we pay it off in the time allotted.
Went on MoneySupermarket; applied for the Lloyds 0% which I was advised I had a 9/10 chance of getting; was rejected. Appealed, but got a reply saying I was still rejected. Hey-ho. (I think this might be because my everyday purchases card - paid off in full each month - is with Halifax)
Two options have recently presented themselves.
1. Wife has a Barclaycard in her own name - she's had an offer of 0% on balance transfers but I'm not sure if they will let her transfer the balance to a card in my name. They obviously won't let her transfer the Barclays balance to this card - but does anyone know if they'll let her transfer my Virgin balance to it?
2. Virgin have written to me offering 0% until Feb next year on balance transfers (3.5% fee) and money transfers (4% fee). If I were to draw down the full £4480 as a money transfer into my current account then use this money to pay off the Virgin card, am I right to think that Virgin have to pay off the balance with the shortest 0% first? Which means I'm effectively, if convolutedly, paying off my Virgin card with my Virgin card for a 4% fee? Or do I have this wrong? My credit limit is only £7,200 so I would need to request an increase to facilitate this although my salary now is much higher than when I originally took out the card.
VERY grateful for any advice on what to do next, as we are keen to put our debt behind us and move on!
Kind regards,
Richard