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  1. #1

    Clearing Credit Card Balance + Balance Transfer Advice

    Hi all,

    I actually have two questions as I'm after a bit of advice.

    I am going to be relocating and leaving the UK in the next 12 months, so need to clear up the debt I have ideally before I go.

    Before I begin, some info:

    Current Debt:
    750 (17.8% - tsb student credit card) from my student days
    5850 (18.69% - lloyds bank platinum)
    2500 (16.8% mbna - previously virgin money card)
    3000 overdraft but around 1600 in available cash.

  2. #2
    Due to an incorrect default placed on my account previously in my younger years (now gone), my credit rating had never been stellar and I previously balance transferred around 2500 to an MBNA card, but due to irresponsibly not having a direct debit set up, I lost the offer due to missing a payment. Due to the poor credit rating because of the default, I was lucky to have one of my parents offer to balance transfer one of my cards. The balance on that card is now down to 2500. So realistically, in total I owe around 11,600 in credit cards. Around 9,000 in my own name, plus the overdraft.

    I'm in a position now where I have to balance transfer the remaining 2500 off my parents card due to the period ending, and fortunately again they've offered to help me out and have registered for a Sainsburys 0% fee 26 Month BT Card (Mainly due to 0% fee). They've been advised the credit limit is likely to be 3,000 from an online application (still TBC), but were obviously helping for a bit more. Both are semi-retired, work part time (consultancy) and own their own mortgage free home with decent credit ratings and no recent other credit applications in the past 12 months. They are open to applying for another card, however with in the hopes of getting a higher credit limit (e.g. A bank rather than Sainsburys).

    I'm lucky enough to earn 48k per year, but with bonuses around 67k and now taking the opportunity to tackle this debt. I still don't have a great credit rating, due to high utilisation and stupidly due to a number of factors have missed have exceeded limits/missed payments, due to just not making it a focus to get the right direct debits in place etc and obviously the debt that I have. I've made no credit applications this year, either. My outgoings are probably no more than 1500 a month I'd imagine, so I'm in a position to cut down the debt in sizeable chunks. I've run some eligibility tests and seem to have a 50% chance of most of the decent banked cards, with Capital One and Aqua cards for poor credit scorers offering 90-100% acceptance, but a 3% fee for transferring, with a max limit of 1250-1500.

  3. #3
    Pay minimum payments plus 1 on everything and then throw every spare penny at the highest rate debt.

  4. #4
    Agree with zx here clear the highest interest debt first then follow down on it until its all gone

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