Most likely it's that if you miss any payment at all you'll revert back to the extortionate default interest rate. Make sure that you pay the minimum payment over the phone for at least the first two months to make sure that the direct debit is established. I've been caught out with this one before where they've taken one payment, then blamed me for not setting up the DD correctly.
Might cost you double payments for a couple of months, but worth it tbh.
I think, if you've got 3 credit cards on the go, and come Sept-Nov you're going to struggle to meet the payments, it may be a good idea to seek debt advice from one of the free services like CAB, CCCS or National Debtline.
I think consolidating the debts into one place makes a LOT of sense. It's what CAB would advise. One thing though, when I've had a card like this in the past, they've upped the percentage of the balance that I've had to pay. Make sure that the monthly payment doesn't suddenly jump as a result of this deal with them.. when I had it I couldn't meet it and ended up using the card to buy essentials, and then they would charge me horrific interest on that amount.
MUCH better to have it all in one place, as long as you know the monthly amount, and how long it will take you to pay off.
Just be careful.. I've done it a few times (loan to pay off cards.. first one was 7k, the one I'm currently paying off it 18k and it's about a year from completion). We also have credit cards amounting to around £5k. We're paying them off, we're getting there, and I'm abusing all the interest-free rates that we possibly can to do it, but it's a bloody slog. Don't let it get to this point.
CogitoErgoSometimes I'd be able to pay them but I'd rather bounce them to another interest free to reduce paying interest; I spoke to the National debt people & they said it's a "cash flow situation" rather than 'debt' (which tbh I didn't understand). This appeals as it is 6.7% rather than normal CC rates
JarethTheGoblinKing - DD is pretty good, no sign of the problem at all!! That's it isn't it debt consolidation is 'good' (well at least in my book). This card isn't one I use; I have a tesco's card I use like a current account, you pay off the whole balance at the end of the month. I'm trying to get straight so I can organise a new kitchen next year <sigh>
A 'cash flow situation' means that you are robbing Peter to pay Paul. i.e You're in debt because you owe far more money in total than you can pay off in one hit but you can just about keep on top of the debt payments if you juggle things around and rate-tart it a bit with the cards etc.
I will pay it off; I have twice before (holiday of a lifetime/business nearly went under) both paid off in about 18 m. But last year we had an awful time with DD's health and I worked less so it had a knock on effect
I panicked and did another 0% (for 12 m) but I will pay off the one with the lifetime balance offer then use that as well (I think)
Trouble with the 'cashflow situation' is that it leaves you very exposed to interest rate rises. What starts out as just about manageable quickly becomes a problem if all your lenders bump up their rates. If you can pay it all off at once and reduce it to a fixed payment at a fixed level of interest, then it might be a good idea just so long as you don't add to the debts in the meantime.