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Original poster

Credit card debt £9k can’t balance transfer

9 replies

Springtime003 · 15/05/2020 18:19

Got rejected to transfer a balance of 9k from 3 cards. Was going to be able to pay off over a year but now unable due to covid.
Is there anything I can do as the interest is really high. Only able to pay off £100 pm at the moment.

OP posts:

Bagelsandbrie · 15/05/2020 18:23

Could you take transfer some of the balance to reduce the interest or split the balance between a few 0% cards? Were you rejected for a new card in general or just for such a high amount to transfer?

RJnomore1 · 15/05/2020 18:23

Can you transfer some of the balance so it’s interest free

ItsSpittingEverybodyIn · 15/05/2020 18:31

Mbna are doing long 0% transfers.

Original poster

Springtime003 · 15/05/2020 23:04

I was rejected for a new card which was a balance transfer card

OP posts:

DianaT1969 · 16/05/2020 00:40

Perhaps you were rejected because it's a high amount. How about trying for a 0% £1000 transfer card? If you get that, try it again with another provider. Have you checked with your bank if you can consolidate this onto a personal loan with a long repayment schedule? Say 5 years. Nationwide were doing 9% personal loans when I looked. Other banks might be lower. Also try a credit union loan for around £3000. They are low interest.
I don't suppose you are self-employed and eligible for a government small business loan due to Covid?
Look on Money-saving expert site for better advice.

Isleepinahedgefund · 16/05/2020 08:14

Are you able to cover the minimum payments at the moment? Is the £100 towards The whole debt? have you missed any payments on the debt as it is at the moment?

I imagine the reason you can't get a card has something to do with you being unable to service the debt. £100 won't cover a £9k debt in any form.

Bagelsandbrie · 16/05/2020 08:21

Would you be able to get a personal loan for the amount instead and use that to pay off the card? The interest rate may be lower than that on the card.

ChessieFL · 16/05/2020 08:23

Be careful trying too many things as lots of applications in a short timeframe can affect your credit rating. On moneysavingexpert there’s an eligibility checker so you can see how likely you are to be accepted before making a proper application.

RJnomore1 · 16/05/2020 09:01

Good point from chessie there.

I had meant trying a card with a lower limit to get some of the debt onto 0% op.

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