Nobody wants my 13k balance transfer

Sounds worse than it is - 80k salary in secure job and perfect credit history - pay off more than min balance regularly but have just been lazy about addressing overall amount but in position to take this down by chunks over coming 12/18 months. In the meantime would like to escape the shackles of MBNA high interest rate and do balance transfer to a zero % for 6 months card - all delighted to give me a card but not with sufficient credit limit to transfer the full amount - can't be bothered with charges/admin of maintaining multiple cards. Even my own bank BoI offered a paltry limit despite faultless credit history over many years on much more sizable amounts (e.g. car loan, personal loans). I'm a perfect customer but nobody wants my debt! Any suggestions on who will take me on - the process of applying to each institution and then only at the end being told of 5k credit limit is tedious to say the least. This is my only "lifestyle" debt apart from 1 year left on car loan. Thoughts welcome.

What interest rate are you paying with MBNA.

Why don't you just organise a personal loan for yourself at a lower interest rate than that applying on the credit card debt?

Agree with pjmn, I think it is your best option. Get 2/3 yr loan but aim to pay it off sooner.

Read the small print to make sure there are no redemption fees if you do.

if your salary is 80k could you not tighten the belt for a few months and pay it off in large chunks ?

mark123can said:

if your salary is 80k could you not tighten the belt for a few months and pay it off in large chunks ?

Click to expand...

Agree with you Mark123can, what disposible income do you have at the end of each month? Would be an idea to pay it off in large chunks. Try not to use the credit card from now on.

Did you try Halifax?

I recently did a balance transfer from Halifax (0% for 6 months) & they gave me an €11k limit (which I reduced to €7k and am continuing to reduce as I pay €1,000/month off my credit card)

Otherwise, get on to MBNA (as other posters have advised on AAM) and ask them to reduce the interest rate & start paying BIG chunks off - it's the only pay to get rid of €13k cc debt.

On an 80K salary, you must bring home approx 4k per month prior to expenditure. Not sure what your outgoings are per month, but assuming you have no mortgage then you must have approx 2k left over each month so this loan would be almost paid in 6 months? Maybe let us know what your outgoings and disposable income are and can advise further. Are banks concerned that your spending is so high that you cannot repay the loan?

Thanks for the replies - definitely a few pointers I will follow up on - in response to some of the queries:

I do have a mortgage and creche costs which are my largest outgoings but of whate remains of the 4k per month net I can still make significant impact on the balance from here on -perhaps not as quickly as suggested but certainly within 18 months I would aim to have it gone.

Personal loan is definitely something to explore - I guess the fact that BoI would not allow me to balance transfer my 13k to their platinum card despite long time custom and ************************* credit history made me reluctant to persue that line but I'm thinking it might be worth investigating this again

I am paying an horrendous 14.5% on my MBNA card which is one of the reasons I want to move, in the past I requested a reduced interest rate but they did not change it - probably worth another conversation if I don't have any success with the personal loan option

I did have a Halifax credit card previously which I got rid of just to reduce the number of cards in wallet - had not issues and cleared in full every month before closing out account - have a 5k limit but they may be open to more given that at least I have a history with them

Thanks for the suggestions

Cailin Deas

If I were in your situation I'd ask AIB to do a balance transfer to their [broken link removed] card, with a 3.9% on transfers and purchases for 12 months, and I'd go all out to clear it in 12 months.