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  • Exerbusi2
    Exerbusi2 Posts: 232 Forumite
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    Exactly! Rinse and repeat until your 0% is maxed out and your loan has gone!
    Loan [STRIKE]£5000[/STRIKE] £0; Overdraft [STRIKE] £700[/STRIKE] £0
    Savings [STRIKE]£0[/STRIKE] +£1500; Share Portfolio [STRIKE]£0[/STRIKE] +£4000
    £0 Credit Card [STRIKE]£6800[/STRIKE] £1700
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    Thank you so much. I'll do this probably in April (which seems ages away) because I need the CC to sort itself out with direct debit payments etc.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • Exerbusi2
    Exerbusi2 Posts: 232 Forumite
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    So the good news today is that my project is now sold out! I should be able to clear around £1900, of which I'll pay around £1200-£1500 off the credit card.

    The rest I'll put aside for tax.
    Loan [STRIKE]£5000[/STRIKE] £0; Overdraft [STRIKE] £700[/STRIKE] £0
    Savings [STRIKE]£0[/STRIKE] +£1500; Share Portfolio [STRIKE]£0[/STRIKE] +£4000
    £0 Credit Card [STRIKE]£6800[/STRIKE] £1700
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    Hey exerbusi forgive the short message but if I ring Zopa and use the CC to move a whole chunk off the loan, would this class as a BT or as a purchase? My card is only 0% on BT only.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • Exerbusi2
    Exerbusi2 Posts: 232 Forumite
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    Hmm. Good question - you'll have to ask your card provider. It's also worth doing the maths to see if it's cheaper even if it's done as a purchase.
    Loan [STRIKE]£5000[/STRIKE] £0; Overdraft [STRIKE] £700[/STRIKE] £0
    Savings [STRIKE]£0[/STRIKE] +£1500; Share Portfolio [STRIKE]£0[/STRIKE] +£4000
    £0 Credit Card [STRIKE]£6800[/STRIKE] £1700
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    Hmmm Exerbusi2 - spanner in the works.
    Sainburys say it's down to the loan company to work out whether they process it as a BT or a purchase.
    The Loan company say they do not credit with credit and it's just a debit card only. I wonder if that's the same for all loan companies. Probably so.
    Bit annoying really but at least I've managed to move the Virgin CC debt over which was due to expire in July 2017 at 0%. This works out I think paying £84.85 per month (T&C say 2.25% of the balance) instead of the current £200 I pay. I would then have about £116 which can go on one of the loans as well as my monthly figure.
    Sorry I haven't asked much or commented about your goings on, just trying to get my head round this, and quickly! I'll be back on form soon.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • dcouponzzzz
    dcouponzzzz Posts: 450 Forumite
    First Anniversary First Post Combo Breaker
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    If you register the woodworking as a business you can get the startup materials (including the shed?) without VAT right? I may be wrong on this... If you're not savvy with taxes an accountant's advice might be useful.
    Started 07/15. Car finance £6951 , Mortgage: 261k - Savings: £0! Home improvements are expensive
  • MallyGirl
    MallyGirl Posts: 6,646 Senior Ambassador
    Photogenic First Anniversary Name Dropper First Post
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    VAT is more complicated than that! You can, however offset costs/materials against any profit you make
    I’m a Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
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    Hey Exerbusi2 hope you are ok as you haven't posted in a couple of days.

    Just a brief update for you. The monthly repayments on the Sainsburys 0% card are £76pcm. I was paying VirginCC £200 a month to try and clear as much as possible before the 0% ended in July but obviously I do not need to do that. I will keep this card though, just in case I want to purchase any small items in the next couple of months, but that is unlikely.
    My sister has agreed to give me a £2k interest free loan over a period of 15 months so it's £133.33 back per month.
    This £2k loan will go directly onto paying the Zopa loan, reducing this from £4600 currently to about £2600 balance (that's quite a lot lower!). The result will then be that my monthly payments to Zopa could be lower than the current £216.16 pcm, (I think down to £125pcm) but I intend to over pay it each month and (if you are still following me here) each month I pay off my Sainsburys CC will reduce the minimum payment and, however small it is, that surplus can be used against the Zopa loan.
    The tesco one will just stay the same, it'll get a bit complicated if I chuck funds at that one too.
    It's funny how the VirginCC has been my priority card to sort, whereas now it's looking like the Zopa one is the way to go.

    Other options which I have thought about and would appreciate advice are:
    I did wonder about getting a cash advance (25.95%) of £2500 from the sainsburys CC directly into my bank account and immediately pay off the Zopa loan. OR
    Go into my £3500 overdraft (16.9%) with my bank and pay off the whole of the Zopa loan.

    Keep on posting :)
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • Exerbusi2
    Exerbusi2 Posts: 232 Forumite
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    zippygeorgeandben wrote: »
    Hey Exerbusi2 hope you are ok as you haven't posted in a couple of days.
    Hi Zippy!

    All good here - I've just been very busy! I'm flying solo with the kids until tonight as my partner is away on a course, so for 3 days I've been busy with the kids, then working late into the night!
    zippygeorgeandben wrote: »
    Just a brief update for you. The monthly repayments on the Sainsburys 0% card are £76pcm. I was paying VirginCC £200 a month to try and clear as much as possible before the 0% ended in July but obviously I do not need to do that. I will keep this card though, just in case I want to purchase any small items in the next couple of months, but that is unlikely.
    My sister has agreed to give me a £2k interest free loan over a period of 15 months so it's £133.33 back per month.
    This £2k loan will go directly onto paying the Zopa loan, reducing this from £4600 currently to about £2600 balance (that's quite a lot lower!). The result will then be that my monthly payments to Zopa could be lower than the current £216.16 pcm, (I think down to £125pcm) but I intend to over pay it each month and (if you are still following me here) each month I pay off my Sainsburys CC will reduce the minimum payment and, however small it is, that surplus can be used against the Zopa loan.
    The tesco one will just stay the same, it'll get a bit complicated if I chuck funds at that one too.
    So far, that all makes sense. I think you've taken the right course on those.

    zippygeorgeandben wrote: »
    Other options which I have thought about and would appreciate advice are:
    I did wonder about getting a cash advance (25.95%) of £2500 from the sainsburys CC directly into my bank account and immediately pay off the Zopa loan. OR
    Go into my £3500 overdraft (16.9%) with my bank and pay off the whole of the Zopa loan.
    Hmm. First question would be how quickly could you get your account back in the black?

    The obvious answer is to go for the lower interest cost (the O/D), but do you need the cash available? Also, if you could get it back into credit quickly (within 3-4 months) then I'd probably do that. If it'd take you 12 months+ to get back into credit, it's probably not worth it.

    The plus side to doing that is that you've cleared one debt completely, so you'd have extra cash available to put into the bank again.

    You'd then have reduced your debt VERY considerably!

    I wouldn't take the advance from the CC - it's very expensive.
    zippygeorgeandben wrote: »
    Keep on posting :)
    Will do! I'm back to it now!
    Loan [STRIKE]£5000[/STRIKE] £0; Overdraft [STRIKE] £700[/STRIKE] £0
    Savings [STRIKE]£0[/STRIKE] +£1500; Share Portfolio [STRIKE]£0[/STRIKE] +£4000
    £0 Credit Card [STRIKE]£6800[/STRIKE] £1700
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