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  • FIRST POST
    • degsy3686
    • By degsy3686 12th Mar 17, 7:35 PM
    • 2Posts
    • 2Thanks
    degsy3686
    0% interest bagatelle
    • #1
    • 12th Mar 17, 7:35 PM
    0% interest bagatelle 12th Mar 17 at 7:35 PM
    Hi Guys - looking for help. Here goes;
    I have 4 credit cards A, B, C and D
    Card A has a balance of £6258 and a limit of £8500. It currently attracts 0% interest but that will end next month. They will offer 20 months interest free on any balance transfers with a 3% fee for each transfer.
    Card B has a balance of £4658 and a limit of £6750. It currently attracts 0% interest but that will end next month. They will offer 9 months interest free on any balance transfers with a 3% fee for each transfer.
    Card C has a balance of £1006 and a limit of £2000. It currently attracts 0% interest but that will end in 4 months. They will offer 12 months interest free on any balance transfers with a 1.99% fee for each transfer.
    Card D has a balance of £5255 and attracts high interest. They are not currently offering any deals for balance transfers.
    I have a maximum of £1500 to pay off a lump sum of credit but would rather not use it all. When balance transferring I want to go to a maximum of £100 less than the limit.
    What is the best combination of payment and balance transfer to get the most credit on interest free accounts with the least amount of fees paid and the minimum of the £1500 used. The length of the interest free period is important but not as important as getting rid of the full balance of D or the cost in fees. I have £500 per month to pay them and not sure how to get the best for my money, most of the interest free offers will remain in the future, particularly A & C. Any help is very welcome thanks
Page 1
    • Nebulous2
    • By Nebulous2 12th Mar 17, 8:07 PM
    • 1,421 Posts
    • 878 Thanks
    Nebulous2
    • #2
    • 12th Mar 17, 8:07 PM
    • #2
    • 12th Mar 17, 8:07 PM
    I'm not going to do the arithmetic and work out where to move what - but is there an issue with getting card E?

    A new card from a different provider and a long BT offer could be your best bet. Virgin have been quite aggressively trying to build market share and are offering good deals. If they aren't A through D and your credit is still good that might be worth a try.
    • Money Rollercoaster
    • By Money Rollercoaster 12th Mar 17, 8:21 PM
    • 237 Posts
    • 548 Thanks
    Money Rollercoaster
    • #3
    • 12th Mar 17, 8:21 PM
    • #3
    • 12th Mar 17, 8:21 PM
    http://www.stoozing.com/calculator/snowball-calculator.php


    ... plug the numbers in the above.


    You should use the lump sum really, unless you know you're going to need it for something.


    Pay off the high interest card first or get that balance away somewhere else.
    Living Life @ 174 BPM >> CC Balance (0%) -£1,950 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£20,264.29 - Target DFD Oct 2020
    • redux
    • By redux 12th Mar 17, 10:16 PM
    • 16,273 Posts
    • 19,785 Thanks
    redux
    • #4
    • 12th Mar 17, 10:16 PM
    • #4
    • 12th Mar 17, 10:16 PM
    Well, the aggregate of the spare margins on the 3 zero interest cards is just slightly more than the balance on the other one, so you should be able to do a series of transfers which sets up all new offers on each, then move the other chargeable one, and use a few quid of your cash balance to round off the extra for the fees.

    So it's just a matter of figuring out a sequence. It looks like it can be done, but ask again if it feels a bit complicated.

    Edit: make sure it's all the zero interest balances that are rearranged first, then the card D. If you move card D's balance to the others first, you won't give yourself any space to manoeuvre.

    But if it's not impertinent I'd suggest you might also consider asking in the Debt Free Wannabe board for help in looking at your income and outgoings, to see where you might cut down a bit on some spending, and get these balances gradually going down overall.
    Last edited by redux; 13-03-2017 at 9:38 AM.
    • degsy3686
    • By degsy3686 13th Mar 17, 7:55 PM
    • 2 Posts
    • 2 Thanks
    degsy3686
    • #5
    • 13th Mar 17, 7:55 PM
    • #5
    • 13th Mar 17, 7:55 PM
    Thanks guys, this is the last of over £80k of debt I have been paying off over the past 6 or 7 years and I've only recently got back to 0% interest offers again. I've now been able to secure a mortgage which will increase my outgoings but as I mentioned I will still have £500 per month to get this debt down. The £1500 would be very welcome to start renovating my new home but I still want to get debt free. My credit rating is still pretty poor I think although Clearscore puts me at 471, Noddle has my rating as between very poor and poor so I don't want to apply for another card. I had just wondered if there was a simple solution or if anyone had experience which may help...maths was never my strong point hence the level of debt I ended up with.
    • zx81
    • By zx81 13th Mar 17, 8:01 PM
    • 11,203 Posts
    • 11,159 Thanks
    zx81
    • #6
    • 13th Mar 17, 8:01 PM
    • #6
    • 13th Mar 17, 8:01 PM
    Surely it would be worth running an eligibility check and trying at least one application for a decent BT card?
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