Trying to clear my cards...getting knowhere fast

sugarpants_2

Same things happens to us on both our cards too.

We pay £100 off and only £40 gets taken off £60 interst charge

We have 3k and 4k on each card so it will take us forever to pay them off! Hoping to win the lottery. Till then we are both working lots of overtime.

jamesd

chris1969, you might try using Zopa Listings. You'd probably end up with a rate around 12-15%. There's a fee of just under 100 in addition, though, and it would take around six months of payments before the interest rate I mentioned would save you that much in interest and you'd start gaining. You can adjust the payments to a higher level and back down to the original level at any time.

Alternatively, if you have an overdraft facility that is high enough it'd probably be cheaper to use the overdraft to clear the high interest card then put normal spending on the card while you use the normal spending money to clear the overdraft. You'd end up with the same card balance but none of it would be cash advance money so your ongoing interest bill would be lower.

chris1969_2

Zopa lookings interesting. Trying to register with them but they don't recognise one of my postcodes, grrr. I shall keep on trying though. Cheers

Actually, just noticed, you have to earn over 25k to borrow, I don't earn that much, I'm about £1k under, ah well, I'll try anyway.

jamesd

I think that 25k limit applies only for the main markets, not the different Listings.

icklejulez

No i dont earn 25k, only half that and i have a listing currently... It seems quite good at the moment but owith a job offer but a held back start date of 4th September i dont know if it will go through with the HR check.

chris1969_2

Had a crack at Zopa & I have been approved for a £2000 loan, which is good news. £60 pcm over 3 years, which is a vast improvement from what I was paying for. Many thanks for the heads up on them, I'd never heard of them before.

jamesd

Good to read that it worked out for you!

AceCobra1

Just wondering, how bad does it impact on your credit score if you say had 5 cards but missed 1 payment to 1 card the whole year? I would have thought it would be fairly insignificant no ?

NickX

AceCobra1 wrote: »

Just wondering, how bad does it impact on your credit score if you say had 5 cards but missed 1 payment to 1 card the whole year? I would have thought it would be fairly insignificant no ?

1 Late Payment should be fairly insigificant, but I think they look less favourable on Missed Payments.

AceCobra1

NickX again lol... very active on the CC boards Yeah, I was late for 1 payment of like 2 days so just wondering... I actually applied for the Virgin CC yesterday but they said they will need to take a few days to come to a decission - should I phone them and if so, how long should I wait ?