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What to do?
mmark
Posts: 8 Forumite
Good evening,
I have managed to incur quite a bit of debt unfortunately, I have savings , 2 ISAs , and a few accounts with a few thousand in i think, but im unsure what my best choice is:
should i a : work at paying it back from what i earn and save?
or b ) use my savings and pay it back / as much as i can-and start from there
I owe :
2000 on my MBNA cc
1500 HSBC od
8000 to my dad
mark
I have managed to incur quite a bit of debt unfortunately, I have savings , 2 ISAs , and a few accounts with a few thousand in i think, but im unsure what my best choice is:
should i a : work at paying it back from what i earn and save?
or b ) use my savings and pay it back / as much as i can-and start from there
I owe :
2000 on my MBNA cc
1500 HSBC od
8000 to my dad
mark
0
Comments
-
Unless the interest you have on your savings is more than the interest on your debts, then you are actually losng money.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
thanks for replying! =]
yea, i understand that, but then in my mind i keep thinking perhaps it's best to try and get it all cleared up and dealt with? Although I guess it wouldn't make sense financially?
mark0 -
How is your credit record? If no late paymentsor defaults, what about a 0% card?After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
I believe my credit record is quite good, ive only ever gone over my limit once (by mistake) - and ive always paid on time etc
i didn't think there were any 0% cards around still??
sorry for being a pain0 -
Are you in the UK?
Virgin money have a good card right now.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
yep i am, i thought virgin use MBNA though? which could be a problem as it's an MBNA card!0
-
nope - you can transfer to a current account as it allows "super balance transfers" - so you can even pay your overdraft with it.After falling off the gambling wagon (twice): £33,600 (24,000+ 9,600) - Original CC Debt: £7,885.91
Dad Gift 6k ¦ Savings & Inv Tst: £2,500
Loan 10k: £0 ¦ Dad 5.5k: £2,270 ¦ LTSB: £0 ¦ RBS: £0 ¦ Virgin £0 ¦ Egg £0
Total Owed: £2,270 (+6k) 11/08/20110 -
hahah brilliant, so i could transfer to a current account, then pay off MBNA + overdraft !!!
wow, but arent there fees for balance transfers now
suppose cant have it all!0 -
George when i fill the application in-which im doing now, is it best to list mbna and the 2k or just leave it?
same goes or other cards, i have cards with nothing on, but credit available
wondering if best to not mention them
thanks0 -
If you currently have cards with nil balances, then you could phone them up and ask them what deals they have rather than apply for another card. May save you some time, and I think this will save you having a credit check done too
regards
chevI want a job that is less than an hour driving away from my house! Are you listening universe?
0
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