Any advice welcome??

mummy2mygirls

Hello well when our head was still deep down in the sand we got out something on credit which was on a 0% for a yr. This ends in Jan and then it will go up to something like 29% (cant think the full amount at the min but its very high, will findout) and also they will add the last yrs worth of interest on!! so i really dont want that if i can help it, I thought about paying with a empty credit card i have then trying to pay it of asap( i know not ideal but would save me getting the yrs worth of interest) but they will not let you pay for it with credit.... So wondered what was best: They offer a personal loan and that would stop you getting the yrs interest and somebody is phoning me with the info in a bit so will know more later. Or i could see if i could only pay min on credit card and use the empty one to spend on if i need it and see if in dec and jan wages i can keep back £800 to pay it of? think this should be do able but will be uping my credit card, but again will stop me getting the last yr interest.....

Im going to find out about the loan and see if i can make over payments and what the interest will be and if its not higher then the cc and i can make over payments then i might do that and have it as my payment a day and see if i can pay of asap!!

what do you all think is the best thing to do (if i have made any sence with my rambles...)

I will ofcourse try and sell as much as poss on ebay and any other way to help increse the money up to £800 before jan, do have a birthday and xmas so if i get any money that can go to it aswell??

thanks for reading any advice greatfully received... :A

dancingfairy

o.k firstly do not get a loan from the original company at all. No way. They will probably try and give you a hideous interest rate or drag it over a long term and you will pay dearly. If you need a loan then the best thing would be to look around and see what the best rates are. However - loans can be inflexible and are not always easy to make overpayments on and I believe they charge all the interest up front so even if you were able to repay the loan very soon after you would end up paying all the interest anyway.
I think the plan to pay the minimum amounts on the credit cards and then use them to spend on is a much more sensible option. The only thing to bear in mind though is are they cards you use for spending or are they cards you have previously transferred debts to? the reason being is that if you transferred debt to it at a special rate and then start spening on it at the normal rate the lower rate interest would be paid off first (I think!) but then this would probably still be better than getting a loan.
Please also make sure you pay it off well before the date it is due if the deal ends in Jan you might need to pay it off in December to avoid being charged all the interest - check the paperwork very carefully.
I hope this helps a little.
df

mummy2mygirls

yep just chatted on the phone from them they said if i come back with a good rating them i would get about 20-21%!!! so much as i prob wouldnt get a good credit rating so thats a no no!!

thanks for your reply. i have a abbey credit card which i did a transfer on so it is clear so i would be able to spend on that and make sure its as little as possible and then spend from the wages on the thing on 0% they have said i have till 48 hrs before it runs out to pay (which is the 15th jan, so i will leave moeny in my bank as long as possible then pay in time to help my interest)
Thought this was the best idea, not ideal as i said but way i end up spending less...)

thanks agian for your reply. im of the list on ebay - every little helps.