Help Required

grendal

Hiya folks,

New to this site, in fact just joined today, but over Christmas I took a good hard look at my finances and decided action needs to be taken.

Firstly, I'd like it to be known that my debt is managed well. I don't miss payments and have a decent enough credit rating. My reason for the hurry in clearing it is that I have a family now (5 month old lad) and would rather spend my money on them rather then to the credit card companies and loan companies.

So, where do I begin. Here is a summary of what I have

Marbles card - 14.9% - limit £8500 - balance £3000
Halifax card - 0% till Aug - limit £7000 - balance £5700
Tesco loan - 6.1% - settlement value £14500 (due to end Apr '08)
Egg card - 0% till Oct - limit £7500 - balance £nil
I also have/had a Barclaycard with a limit of £5900. I've cancelled it but had no confirmation just a letter offering me 6months 0% no balance transfers.

My first query is whether I should try and take out another 0% card. I hesitate as I've just taken out the Egg card and don't want to be refused and thus damage my credit rating.

My plan is to shift my loan using the power of SBT's to pay off the loan and effectively switch it to 0%. Then as the 0% deals end, switch the funds around. I have £900 to play with each month and I will pay the minimum payments on each card except for one - the one I am targetting at the time. First will be Marbles (as interest is incurring, then Halifax as 0% ends first, then my Egg card).

So, as you can see I've given this some thought.

My calculations show that I could be debt free by the end of 2007, considerably sooner than if I left things as they are and plodded on.

So, any ideas how I could improve this? Or any ideas of another way without taking another card out? Or any ideas of how I could pay this off sooner?

Any help would be gratefully appreciated.

Grendal

Kevicho

The first thing id do is to a transfer of the marble debt to egg card get rid of that nasty interest 14.9% rate

The second thing to do is post a list of all you month income/outgoings as the people on here are genii when it comes to saving money

Also there is a cool spreadsheet on here to work out payments

i did my own spreadsheet with about 20 revisions with different payment schedules until i finally found the best way for me

Good luck!

Little_Miss_Winner

Hi Grenadal.

And welcome to mse.

Firstly how much so you have spare to pay back your debts each month?

You could post a statement of affairs (all incomings and outgoings) and perhaps we could have a look at how much disposable you have to throw at your debts.

EDIT: Just realised you say you have £900 per month.

Have a look at this website https://www.whatsthecost.com/snowball.aspx

Have a play around with your figures, it will show you which debts to pay off 1st and how much to repay.

regards
pot
x

Little_Miss_Winner

hey....whats happened to my computer, cant see any avators........wheres my rainbow gone, can you all see it?

Kevicho

sorry, i assume you meant 0% on balance transfers on the egg

Kevicho

no rainbow here

Little_Miss_Winner

Can you not see my little pot of gold picture under my name?

wendyl1967

potogold wrote:

hey....whats happened to my computer, cant see any avators........wheres my rainbow gone, can you all see it?

Martin explained on one of the threads this morning. I can't remember where as I have read so many today!! All avatars have gone permanently for guests and temporarily for members while they sort out the server problem.

Thefunkygibbons

Moving Marbles is a no -brainer

Do you use any of those cards for daily spending?

Have you changed the circumstances that led to the debt in the first place?

As requested a statement of income and outgoings may help us identify further savings

Little_Miss_Winner

Thanks wendy and kevicho, just realised it had gone!

Sorry to grendal for hijacking your post.

Kevicho

Thefunkygibbons wrote:

Moving Marbles is a no -brainer

is that in the good sense of that phrase?

I dont want to be handing out bad advice lol