Debt Free in 2009 support thread

The_Dragon

clearing_out_my_pockets wrote: »

I'd clear OH's loan, go on holiday then put the rest aside either for the house or the wedding.

Nice to dream isn't it! Any savings would go towards clearing the mortgage early (we can overpay by £80 only a month)

clearing_out_my_pockets

I'd love to have a mortgage that I could overpay! Mind you - I can't believe I'm so desperate to get into so much debt!

dizzybee

i,m guilty of not up dating have added up all payments made and my debt know stands at £3,498 and a few pence owing.

clearing_out_my_pockets

dizzybee wrote: »

i,m guilty of not up dating have added up all payments made and my debt know stands at £3,498 and a few pence owing.

Any idea how much that has reduced since your last update?

stacy

Well i received some good news this morning.....NOT!! Recieved a letter from virgin (thought it was a statement) i went with them a year ago for the 0% balance transfer now my interest rate is 15.9% which was fine now they have just told me they are going to be upping it to 24.9%.
It happens to everyone after their 0% ends virgin are notorious for it. :mad::mad::mad::mad::mad: Im paying £40 per month at the moment and most of that is taken in interest its going to be hell now trying to pay this £3000 off my card!!! Now i have to do the snowball yet AGAIN and its going to take even longer for my debts to be paid off. Am completely stuck aswell though because cant get another 0% because of the credit crunch, the bankers ect are winning in these hard times, cant believe they get away with it. My savings are at 1% yet virgin just hiked up their interest rate another 9% !!!!!!?!!!!!

On the good side.....due to this experience i have learned a hell of a lot and absolutely hate banks and their million pound bonuses which is why when i am debt free i am never getting into debt again, i dont want my extortionate interest rates to become their bonuses!!!!!!!! *ankers!

slig

Stacy, that sucks. Do you have any other cards you could transfer the balance to, even just part of it? Can you work out if you can tweak your budget to give you a bit extra to throw at the virgin card?

You say you won't get another 0%, but if your credit rating is good and you haven't applied for a while, could you get another card with a low apr? Even if it's not actually that low, if it's lower than virgin it will save you money and give you the satisfaction that you're not paying all that interest to them.

I guess that's how they can afford to do the 0% deals, because they bump the interest rates up sky high after the deal ends.

stacy

Hey slig,
I dont have another card as it would only be a couple of hundred and would then max the other card out, i do have £1000 on my barclay card left but i kind of need that to pay off my braces in a few months time and there is no overtime at work atm.

I have also applied for a few cards a few months ago and all 3 or 4 of them declined so im a bit weary trying to see if i can get another one now. i could possibly transfer it to my amex but guess i never thought of doing that coz just wanted to use that for the cashback. That could knock a grand off of the virgin cc, would that be worth doing?!
But that will have to be after my family have paid me back for the hire car i purchased for the holiday still waiting on 4people. cant find how much my amex interest is, the website says 18.9% so mine should be that or about that.

slig

stacy wrote: »

i could possibly transfer it to my amex but guess i never thought of doing that coz just wanted to use that for the cashback. That could knock a grand off of the virgin cc, would that be worth doing?!
But that will have to be after my family have paid me back for the hire car i purchased for the holiday still waiting on 4people. cant find how much my amex interest is, the website says 18.9% so mine should be that or about that.

Is your amex card empty? If so sounds like it could be an idea, perhaps it's worth ringing them and asking what the balance transfer rate is, they might be able to do you a deal. If you have got money on there, be careful you don't 'trap' any lower rate spending. You're probably best making a new post on DFW or the CC forum, and seeing what people suggest.

And get onto those people who owe you money for the car!!

stacy

yeah definately have to get them to pay up 2 have said they will pay me a few weeks ago and still havent and we go on holiday on the 30th july. thanks for the advice slig. im just going to check see when i last applied for a cc through quidco.......15th of march do you think i could try apply for another one now without it affecting me?............. clearly not able to get credit cards still, just applied for one and instantly got refused! so other than possibly balance transfering on existing cc's, i am going to just have to pay it off on my own! I am feeling ready for a challenge!

stacy

Just paid £90 off of virgin cc.....:D:D:D:D I will show them! Off to update.