"This time next year, Rodney" Hypno's latest instalment

Nargleblast

Surfbabe wrote: »

Oh for some chocolate - well i do have a packet of crisps so they will have to do

You could try a pack of Walkers Chilli and Chocolate crisps and that would solve the problem.

Surfbabe

no the local shop (small village) only had ready salted!!!

hypno06

put your feet up for a couple of hours then, surfbabe - make the most of it!

I have heard from virgin - I got a limit of £4000 at 0% until June 2010, so have been able to balance transfer £3800 plus a fee of £113.24 to my bank account - now I just have to wait for it to hit my bank account, and to decide what to do with it.....

£1430 of it can go to a barclayloan that I have which is 19.9% APR and the balance to OH Egg loan I think, which is £3296.....so that would leave £926 on the egg loan which I can hammer down easily. Once the Egg loan is gone, between that and barclayloan, it frees up £225 (after the virgin minimum payment) which I can throw at MY egg loan, which is the bigger of the two and is still over £9000.....which will help to get that one gone a bit sooner.

I think that is the right way of doing it......but surely, as long as I am paying off something, and not being tempted to spend it on other more fun stuff, it must be ok as it is at 0%.......It is just a shame I didn't get a big enough balance to transfer the most expensive loan which is £11000 ish at 24.9% (and can't have a part payment made, so no ability to use the virgin money to reduce the balance).

But a step in the right direction I think!

Karmacat

Ooh! Will that pay off the whole barclayloan, hypno? 19.9% is horrendous - I know its not as bad as some, of course. What's the egg interest rate again?

Its certainly a step in the right direction - congratulations!

Seaxwyn

That sounds a great plan, hypno. I'm so glad to see things getting better for you all the time. All your hard DFW work is paying off.

hypno06

Thanks.....I have two barclayloans - £11000 ish at 24.9% and £1400 ish at 19.9%......and two egg loans, OH's is the smaller one at 6.9% and mine is the bigger one at 3.83%.

Both Egg loans can have overpayments made, but the barclayloans are either pay up in full or stick to the monthly payments.

The virgin card won't, therefore, make a HUGE amount of difference, but it will make SOME difference, and that will have to do......hopefully it will spur me on to get a bit more money in.....I have let some of the DFW ways of bringing extra in drift a little recently while work has been so busy, and I have been running etc, and of course I booked the ski trip and have had DS's trips to pay for, so I need to get right back into it otherwise the 0% will have no effect whatsoever!

rtandon27

Afternoon Hypno & all:

Just in from a Moneywise e-mail:

"Meanwhile, a legal battle between eight banks and the Office of Fair Trading has taken a new turn today, with the Court of Appeal ruling that the watchdog does have the right to decide if overdraft charges are fair or not."

RT

GettingThingsDone

That's fantastic news!

It really helped me take big chunks out of my debt once I started getting 0% cards.

The finishing line is coming into view...

gtd

Mudbath

Hypno - that's brilliant and I bet you get the egg loan down quicker when it's at £900, it just seems so much more managable. Also, if you use this interest free card and then pay it off it will probably help your credit rating and you might get more next time! Have you worked out how much quicker your debt free date will be because of it? xx

Verbatim

Glad to hear about the 0% cc Hypno. Don't suppose your OH cld apply for another and allow you to get the full 11k ish needed? Perhaps by putting the cash into a savings acct and making it nup with the overpaymentsyou'd usually make elsewhere?

I presume you're able to make a "super balance transfer" as you're planning to put cash into your bank acct rather than BT cc debt to the new card?

Anyway congrats on all the other good things since I last caught up (skiing grant, blisters better, new trainers). Looking forward to seeing your totals come down for the month after payday.