Was Excited - Now Deflatted

mountainofdebt

mintymoneysaver wrote:

Your lowest capital one card is 14.84% and you can put £1800 on it.I would transfer that from your halifax card, reducing your interest.
Iwould transfer as much as you can from halifax to the £400 mint car.
That puts £2200 on a lower interset rate than it was,leaving you with 6328 owing on halifax.
You could then transfer a further £2765 to the other capital one card meaning you now only have 3600 approx on the highest halifax interest rate.

I would then throw as much money as you can at the halifax card and pay minimum repayments on the others,until that's paid off and then do the same with the next one.

I hope that makes sense and I'm sure someone with more knowledge than me will be able to confirm/disagree with this...(I'm assuming that's what is meant by snowballing even though I've never read the article!)

The only danger I can forsee with this plan of action (in my opinion of course, lol!) is that the balance transfer is made at a different interest rate that the current balance is attracting.

If they are different then the OP would have to remember that any payments would go towards paying off the transferred balance first and then the current balance.

One (potential) way around this is to phone capital and ask them if they are offering any pomotional rates for balance transfers. If they are then it may be worth considering transferring the balance away from Capital to Halifax and when that is confirmed that it has gone through BY CAPITAL transferring as much as possible back to Capital from Halifax.

Would be interested to know what people thought of this.

Tony_H_3

Just a small temporary suggestion, contact the catalogue company & explain to them that you are going through short term hardship & ask if they would be kind enough to accept reduced payments for 6 months.

It's not unsual for a catalogue company to accept 25% of payments during this period (£50.00) saving you £900 to throw at the higher debt eg barclaycard.

Peppa_Pig_5

Hi all, good evening.

I just wanted to give you an update on how the credit card transfers were going.

I rang mint when I got my card and said I had a balance of 500 to transfer and could they up my limit by £100. They said yes, only small I know but didn't want to push my luck. Then my husband got his mint info through and they have moved the £1235 from Capital one to his Mint Card at 0%

So next thing to do is transfer £4000 from Halifax to Capital one, at a transfer rate of 12.6% APR. Leaving £4528 on Halifax. I know I should move £1800 to other Capital One card, but can't face having too many different credit cards to juggle. Also not sure whether to use the £500 from Mint to pay off Catalogue, the remainder I could clear in Feb, so one less debt. Or use the £500 to transfer more from Halifax CC.

Also thanks Tony H for the suggestion but my credit report is looking a lot better these days, so am worried that this may put AP on my file (Arranged Payments) which may not look good to future creditors.

Any thoughts on ways forward would be appreciated.

Thanks