HELP & ADVICE please my brain is mushed....

sashanut

Hi everyone, long time no post but I have been really busy, still lurking in the background though…. I will update on my progress soon; but just now I have a question to ask all you clever bods out there. I know I should be able to work this one out myself, but my brains just turn to mush when I think about it ……………..so here goes:



I am currently trying to get on top of the CC debt & although we were turned down for a couple of new 0% deals, we managed to ‘shuffle’ a little - by finding an ‘unused’ credit card that belonged to my DH. Thnaks to the expertise on this site he was able to call them & ask the right questions as to what deal he could get on BTs & that has helped a lot, along with my savings from taking advice from MSE. We have a bit of money available to us in our offset mortgage account (approx £6,000) & I want to use it to best advantage & thought that it would be best taken off the credit cards. Also; we have been offered an Egg transfer on DH’s account which is 1.9% till 1st August on BT’s till the end of March, with 2% handling fee (max £50). My EGG account will be offering me the anniversary offer 0% for BT in June, expires Nov 06. Of course, there is no space in that account at the moment & my basic questions are:



- would it be better to pay off a big chunk of my Egg in anticipation of using the BT 0% in June



- or better to pay off a different CC so I can transfer the Egg on to there & back onto Egg once it is clear?



Or something else entirely??? I’m hoping you wise folks can point me in the right direction PLEASE……………….I know it is complicated but I just can’t seem to see the wood for the trees & I really don’t want to make a big mistake here.



The CC situation is as follows (updated figures):



Alliance & Leicester cc



Bal: £7911.33 (now all there is to pay is £110.08 interest in March) YESS!!!!!!!!

a/bal:

CL: £9900

IR: 22.48% !!!!!



**No further debt NOW on this card. Transferred £7241.49 to Egg (him) 0% for 5 months



egg cc (me)



B: £14,001.49 (bal now £13,775.86) 0% BT offer in JUNE 06

C/L: £15000

IR: 15.9%



Egg cc (him)



B: £7,057.80 (now £7086.66 @ 0% till July. This is the old A&L card debt. Also been offered 1.9% till 1st August on BT’s till the end of March, with 2% handling fee (max £50).

C/L: £8,800

A/B:

IR: 15.9% (Now 0% till JUL)





EGG LOAN



£10,757.47 ( now £10,092)



IR : 7.7%

£400 P/M

END DATE AUG 08



M&S card



B: £3,039.95 (now £2818.75)

C/L: £3,500

IR:16.26%



MINT

B1: £7,708.37 @ 13%

B2: £1,407.92 @ 18%

B3: £1,429.74 @ 13%



TOT: £10,546. 03 (now £10,336.77)



LLOYDS (me)

B: £7,851.22 (now £7636.11)

C/L: £9,750

A/B:

IR @ 13.13%





Lloyds Trustcard (him) New card used to xfer all his Egg debt to!



B: £6916.64

C/L: £10,000 (I think)

A/B:

IR 4.9% for 6 months; then LOB at 7.9% - have to check this one!!



Thanks anyone who can help, I know it's a complicated question but I really value your opinions - MSE members have turned my life around. We plan to be debt & mortgage free in 3 years..........somehow!!!!!

Sasha

tigerlily

I dont have the knowledge to answer your question but just wanted to say how well you are doing and all the best for the future.

CLAPTON

not easy but my thoughts are these.

EDITED : removed reference to MINT B2


it seems to me you want achieve the following
pay off or move your highest APRs i.e. M&S card
make full use of LLoyd TSBcard LOB
make best use fo your EGG 0% period
maybe use DH Egg offer

so move m&s 2,800 to Lloyds and DH EGG , leaving DH EGG maxed out and DH Lloyd with some spare .
USE the 6k to pay off your egg and move as much as possible to LLoyd (max out LLoyds) giving you a potential for your 0%
between now and july use all spare to pay off your EGG.


or maybe not

sashanut

Hi Clapton

Glad you can see it's not an easy one.....makes me feel a little better at posting it on here anyhow! The Mint balances are all on one card - but at different rates (well 2 rates I think) where I have transferred a balance in the dim & distant past - & then used the card again! Now I know this is completely stupid. In essence they take the payments off the lowest interest balance first, I think.

Many thanks for the advice, I will sit down & study it - I just want to do what is best & don't want to throw money at the wrong debt. In fact I felt better just listing it all because before it seemed all too much to deal with.

Thank you!

Sasha

CLAPTON

i will edit my earlier reply to remove MINT b2 as its no longer the right thing to do.