Where To Start !!!

lynzpower

Ah, that makes sense now. thanks for that.

Am in complete agreement with Sarah0404 it seems to me that 0% cards or low LOB should be able to carry you through with some grit & determination.

ajay_3

hi sarah0404
just like to ask with debts of 32000 how many cards do expect to move your debt on to as we have never done this before.Will the cards take balance transfers of several thousands or even more.The cards we have have credit limits of in one case 15000 lets say we owe 8000 on that card could we balance transfer the whole of that debt to one card...

ajay_3

samequetion to you as well Lynzpower

ajay_3

just to li-lite a few things as well I am still in construction and consequently the money ia eratic to say the least our earnings are
1200 per month (wife)
2000/3000 per month me but as I said this is eratic as I have made no contributions for 3 months so far this is why we are looking at the remortgage as it spreads the repayments out and reduces the monthly paymemts dramatically
hope this explains things a bit more...A

lynzpower

I really dont know to be honest, my debts are smaller so sarah may be better suited to the answer. My OH has just moved hiscahoot flexi loan to a credit card ( barclaycard) jsut waiting to do the BT. Look for a card with no BTs fees if you can. You might want to ask this on the cc board. Ive moved 3 cards to one card before.
At the end of the day say you have a card with 10k on and you can only move 5K onto a 0% card, you are still saving money. the remaining 5k will be interest paid on, and thus what you should concentrate on when "snowballing" your debt.

If you could do an SOA, then this would help us see and help you plan how to pay off what you have while incurring the bare minimum of interest. In my debt left, i am paying 3. something to student loans ( only for a few more months) and 350 on a barclaycard 14.9% . Every other part of the debts are 0% and thus every penny Im paying off those is seeing the balances reducing, and fairly quickly as you can see by my sig.

It might reduce the monthly amount, and guive you a little breathing space, but interest rate rises are on the cards, and over the length of time of the mortgage, I suggest it would be crazy to consider adding it onto your mortgage.

sarah0404

Hi again, I only have a few thousand on credit cards, the rest is loans. We've never been able to get much of a credit limit, most of our cards have a £2,000-£3,000 limit. The Mint card I got recently had an £800 limit, which was completely useless. I ended up cancelling and sending it back. I currently have about £2,500 on one card and £1,800 on another. The 0% offer ends in November for both, so I plan to transfer the remaining balances on to one new 0% card. That should be paid off by March 2007

I can only afford to work on one debt at a time, so once my credit cards are settled I plan to transfer the balance of my smallest loan (which will probably be just under £4000 by that time) on to a 0% credit card.

You can balance transfer as much as you like onto the card. I transfered my overdraft (then I reduced my O/D limit to £100!) and part of the balance of another card onto one of my cards. If you are able to get a card with a big credit limit you may be able to transfer all your debts to the one card. You can always ask to have your credit limit up-ed. I did this with my Egg card. They are very good. You can even do this online. Some cards do have a balance transfer fee. It seems to be around 2% of the balance, up to a certain amount.

If your income is quite irregular it might not be the best idea for you. But if you can afford to make the minimum payments then you can just leave the debts sitting on the 0% cards, knowing that they are not getting any bigger, until you can afford to pay more towards them. I pay £400 a month to mine. £404 actually! But I know if something did happen it wouldn't matter so much if I could only make the minimum payment. Even paying the minimum it still knocks more off the total amount owed.

There is lots of good information on the site about 0% credit cards, and a list of the best ones to get.