was it a wise idea????????????

saverram

Hiya,

I have made a decision and i just like to know whether i have done right or wrong? if wrong i will try not to rapeat again with such ideas.

I have a egg loan of 4500 approximately paying at 350 per month (7.7%).
and other on credit cards of approx 600 at 6.9%.
this week i got a MBNA cedit card at 0% on BT for 9 months at 2% handling charges (3500 credit limit) out of which i have used 800 to reduce my high interest credit card . Today i asked them to transfer another 2200 into my current account, so that i can pay of nearly 60 % of Loan in this month and remianing loan to pay of in the next 3-6 coming months.
and i am planning to pay off my mbna credit card before end of 9 month periodi.e Feb 2007.in the worst case if i am unable to pay in full before Feb 2007 , i can transer to my Egg card from April 1st 2007 for 5 months 0% , ie till Sep 1st.

was it a wise idea to pay for Balance transfer charges???????????
please suggest........

i hope i will stick my paying back idea, in case anything goes wrong egg card will be in place.

Thanks for u suggestions in advance
saverram

sarah0404

I think that sounds ok. Have you had a look at http://www.whatsthecost.com/snowball.aspx ? It tells you the best order to pay off your debts in order to avoid paying so much in interest.

I think if you read the small print about the balance transfer fees you'll find that there is a maximum and minimum that they charge. So you won't pay more than a certain amount on the transfer fees.

I've also transferred all my CCs to 0% balance transfer cards. I won't have paid them off by the time the offer ends, so I planned on getting another 0% card and cancelling the others. I also have a loan, which is around £5000. I'd never thought of paying it off with a 0% card. Once I've paid off my credit cards I'll look into paying it off with a 0% card. Thanks for the tip!

saverram

Thanks Sarah, it looks like i am going on right track

thanks once agin
saverram

lynzpower

Saverram,

the thing is, I dont know whether your transfer off 2200 into your account to pay the loan off will incur cash advance fees, do check and reverse if you can, as cash advance fees can be pretty horrendous

HTH Lynz
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