LuckyLuckey's SOA

luckylukey

Have just spoken to Natwest, the overdraft is at 14.5% for the advantage card that I have. Which is £10 a month.

Yes, think that I will try to apply for a 0% card! Will let you know how it goes!

Also, I thikn I should do one of those money diarys for a month as I think that I am blowing money on things that I cant even remember!

Thanks!

nadnad

ok but first things first try to get that Capital One card transferred to the Virgin one - you should have enough credit on it.

check out this snowballer - http://www.whatsthecost.com/snowball.aspx it'll give you an idea of how quick you can get everything paid off.

nadnad

okay I just did a quick snowball - if you allocate £700 per month to your debts you'll have them paid in 6 months - swift them about a bit to the lowest APR you can get and it'll be even less.

do the snowball yourself to see how much to pay off each one when.

if you allocate £700 per month to your debts that gives you £150 a month for yourself - which should be plenty.

let us know how you get on.

nadnad

i thought i'd just show you what the snowballer came up with - as the APR's stand:-

month 1: clear Capital 1. £70.94 to egg. £16 to overdraft. £33 to virgin
month 2: £624.62 to egg (cleared). £42.71 to overdraft. £32.67 to virgin
month 3: £667.68 to overdraft. £32.32 to virgin.
month 4: £93.33 to overdraft (cleared). £606.67 to virgin
month 5: £700 to virgin
month 6: £303.46 to virgin (cleared)

easy peasy.

nadnad

even if you switch to 0% right now - it would still take you 6 months to clear but you'd be saving on interest - obviously.

but anyhow does that plan sound ok?

CosmoCat

good advice here

and i would just emphasise that i would do something about the cap One credit card as soon as!! that's just an exhorbitant apr!

all the best with your debt clearing.

luckylukey

Thanks to all your suggestions!
Am going to try to change to a 0% card , if not move onto the virgin card. (especially the capital one - feel ill at the rate- didnt even realise!)
Will let you know how it all goes!
I love this forum!:T

Chell

luckylukey wrote:

Have just spoken to Natwest, the overdraft is at 14.5% for the advantage card that I have. Which is £10 a month.

Yes, think that I will try to apply for a 0% card! Will let you know how it goes!

Also, I thikn I should do one of those money diarys for a month as I think that I am blowing money on things that I cant even remember!

Thanks!

You need to look in to whether or not you are benefitting from the £10 fee, if you look in the section to the left of the page there is some info about this, I'll try to find it.

Edit: 'Someone banking with NatWest's unfortunately popular Advantage Gold account will pay a fee of £10/month (£120 a year). For someone averaging £1500 in credit over three years, at 0.25% interest, they earn just £10 before tax plus costing over £350 in fees. Alliance & Leicester's Premier Direct account’s 5% interest and no fee, would simply earn £180 in interest.



Someone overdrawn by an average of £1500 would have to pay NatWest over £700 in interest plus £350 in fees over three years, but with Alliance & Leicester's first year 0% overdraft followed by 5.9% rate, it would cost just £175, almost £900 cheaper'

luckylukey

Edit: 'Someone banking with NatWest's unfortunately popular Advantage Gold account will pay a fee of £10/month (£120 a year). For someone averaging £1500 in credit over three years, at 0.25% interest, they earn just £10 before tax plus costing over £350 in fees. Alliance & Leicester's Premier Direct account’s 5% interest and no fee, would simply earn £180 in interest.



Someone overdrawn by an average of £1500 would have to pay NatWest over £700 in interest plus £350 in fees over three years, but with Alliance & Leicester's first year 0% overdraft followed by 5.9% rate, it would cost just £175, almost £900 cheaper'[/QUOTE]


I was speaking to my cousin about this lovely site last night and he said that he had moved his account to Alliance & Leicester's Premier Direct account but when he tried to move his barclays account overdraft to A&L, they said that because he hadnt cleared his overdraft in the last six months, he wouldnt be allowed to move it. Can they do this?

nadnad

i don't know about that - make a new thread about that issue on the current account board - maybe someone there will know.