22 Months to DF-Day - The Race is On!

tirlittan

Ok, need help please, someone from outside looking in and seeing things clearly.

So I have around £4k on S.loan and woll be £5,800.00 on CC. I can't afford to have 2 cc's even if the other one is 0%. I did my transfer to Virgin life of balance in October (?) last year,so credit check has been made.

Now, even if I leave s.loan where it is, it should be paid in Nov/Dec this year, but with 7% interest till then.
One way I can pay this off earlier is to apply for M&S &More card, buy travellers cheques which are 0% with 1% fee, pay them into my current account and pay off s.loan. Obviously depends on what credit limit I'd get.

Second option is applying for the Santander Zero card, 0% balance transfer, 0% fee and transfer Virgin CC on that. It's 15 months so say it would take me to May '11. I wouldn't be able to pay all of it off, but by that time other options should be available. Again, depends on what credit limit they'd give me.

So don't know what to do...Then today I was thinking, I would save 6.9% pa on interest on the £5,800.00 (I could pay off about £2440 before end leaving balance of £3800) so should I apply for Santander Zero? And if I get it and it'll cover the whole £5,800.00, could I then still try for the &more card and pay my s.loan off if I get it?

Thanks.

savingholmes

You could try and get another 0% card - just cos you applied for one in October shouldn't stop that. You could always check your credit rating out via experian or equifax - get a free trial via quidco and you could be paid £8 or more for doing that...

tirlittan

Just remembered that I didn't actually apply for the virgin card last year, I already had it, had paid it off, and then got another deal. I need to check credit rating first, but will probably go for the 0% card first.

clearmydebts

I was trying to get my head around your post Tirlittan but baby brain won't let me!

Are you saying that you would like to get another 0% credit card and put your student loan on that (for 16 months???). Would you pay off the student loan first and then the 6.9% card?

tirlittan

Hi CMD.
No, I can only pay s.loan by getting the &more card because you can get the travellers cheques at 0% interest for 10mnths (long enough to pay it off) for 1% fee and pay them into your current account.

THe Santander Zero card I'd use for paying my CC and therefore saving 15 months interest on the £5800.

tirlittan

However, I can pay s.loan this year regardless if it stays where it is or moves but would just like to save on interest but maybe it's more important on the Virgin cc atm and so I probably apply for Santander Zero card first.

clearmydebts

tirlittan wrote: »

Hi CMD.
No, I can only pay s.loan by getting the &more card because you can get the travellers cheques at 0% interest for 10mnths (long enough to pay it off) for 1% fee and pay them into your current account.

THe Santander Zero card I'd use for paying my CC and therefore saving 15 months interest on the £5800.

Ah, now it makes sense. So is that what you are going to do?

tirlittan

I think I should. I'm open to opinions though...

tirlittan

savingholmes wrote: »

You could try and get another 0% card - just cos you applied for one in October shouldn't stop that. You could always check your credit rating out via experian or equifax - get a free trial via quidco and you could be paid £8 or more for doing that...

Can't find the £8 deal, seems to have gone down to £5, is that right?

tirlittan

Have a friend's house warming party tonight, won't stay too long cos bf wants to leave fairly early tomorrow and his flight is early on Sunday.

Fingers crossed my new bed base is at home when I get there, then on Saturday I can continue tidying my room and Sunday I have a match again...

Woo hoo for the weekend though!!!