Frightened about my future

never-in-doubt

pixiechick wrote: »

Niddy - let's go for it!!!

You 100% sure about this? You want to follow my plan and go for the BT's leading to UE across all accounts?

If so be prepared for a wee bit of a backlash with regards to lenders hassling you but worry not, we can stop that in the near future!

Ok, will be back soon - just bear with me for the moment (brekkie time) - a man needs his brekkie before he can operate! lol :rotfl:

pixiechick_2

I'm expecting some hassle - just so long as they don't come knocking my door down!!! :eek:

mouseann

Morning everybody,

Have not been lying in bed until this time - honestly!!

Just doing some chores in the house - I make myself do that before I come on to the forum, otherwise nothing else gets done!

Hope everyone is well.

Pixie, I am sure you have had loads of stuff going round your head all night but I am sure you will feel better knowing that you have reached a decision.

We are all here for you!

savingwannabe

I am doing the same but i keep popping on as this is so dynamic.

savingwannabe

I reckon i have thrown away £17 worth of whoopsied food ie in real life about £25. Useful lesson for me!!!

pixiechick_2

savingwannabe wrote: »

I reckon i have thrown away £17 worth of whoopsied food ie in real life about £25. Useful lesson for me!!!

Oh no!!! so much!!!:eek:

never-in-doubt

Hi Pixie

Ok, to start the ball rolling you should do the following (in this order):

1. Write yourself a cheque from your Capital One account for £4,000 and pay this into your new bank account (today if possible)

2. Log-In to Lloyds TSB Credit Card and do the following (trust me here):

a) Do a BT to Asda for £4650 (this includes an overpayment of £1030) - the £1000 is to be released later, the £30 will cover trailing interest on the existing Asda balance.
b) Do a BT to M&S for £2500 (this includes an overpayment of £1100) - the £1000 is to be released later, the £100 will cover trailing interest on the existing M&S Balance.
c) Do a BT to Capital One for £5000 (this includes an overpayment of around £1000) - the £1000 is to be released later - please do not do this just yet - see point 3 below first!

The total cost of the above 3 BT's equals £12,150 - your current balance on this card is £2443 meaning the new total will be £14,593. You will have some fee's on top of this to cover the BT's above, usually the fee for BT's (using Lloyds) is around *3% (see below) which equates to £365 - add this to the new balance and you get £14,958 as your new balance.

*Taken from: http://www.lloydstsb.com/credit_card_app/balance_transfer_important_info.asp

Lloyds_TSB wrote:

Credit card balance transfers can only be made from non-Lloyds TSB credit or store cards. Balance transfers must be for a minimum of £100 and are subject to your credit limit. We’ll charge a fee of 3% for all balance transfers you make and we’ll charge interest on this fee.

3. Wait a week or so until the Asda & M&S BT's have been processed from Lloyds and then when you know they have been processed ok, you then do the final BT of £5,000 into your Capital One card to repay the cash advance of £4,000 (as per step 1 above).

So, within the next week or so your accounts will look as follows:

Asda - +£1000 or so in credit
M&S - +£1000 or so in credit
Capital1 - +£1000 or so in credit

You then ring these companies and request they close your account and send you any positive balance, as cheque to your home address, or to repay it via bacs to your bank account (always use the new bank account). They will advise as appropriate. If they ask why you overpaid, just say it was done in error - if they asked how you paid it, just say via bank transfer (they cannot see it was a BT as it comes from the originators bank account number, not a credit card as such).

This then closes 3 accounts down and also leaves you £7,000 in your bank account. Now, with this £7,000 you need to hold off spending it but you must ensure you maintain the minimum repayment to Lloyds - so it'll eat away around £300 or so per month from these funds.

Ok, so happy with things so far?

Stage 2 to follow shortly! (cig time me thinks)

savingwannabe

I am vvvvvvvvv stupid sometimes. After i graduated one of my friends took me out for a meal celebrating how clever i was. He said i was a pop group (3 degrees, i found it hysterical as everyone knows i am dippy doo dah). Well, as we were leaving i walked into a glass door. The frightening thing is that I was sober. That was in 1994.

I haven't changed. Oh dear!!!!

savingwannabe

Poppet i will leave you to it. Back after 4. Stay strong. Trust the NID. The force is with you etc.

hugs, SW.

never-in-doubt

Ok,

So the next steps you need to take is as follows (this can be done at any time after stage 1 (above) has been finalised and all funds are refunded and these 3 accounts are closed)

1. Send a CCA Request to the following lenders (recorded post with £1 postal order):

a) MBNA
b) GE Money
c) Barclaycard
d) Tesco PF

2. This then only leaves the two Lloyds accounts outstanding - more on these later. I do not want to confuse you too much. The overdraft will be paid using funds from above, but not yet! We need to wait a few weeks before doing anything with Lloyds TSB.

Does this all make sense to you, so far? At the end of next week you should be £7k better off, have paid off and closed 3 cards, sent 4 CCA's and have an overdraft and credit card outstanding with Lloyds.

Do you agree or have I missed any accounts out?

(how complicated)! :eek: :eek: