My SOA. Any suggestions?

cowshed-76

all_hours wrote:

What's the credit limit on the natwest card? How long is the 0% period for? You could contact them - ask them to increase your limit + transfer what you can off capital one.

Check if you can over pay on the loan.

The credit limit on the NW CC is £4700. it only has 2 months 0% left to run. Which gives me a lightbulb moment, BT both to a different card?

all_hours

cowshed-76 wrote:

The credit limit on the NW CC is £4700. it only has 2 months 0% left to run. Which gives me a lightbulb moment, BT both to a different card?

See if you can get another 0% card and transfer both - then cancel the two credit cards.

You've got a lot of available credit - this could go against you when applying for a new card. If it does and you're rejected ask natwest if they'll change it to a low life of balance when the 0% card runs out. What's the regular interest rate on the NW?

If they do - transfer the capital one card + get the credit limit on the natwest reduced to just cover the outstanding balance and leave breathing room for the monthly interest + cancel the capital one card. Put the natwest card in a drawer and don't spend on it again.

If you can find and free up the 'missing' £275 per month - you could have your credit cards paid off in a year.

justruth

Hi,

I'm entirely impressed at how much you have already achieved, and you appear to be organising the debt so that it is paid off faster and cheaper!

As you have really kicked off down the debt free path have you looked into reclaiming any bank charges and selling stuff you no longer find useful on ebay? That extra few £ when you come to the re organisation really comes in useful!

Also, if your loan does not allow for earlier repayment I would suggest opening a seperate savings account into which you pile any surplus until you match your outstanding loan amount. You do effectively lose interest by having it in savings and on the loan but if you're stuck with the repayments as they are and not allowed to pay extra off, at least this way it will feel as though you are paying a bit more off and you wont spend the money elsewhere.