credit card crisis

pp99

Hi
I can see how that might work but we have frozen the capital one rates a number of months back as they tried to rate-jack us- so i don't think we could use those accounts after all???

RAS

pp99 wrote: »

Hi
I can see how that might work but we have frozen the capital one rates a number of months back as they tried to rate-jack us- so i don't think we could use those accounts after all???

Ok

Halifax One 14.94% -£9448-98 limit:£9900-you have £11,500 of debt on which you are paying a lot more than this. Unless it is a balance transfer, you need to move £300 to this card somehow from LTSB
Capital One 19.96% -£2423.92 limit: £12,300 - frozen
Capital One 14.32% -£2573.04 limit:£9,000 -frozen
RBS 13.13% -£2916.02 limit: £3600-you have £11,500 of debt on which you are paying a lot more than this. Unless it is a balance transfer, you need to move £600 to this card somehow from LTSB
AMEX 18.24% -£3532.23 limit: £6400
Mint 17.5% -£5106.25 limit: £9500
Barclay card 12.9% -£1748.66 limit £2500 you have £11,500 of debt on which you are paying a lot more than this. Unless it is a balance transfer, you need to move £800 to this card somehow from LTSB
M&S 20.9% -£6039.71 Limit: £8100 - this is second prioity
LTSB 22.5% -£1973.50 Limit:£15,000 - this is the worst one so need paying off first

You still have some cheaper credit onto which to move the LTSB debt. Do it.

Then see if you can shift the tiny remainder onto the Mint card, plus what say £3,500 of the M&S debt (do not use a balance transfer becasue of the fees).

For heaven's sake also get hold of Cap 1 and ask them to cut your limits back to £3000 on each card. And close the LTSB card as soon as possible.

With that amount of unsed creidt, your credit rating will nose-dive.

pp99

Thanks for your help i really appreciate it.
Sorry bear with me but I don't understand how to move debt from one card to another other than doing a balance transfer that would incur a fee.
Thanks to for advice regarding credit limit on cap one cards hadn't thought of that

jadex

pp99 wrote: »

Thanks for your help i really appreciate it.
Sorry bear with me but I don't understand how to move debt from one card to another other than doing a balance transfer that would incur a fee.
Thanks to for advice regarding credit limit on cap one cards hadn't thought of that

in laymans terms:
you go shopping and instead of paying by debit card (or cash) you pay using the credit card with lowest APR
say you spent £100 on groceries
then you transfer £100 from your bank to the credit card with highest APR
you'll end up with decreased balance on 'bad' card and increased balance on 'not so bad' card

so it is not pure 'transfer' but doing something around to shift money from one card to another one

hth

dancingfairy

Prehaps you wife and daughter can help you out - maybe doing small part time jobs from home - avon/betterware, gardening, odd jobs, babysitting, typing, dog sitting/walking etc?
Maybe a declutter and car boot?
Also perhaps they could tackle the food budget and make that their challenge? or swap gas and electric?
What I mean is perhaps they can contribute too - and you would all be pulling together and feel like you all had an important part to play.
df