Need £7k - what would you do?

ahrimaniac

Hello.

I'm in a bit of a pickle with loans and credit cards.

We want to go on honeymoon in January for a month in Orlando, and having priced it all up through Virgin Holidays, it is going to cost £7k, as we're flying prem-ec and staying in nice hotels. I know that's a lot but we don't holiday often and it's a once in a lifetime sort of thing (better be, it's a ruddy honeymoon!)

As it stands, I have two credit cards, each with no debt on them - and available credit of £7000. One is with Egg, t'other with Virgin (MBNA). I've had them a while so no real chance of any 0% offers.

We have about £1k a month disposable income, £1.5K if we're really frugal (which we can be!). However, if I spread it over the two credit cards, and max them out, is this such a good idea? We would be able to pay it all back by the end of next year. I hate having maxed out cards, it's a real frightener for me.

The other route I was thinking of was to get a short-term loan - three years with the Co-Op - borrowing £7k means paying back £230 a month.

I know people are going to say save up until December and I'll have £7k in the current account but if we go for the holiday through Virgin Holidays, we'll need to pay it very shortly...:(

ANY ideas welcome! My head is spinning from all the choices!

bengalknights

Try calling virgin up and finding out if they have any current promotions on there cards at the moment as you might be fortunate enough to bag a 6month interest free period (if they work the same as MBNA)

Asa

Try getting a discount on the holiday if you pay through virgin

Mischa8

ahrimaniac wrote: »

Hello.

I'm in a bit of a pickle with loans and credit cards.

We want to go on honeymoon in January for a month in Orlando, and having priced it all up through Virgin Holidays, it is going to cost £7k, as we're flying prem-ec and staying in nice hotels. I know that's a lot but we don't holiday often and it's a once in a lifetime sort of thing (better be, it's a ruddy honeymoon!)

As it stands, I have two credit cards, each with no debt on them - and available credit of £7000. One is with Egg, t'other with Virgin (MBNA). I've had them a while so no real chance of any 0% offers.

We have about £1k a month disposable income, £1.5K if we're really frugal (which we can be!). However, if I spread it over the two credit cards, and max them out, is this such a good idea? We would be able to pay it all back by the end of next year. I hate having maxed out cards, it's a real frightener for me.

The other route I was thinking of was to get a short-term loan - three years with the Co-Op - borrowing £7k means paying back £230 a month.

I know people are going to say save up until December and I'll have £7k in the current account but if we go for the holiday through Virgin Holidays, we'll need to pay it very shortly...:(

ANY ideas welcome! My head is spinning from all the choices!

I agree with the previous reply.

Egg are a waste of time imo, stingy sods. Virgin however, wrote to me the other day offering I think 0% on any spending between now and a certain period if over I think £250.

So just ask, you may be pleasantly surprised that they'll sort something out for you.

noh

You asked what I would do.
I wouldn't spend money I didn't have on a holiday.

On a more practical note have you checked with Virgin/MBNA as they are currently offering 0% until your March 2011 statement date, on purchases over £250, made between 1 June and 31 August to existing customers.
As advised above by Mischa8.

It's also worth asking them to increase your credit limit.

buzzyy

cricky owch,i got a loan out with my bank to try clear thing,well by doing that i do save on the intrest i was paying,but now i have lost at least £200 a month since,on benefits not sure how im guna copeat the mow,need to find a millionare and borrow just use watcha gain cor im dreaming,good luck i no how you feel,

twist-and-shout

If you pay for the honeymoon over the phone with Virgin holidays and use your Virgin card to pay they will give you either 10% or 20% discount, Not sure which to be exact think it's 10% to be honest.

You will only get the discount by booking over the phone though.

CLAPTON

you have 1000 to 1500 per month disposable income
there are 6/7 month between now and January
why is there a problem?

ahrimaniac

Because I have to pay very shortly.

Thanks for the advice people