Controlling debt

daverowland

Well its that time where I am sorting some moneys around. I get fed up with the interest I was being charged, around £50 a month

I took some advise where spending on my credit card is better then my overdraft so I try and put all my spending on that natwest credit card which currently has £1200 which is nearly maxed out.

My Natwest Current Plus account comes with this warning:-

"The current unarranged rate which applies is 2.19% per month, effective annual rate 29.6% or other rate agreed with you"

I would normally have my overdraft maxed out but currently have not paid my rent and I am now in credit and I need to pay that rent and i thought it would be time to get a balance transder card if my O/D comes into it.

What I would like to do is Balance Transfer £1900 natwest card to something with a good deal (like the new natwest balance transfer deal?) and then find another £1400 to pay rent with.. advice please?!

Any

Controlling debt is not about the best place to put debt, but stay out of a debt. Basicaly you need to cut spending.
But when times are tough sometimes we cannot avoid it unfortunately.

You cannot transfer NatWest to NatWest. So that is out.

Do you have a good income? Do you have good credit history?

diable

You don't owe that much so deal with it quickly, you spend more then you earn so you need to cut back and pay off your debts as if you transfer the money to another card you will max out your original card within the next few months and this is how you escalate your debt.

Do a statement of affairs and see what people will advise you on.

chattychappy

Any wrote: »

Controlling debt is not about the best place to put debt, but stay out of a debt.

Disagree with that. Controlling debt is making an informed decision about how and when to incur it and getting the best deal.

HouseHuntr

daverowland wrote: »

Controlling debt?!

Don't spend what you don't have. Simple really isn't it !

sharpy2010

This blokes come on to get some advice, and yet again people are going straight for the jugular instead of helping him.

This is bl00dy sad, and the forum has been ruined by this sort of thing

daverowland

firstly i feel that I could do better with controlling "interest", that is my aim here but have noticed transfer fees.

If I transfer some money to pay some rent off then I shall be back in the Overdrawn status with what I beleive to be unfair interest.

I am tacking the debt, have been for a long while and this is what remains, it is pretty good but i have some bigger plans ahead that will require a mortgage. Considering I am renting this is likely to affect my monies for the short term but wanted to see if i can clear up (or manage) my moneys before I see mortgage advisors.

I am budgeting/controlling my spending and I do excel it.

What I want to do is to shift all of my remaining 'debt' to a fixed monthly payment that I can just manage easily

I am paid reasonably well, 6 months ago my credit rating check was excellent.

The reason why I said RBS or Natwest Credit card is they trying to offer it to me via online banking and aswell as the advice from this site.

Sharpy, your very right... often find this with forums and where as the picture is never 100% clear and people just say what they think.

If I do find the perfect solution to my plans, then I would cease overdrafts/bank accounts/card accounts without fear.

sharpy2010

Its a shame, because the wealth of knowledge on here is astonishing. Unfortunately, a lot of the time people are more concerned about giving their "oh my god you messed up so badly" opinions, rather than factual, helpful, information which would be so much more useful.

Ah well!

crazihos

Have a look at mbna's ballance for life card - 5.9% for life of transfers, that got me out of trouble recently!

YorkshireBoy

daverowland wrote: »

What I would like to do is Balance Transfer £1900 natwest card to something with a good deal (like the new natwest balance transfer deal?) and then find another £1400 to pay rent with.. advice please?!

Sounds like you need an SBT card (one which will give you cash at 0% for 13-14 months for a small fee, as well as a standard BT).

Your best bet is probably MBNA (and their branded cards such as Virgin) or the Egg Card (Visa...not Egg Money).

You're only staving off the inevitable though, ie it has to be repaid at some point down the line.

Keep away from the overdraft though, because a) it's likely to be more expensive than a credit card, and b) it can be called in at any time!

By the way, what is the O/D rate for authorised borrowing, and what's the APR on your credit card?