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Rosa

I have been looking at this site for weeks now and only today have finally plucked up the courage to post and ask for some guidance. I have applied for other cards with interest free but have been turned down twice now so I do not want to make the situation worse by continuing down that route. I’ve checked my credit rating which appears perfectly fine as I have always managed to meet all commitments but things are out of hand and I don’t know what the best way forward now is. One of my cards is offering a balance transfer 0% till April 07 and I wonder if it would be worth me moving the balance from one of my other cards to this one?

immoral_angeluk

It's hard to give advice without seeing your SOA...

pudding06

Would this also depend upon what your balance, and the rate of interest on this balance, is on this card as well?

I have quite large balances on all mine and anything I transfer would be paid off first - I the lowest rate of interest gets paid off first.

When I worked out how much I'd save it was swallowed up by the balance transfer fee of 3% or £75.

others may be able to shed light on this one for us.

Also, you've come to the right place, its turning my life around and for the first time in years I feel hopeful for the future. Try to start putting people's tips into operation,
sign up for pigsback.com - boots vouchers for nothing etc
start a spending diary so you know where every penny goes - you'll be surprised!!
post your soa as soon as possible for these guys to look at.

good luck Rosa

pudds

Rosa

Bank Loan 31,875 at 7.8% apr £489.43 / month (includes interest & payment protect)
(over 7 years – 6 yrs left)
Cards – min payment per month paid
NW £7537 (Card L £7870)apr 14.9 £226.11
CO £6591 (CardL £7000) £197.00
? apr but trans balance & purchase at 0.561
Visa £5236 (Card L £10,000) £112.00
? apr but 1.527 monthly int rate
MBNA £4075 (Card L £13900) £80.00
? apr but all balance transfers free till April 07.

Food £250.00
Petrol £ 30.00
Gas/Elec £ 40.00

In full time work, take home salary £1248, (cost of living increase due next month).
All other expenditure is taken care of by partner – looks terrible this but change in circumstances 18 months ago accounts for my problems, cannot burden partner, just want to try and sort this mess out myself. I have asked C Companies NW, and Visa for reduction in interest but to no avail. Looking out for part time evening/weekend work to help boost income it’s the interest and payment protection that is so crippling as you know. What do you think now you’ve seen this!!

Annie_Fanny

Can you get rid of the payment protection insurance?

lynzpower

is that bank loan at 31k secured on your home?

Mrs_Sparkle

Welcome Rosa and well done for being brave and tackling your debt. I agree with Annie Fanny- the payment protection insurance is worth getting rid of if you can. I would definitely take advantage of the MBNA balance transfer as the 0% will make a big difference with a substantial balance. If you haven't already done so I'd cut up all cards too.