A little advice would be great

Perkipsie

Hi,

I've been a reader of this site and forum for quite a while now. I used to be quite a bad girl with money and got myself into some real mess. I did a whole bunch of reading on snowballing and have started climbing back up. I calculated that I had around £500 each month to pay off the unsecured debts. I have cleared down alot of the nasties with the high APR's and seem to have a much better looking credit report. At this moment this is where I am.....


Studio : £0/£800
Next : £806/£3600 (not sure APR but guessing terrible so throwing money their way as fast as possible)
Lloyds : £2000/£4300 (19.9%)
HSBC Flexiloan: £0/£2000 (kept for contingencies)
HSBC Loan : £12000 (1 year remaining 14.9%)
Black Horse : £800 (1 year remaining 0% sofas)
Black Horse 2 : £1500 (1 Year remaining)
Car HP : £15000 (3yrs remaining)
Mortgage : £137k (4% Doesn't allow overpayment unless lump sums of 5k+)

My credit report today shows no defaults, no ccj's, 17 accounts, 1 late or missed payment in the last year (blinking studio logging a day late payment Merry last Christmas!), 1 search in last 3 months 8 in the last year, 19% of available credit used (yay, down from 97% when I started this lil venture)

What i would like feedback on is the next stage of the plan.....

Next will be cleared within the next 30 days so Lloyds becomes the next target as the car HP is paid by the company I own and the sofa loan is interest free.

I'm contemplating applying for Virgin 0% transferring the balance so that my whole payment each month is taking effect but I'm very twitchy about using the "apply now" button. I've not long had the car added on (August and I'm a private hire operator so needed it for work) and dont know if my totals would add up to a big fat no or whether Virgin are likely to look at the fact that I have these accounts and they are all run well. If I do go for this is the Virgin card the best one?

If I do go ahead and do that the thought is that once Lloyds was clear the plan of attack would be....

Black Horse 2
then savings account to acculate enough to attack HSBC loan followed finally by Mortgage (Car HP is tax deductable by company just in my name as the sole director)

Am I heading in the right direction and is the 0% card a good idea?

Thanks in advance for any suggestions

BugsyBrowne

Perkipsie wrote: »

Hi,

I've been a reader of this site and forum for quite a while now. I used to be quite a bad girl with money and got myself into some real mess. I did a whole bunch of reading on snowballing and have started climbing back up. I calculated that I had around £500 each month to pay off the unsecured debts. I have cleared down alot of the nasties with the high APR's and seem to have a much better looking credit report. At this moment this is where I am.....


Studio : £0/£800
Next : £806/£3600 (not sure APR but guessing terrible so throwing money their way as fast as possible)
Lloyds : £2000/£4300 (19.9%)
HSBC Flexiloan: £0/£2000 (kept for contingencies)
HSBC Loan : £12000 (1 year remaining 14.9%)
Black Horse : £800 (1 year remaining 0% sofas)
Black Horse 2 : £1500 (1 Year remaining)
Car HP : £15000 (3yrs remaining)
Mortgage : £137k (4% Doesn't allow overpayment unless lump sums of 5k+)

My credit report today shows no defaults, no ccj's, 17 accounts, 1 late or missed payment in the last year (blinking studio logging a day late payment Merry last Christmas!), 1 search in last 3 months 8 in the last year, 19% of available credit used (yay, down from 97% when I started this lil venture)

What i would like feedback on is the next stage of the plan.....

Next will be cleared within the next 30 days so Lloyds becomes the next target as the car HP is paid by the company I own and the sofa loan is interest free.

I'm contemplating applying for Virgin 0% transferring the balance so that my whole payment each month is taking effect but I'm very twitchy about using the "apply now" button. I've not long had the car added on (August and I'm a private hire operator so needed it for work) and dont know if my totals would add up to a big fat no or whether Virgin are likely to look at the fact that I have these accounts and they are all run well. If I do go for this is the Virgin card the best one?

If I do go ahead and do that the thought is that once Lloyds was clear the plan of attack would be....

Black Horse 2
then savings account to acculate enough to attack HSBC loan followed finally by Mortgage (Car HP is tax deductable by company just in my name as the sole director)

Am I heading in the right direction and is the 0% card a good idea?

Thanks in advance for any suggestions

Whats your salary?

Perkipsie

At the moment I take home around 4k a month, that can be variable due to the nature of my business. Some months it can be a fair bit less and some a fair bit more. Thats partly why I keep the flexiloan to cover odd months of the year when I know it will be less (September, February and April generally)

Perkipsie

Oh and the credit report is from Experian if that makes a difference. I dont think my Eqifax report looks quite as good.

BugsyBrowne

Perkipsie wrote: »

At the moment I take home around 4k a month, that can be variable due to the nature of my business. Some months it can be a fair bit less and some a fair bit more. Thats partly why I keep the flexiloan to cover odd months of the year when I know it will be less (September, February and April generally)

You can wait for other posters but in my opinion I don't think you stand a chance in getting a virgin credit card,but i could be wrong, you've borrowed 32k its a hell of a lot of credit to borrow.
Personally think them loans need to be satisfied first of all before you start borrowing again..

Perkipsie

Thats why I've been a little twitchy about randomly applying, I do understand that I have alot of borrowing, and although £15k is paid by the company before I take a salary, it's still all me (All in my name and none hubby's as his credit is completely non existant) Do you think I should just continue as I am then and just keep chipping/ saving so that I can pay the loans. Do you think the order of tackling things is right?

Thank you for your input x

BugsyBrowne

Perkipsie wrote: »

Thats why I've been a little twitchy about randomly applying, I do understand that I have alot of borrowing, and although £15k is paid by the company before I take a salary, it's still all me (All in my name and none hubby's as his credit is completely non existant) Do you think I should just continue as I am then and just keep chipping/ saving so that I can pay the loans. Do you think the order of tackling things is right?

Thank you for your input x

Yeah keep as you are, also you get the top end credit search score with zero searches in the last 6 months.

Other posters may be along later and give better advice,this was just what I would do.

MFWannabe

Perkipsie wrote: »

Thats why I've been a little twitchy about randomly applying, I do understand that I have alot of borrowing, and although £15k is paid by the company before I take a salary, it's still all me (All in my name and none hubby's as his credit is completely non existant) Do you think I should just continue as I am then and just keep chipping/ saving so that I can pay the loans. Do you think the order of tackling things is right?

Thank you for your input x

I would also close the accounts when you've paid them as that will make your credit rating better. If you still leave them open even with zero balances any new lender will look at them and see you have x amount of available credit

Perkipsie

Thanks for the advice. I think i'll have to just put my head down and continue to plod along. I'd just half hoped to do it paying a little less interest. Never mind x

Hax

I'm nowhere near as knowledgeable as some of the other folks on here - but what about looking at one of the more "relaxed" cards? Maybe the Creation card (http://www.creation.co.uk/) which is currently offering 15 months 0% on balance tranfers.

As others have said, you do have a lot of outstanding debt so that may still stand against you. Then again, if you decide that you're not going to apply for another 12 months then 1 more application now won't do too much harm - other than back your zero searches in 12 months - if you don't get the card, then stick to the above plan and try again in 12 months when some of your debts have been cleared and all previous searches have dropped off.

Just my thoughts!