Pay off as much as you can in 2011 Challenge!

abba1772

abba1772 wrote: »

£250 to cap one care.......it's offically under the 2k mark woop woop :j

total now is £3813.11 / £7000

Got that excited i made a mistake.......Cap One Card is now under £1k lol

nickynoo08

After a bit of advice please. I've just rang to close my Egg account as its now fully paid and they have offered me a 0% bal transfer on loans or other cc till next march. My loan is currently £4000 and i could transfer aprox £1700 to the egg card with a charge of 3.9%. Now i would be able to clear the egg card by the time the 0% deal ends but i'll still be short on clearing the rest of the loan. Does it make sense for me to take the balance transfer as i can pay the egg card back before the 0% deal ends, i'm just thinking with my current situation i'd prob save a fair bit in interest. What would you do?
Thanks in advance

jwil

What's the interest rate on the loan nickynoo? And can you overpay it without penalty? You'll pay around £68 for the transfer so will it save you enough in interest to warrant it?

Also, presumably your loan payments will stay the same, so can you afford the loan payment and the CC payment?

As long as it saves you more than the transfer fee and there's no penalty on the loan, then I would say yes, go for it. If you've got some on 0%, and a lower balance on the loan, more of your monthly payments will go towards the capital anyway and you'll be paying less interest.

nickynoo08

jwil wrote: »

What's the interest rate on the loan nickynoo? And can you overpay it without penalty? You'll pay around £68 for the transfer so will it save you enough in interest to warrant it?

Also, presumably your loan payments will stay the same, so can you afford the loan payment and the CC payment?

As long as it saves you more than the transfer fee and there's no penalty on the loan, then I would say yes, go for it. If you've got some on 0%, and a lower balance on the loan, more of your monthly payments will go towards the capital anyway and you'll be paying less interest.

Thanks for the quick response
Loan is currently at 12% int and yes i can over pay without penalties. My monthly loan amount would reduce (everytime i make an overpayment the bank send me an updated monthly payment, they prefer to change that and keep the term the same) so yes i should be able to afford both payments. I'm not so good working out how much i'd save on intrest but have just put figures into snowball cal and it says it would shave 4.4months off my new dfd so i figure the amount i'll be saving would more than justify the transfer fee. So you think i should go for it then? I want the debt gone as quickly and as cheaply as i can esp now it's just me n the kids.

nickynoo08

Ok i've been through my paperwork and i have got a natwest cc that currently has a 0% bal transfer deal for 15months (i can still do bal transfers for next 2months) and have egg cc that have just offered me 0% on bal transfers till next march. My loan is currently with natwest so could i transfer part of the loan balance to my egg using the 0% deal and then transfer that balance onto my natwest cc. Then transfer the last of the loan on to my egg still using the 0% deal? If i can it would cost around £120 in fees but would save me a fair bit in interest, plus i have just worked out the whole lot could be gone by next march which would be amazing. Please can some one let me know if this is right before i go ahead and start transfering money. Thanks

Deeperblue

I forgot to update last month so there will be 2 this month .... but.... since we paid for our holiday last month overpayments haven't been so high.

New figures for me:

119. Deeperblue - £6069.32/£12000

Half wayyyyyyyyy!!!!!!

sarahs999

god, halfway in June already! got some nice ops this month thanks to DH gigs. roll on friday.. Should be halfway to target by the en d of this month but don't think I'm going to make it somehow...

jwil

nickynoo08 wrote: »

Ok i've been through my paperwork and i have got a natwest cc that currently has a 0% bal transfer deal for 15months (i can still do bal transfers for next 2months) and have egg cc that have just offered me 0% on bal transfers till next march. My loan is currently with natwest so could i transfer part of the loan balance to my egg using the 0% deal and then transfer that balance onto my natwest cc. Then transfer the last of the loan on to my egg still using the 0% deal? If i can it would cost around £120 in fees but would save me a fair bit in interest, plus i have just worked out the whole lot could be gone by next march which would be amazing. Please can some one let me know if this is right before i go ahead and start transfering money. Thanks

I think if the maths adds up (and I'm not best with it) then go for it! I think I would certainly do so.

The only thing to watch would be the deadline for the balance transfer offer and hope that you can get it all switched over in time.

Good luck!

jwil

Thanks for the updates everyone!

goodgirl80

OK, I've put a DVD on ebay and rounded down my bank accounts, need to make more money to get rid of this once and for all! Can't wait til MOT and car tax done