Newbie question

CLAPTON

could you just say which debts are yours and which are your OH or joint as the case may be

MadAsAHatter

Just the tesco loan is mine.

MadAsAHatter

jonesMUFCforever wrote: »

You are making a lot of assumptions - would it not be better to concentrate on overpaying thus reducing the interest payable.

Not much money available to overpay, surely I'm better to be paying 0% even if this does mean using cards?

MFWannabe

I would firstly see if you can get a 0% card to move the Asda card debt over to; see if you are succesful with this one first

MadAsAHatter

O.k. thanks, I will apply for one tonight.

MadAsAHatter

Have applied for a Barclays card tonight online. It said that it couldn't be processed at this time and they would contact me soon.

Not sure if that is good or bad...lol

CLAPTON

so your OH owes 20k on a salary of less than 14k
and you have debts of 5K of say 30k

I'm sure there is a story of how anyone with a salary of less than 14k can borrow 20k

well that's in the past; if you success in transferrring the debt to yourself you will find it very very difficult to refinance in a years time (your own credit rating will have dropped due to your high debt to income ratio)

better to get a loan at a lower rate over a reason timescale and refinance as much as possible without assuming you will get 0% CC either now or in a years time

in relation to your SOA do you actually have 217 each month spare (i.e. free to overpay the debts) ... if not then work out why and redo the SOA

pqrdef

Aren't there restrictions on doing a BT to an account in somebody else's name?

You could look for a cheaper consolidation loan to pay off the horrendous 26.9% loan.

Or you could pile up spending on a 0% purchases card while overpaying on the debts.

MadAsAHatter

Bit of an update. I have recieved my barclaycard today so the Asda card balance is going onto that at 0% for 17 months.

And I also was approved for a Santander loan to transfer the 12,300 from the stupid rate Barclays loan. Hopefully it will be in our account quick enough to withdraw from the barclays loan without any penalty.

MFWannabe

That's good news for you then; now you can hopefully make some good dents in those debts