Consolidation loan

rickjt62

RAS

The six card details are as follows:-

Balance Limit APR Open/Closed

5900 14400 19.99 open
3900 4550 19.99 open
3888 4500 19.99 closed
3700 5900 19.99 closed as rate hiked to 37.99%
3600 3870 19.99 closed as rate hiked to 23.5%
3462 5300 22.35 open

Thanks for your help

CH27

rickjt62 wrote: »

RAS

The six card details are as follows:-

Balance Limit APR Open/Closed

5900 14400 19.99 open
3900 4550 19.99 open
3888 4500 19.99 closed
3700 5900 19.99 closed as rate hiked to 37.99%
3600 3870 19.99 closed as rate hiked to 23.5%
3462 5300 22.35 open

Thanks for your help

What are your limits on the open cards?

RAS

rickjt62 wrote: »

RAS

The six card details are as follows:-

Balance Limit APR Open/Closed

5900 14400 19.99 open
3900 4550 19.99 open
3888 4500 19.99 closed
3700 5900 19.99 closed as rate hiked to 37.99% - ask them to lower the limit on this to £4000.
3600 3870 19.99 closed as rate hiked to 23.5%
3462 5300 22.35 open - this is the one you want to get rid off

Thanks for your help

So you actually had £38520 worth of credit available. And wanted another £25K?

No wonder they freaked out.

You are not going to get a huge amount of saving but if you can balance transfer the 22.35% card do so as long as you are offered less than 15% (plus a 3% fee would still make it cheaper than your current deals.)

Once you have that out the way, if the BT allows you reduce this card
3900 4550 19.99 open

then do that.

Then ask them to reduce your limit on the
5900 14400 19.99 open
card to say £10K

Ring to close the 22.35 % card some time later and you might get a BT on that?

If not put all spare cash into clearing
3900 4550 19.99 open

And try a BT on that when it gets low enough.

[Deleted User]

SOA
Household Information
Number of adults in household........... 1

Monthly Income Details
Monthly income after tax................ 2592
Total monthly income.................... 2592

Monthly Expense Details
Rent.................................... 625 (Is this competative for your area?)
Council tax............................. 90 (are you paying over 10 months or 12 - if 10 pay the equivalent amount during CT free months towards the debt costing you the most)
Electricity............................. 38 (This and below seem quite high for one - check comparison sites to ensure you are on the cheapest tariff with the cheapest company in your are - often online and duel fuel are cheaper)
Gas..................................... 38 (as above)
Water rates............................. 23 (If you are living alone, consider a meter - it should be cheaper)
Telephone (land line)................... 35 (As you also have a mobile, do you need/use the package that you have - if not consder downgrading or switching)
Mobile phone............................ 36 (Quite high considering you also have a landline. Do you use all the minutes and texts you get in the package? If not downgrade, or switch to SIM only and PAYG)
TV Licence.............................. 13
Satellite/Cable TV...................... 62 (Quite high - do you use all the channels? Consider downgrading/dropping unused channels)
Groceries etc. ......................... 150
Clothing................................ 0 Nothing?
Petrol/diesel........................... 50
Road tax................................ 0 need something here
Car Insurance........................... 0 need something here
Car maintenance (including MOT)......... 0 need something here
Contents insurance...................... 23 (check comparison sites at renewal)
Life assurance ......................... 63 (This is high - is this competitive for the cover you get? And do you need this level of cover?)
Presents (birthday, christmas etc)...... 0 May need to budget something here
Haircuts................................ 0 Never?
Entertainment........................... 0 Don't you spend anything here?
Total monthly expenses.................. 1246


Assets
Cash.................................... 600 (Should probably pay this towards debt costing you the most - unlikely you are recieving a higher interest rate on your savings than you are paying on CC's - perhapse keep a little back as Emergency)
Car(s).................................. 0 Need something here
Total Assets............................ 600

No Secured nor Hire Purchase Debts

Unsecured Debts Need to list all debts and payments here.
Description....................Debt......Monthly...APR
Credit card....................24500.....640.......19.99
Total unsecured debts..........24500.....640.......-


Monthly Budget Summary
Total monthly income.................... 2,592
Expenses (including HP & secured debts). 1,246
Available for debt repayments........... 1,346
Monthly UNsecured debt repayments....... 640
Amount left after debt repayments....... 706 (Do you actually have this at the end of every month? If not keep a spending diary to see where your money goes. If you do have this - pay it towards the debt costing you the most in interest)

Personal Balance Sheet Summary
Total assets (things you own)........... 600
Total HP & Secured debt................. -0
Total Unsecured debt.................... -24,500
Net Assets.............................. -23,900

Hi,

I have made some comments above for you to consider -hopefully you'll find some of them useful to you.

HTH

Domino9

CH27

CH27 wrote: »

What are your limits on the open cards?

I've just re read this sorry:rotfl:

rickjt62

No probs .... I've gone ahead and transferred the highest APR balance to my 0% transfer card ... am awaiting the necessary details to transfer the highest interest closed account (I cut the card up on closing, so no longer have the expiration date which is required to transfer)

When these transactions appear on my balance transfer card, I intend to pay approximately £100-125 pm over the minimum for the foreseeable future

I will continue to perservere paying over the MP on the others

I forgot to mention that the background to the accumulation of these debts are related to a lengthy period of ill health, during which I did all the things with credit cards one shouldn't .... I've learned a lesson there though

Thank you to everyone for their useful comments .. this is an excellent forum with genuinely helpful contributors

PS I'm not writing this naked .... and I do drink/dine out occasionally .... probable monthly expenditure on these is £100

Regards

CH27

rickjt62 wrote: »

No probs .... I've gone ahead and transferred the highest APR balance to my 0% transfer card ... am awaiting the necessary details to transfer the highest interest closed account (I cut the card up on closing, so no longer have the expiration date which is required to transfer)

When these transactions appear on my balance transfer card, I intend to pay approximately £100-125 pm over the minimum for the foreseeable future

I will continue to perservere paying over the MP on the others

I forgot to mention that the background to the accumulation of these debts are related to a lengthy period of ill health, during which I did all the things with credit cards one shouldn't .... I've learned a lesson there though

Thank you to everyone for their useful comments .. this is an excellent forum with genuinely helpful contributors

PS I'm not writing this naked .... and I do drink/dine out occasionally .... probable monthly expenditure on these is £100

Regards

Are you better now?

Good frost bite is painful:rotfl:

rickjt62

Yes, thank you ..... up and down but able to work, whereas I had 36 hospital admissions for up to six weeks at a time over a nine year period ... I've never been able to (financially) recover from that as at the time I had a mortgage, no insurance and no benefits

It certainly is, CH (-:

CH27

rickjt62 wrote: »

Yes, thank you ..... up and down but able to work, whereas I had 36 hospital admissions for up to six weeks at a time over a nine year period ... I've never been able to (financially) recover from that as at the time I had a mortgage, no insurance and no benefits

It certainly is, CH (-:

Once you get your debts sorted you will be able to build a nice nest egg to cushion against any future illness.
Good luck:)

bargainbetty

rickjt62 wrote: »

RAS

The six card details are as follows:-

Balance Limit APR Open/Closed

5900 14400 19.99 open
3900 4550 19.99 open
3888 4500 19.99 closed
3700 5900 19.99 closed as rate hiked to 37.99%
3600 3870 19.99 closed as rate hiked to 23.5%
3462 5300 22.35 open

Thanks for your help

If you are clearing the 3462 off the bottom card, wait till it is completely empty and then call the provider and ask about a low life-of balance deal with them. You might get something around the 5.9% level, which would let you shift another 19.99% card over.... then do the same with that one. Yes, you will incur some fees, but if the life of balance deal is good enough, you will save money in the long run, and can still over pay. Just get as much as possible onto 0% or LOB deals, and you will save a fortune - what you pay off will be serving the debt more than the interest.

Cheekily, if you do the transfer, it counts as a monthly payment on the card you are clearing, which means you can throw the extra payment at one of the other ones too!