Pushed just too hard

GeorgeUK

Bertman, you've probably already looked at this as aprt of your plans, but don't close any cards once you clear them. After you get a nil balance statement, you may also be able to get a 0% for 6 months or low interest for life of balance offer as an existing customer. This usually means that you don't require a credit check and while there is a transfer fee, you may be able to arrange it at the right time so that you miss a month's payment. Not really saving you money, but i've found it quite helpful when payments have been tight and tarting realyl saved my bacon when i started tackling the debts. I still remember how scary it was to see everything budgeted out and you only had leeway of pennies.

If we can assist with anything, don't hesitate to ask. There is a snowball calculator that may assist you with choosing which payments to concentrate on first http://www.makesenseofcards.com/snowcalc.html
When i was tarting though i concentrated on those with the lowest balance so that i could transfer funds from the higher APR debts onto some kind of promotional deal.

DVardysShadow

bertman wrote: »

Thanks All, I have an appointment with my bank next Saturday so I will see what they say. ... We have a loan that finishes in July so this money will go onto the next highest APR card.
Believe me I don't want to sound higher than thou about DMP's, it may still be the way out for us. I guess if I am honest it scares the cr*p out of us....

Possibly they may wish to sell you a consolidation loan. Think long and hard before you take them up - although you are not using the cards, the treadmill of less flexible payments may tempt you to use the cards.

Now, with the DMP, you risk collecting defaults and in a way, you are already doing Debt Management, it is just that you have not put the DMP label on it. I would suggest that you keep paying Virgin at the current rate and challenge the rise in writing. With the 0% card and a reduced payment to Virgin, you may be able to duck and dive until your loan clears, freeing up money to repay Virgin and avoid defaults