A Payment A Day - Part 11!

LondonAndy

Extra £10 to the holiday fund as well please !

MinniMe_2

sorry guys re-reading that it didn't make much sense (though it did in my head ha ha ha) here we go with another try at explaining it..........

Debts....
CC1 - £3700 @22%
CC2 - £2000 @ 19%
CC3 - £3000 @0%
CC4 - £1800 @ 18%

Now CC1 is offering me a Balance transfer to my bank account @ 0% for 9 months with 3% fee. CC1 also pays outstanding balances off at the most expensive 1st - i.e. the £3K @ 22%.

My idea was to BT £7K to my bank account @ 0% interest for 9 months and use this money to pay off CC1 - balance @ 22% as well as CC2 and CC4.

I wouldn't e able to pay it all off by the end of 9months but am confident that I could move it to another card.

Does this make sense? and thanks!

Allie_Ballie_Bee

MinniMe wrote: »

sorry guys re-reading that it didn't make much sense (though it did in my head ha ha ha) here we go with another try at explaining it..........

Debts....
CC1 - £3700 @22%
CC2 - £2000 @ 19%
CC3 - £3000 @0%
CC4 - £1800 @ 18%

Now CC1 is offering me a Balance transfer to my bank account @ 0% for 9 months with 3% fee. CC1 also pays outstanding balances off at the most expensive 1st - i.e. the £3K @ 22%.

My idea was to BT £7K to my bank account @ 0% interest for 9 months and use this money to pay off CC1 - balance @ 22% as well as CC2 and CC4.

I wouldn't e able to pay it all off by the end of 9months but am confident that I could move it to another card.

Does this make sense? and thanks!

You could try inputing the two different scenarios in to a snowball calculator. Then it should be clear which works best.

I use this one -

http://www.whatsthecost.com/snowball.aspx

Good luck

MinniMe_2

Alie Ballie Bee you clever clever person!!!! Thank you - for some reason I hadn't thought of putting it into the snowball!

So carrying on as I am now, I would be debt free Dec 13 and pay £1842 in interest, using my weird and wonderful work around (and assuming I didn't get anymore 0% cards after it) my debt free date would be 2montsh earlier and I would pay nearly £1000 less in interest!!!!!!

Will phone CC1 tomorrow and double check that I can pay off existing balance 1st and then make the transfer!! Thank you all - I am very upbeat about this!

Erme

Blown monies....

big e-cig died...

So need monies on savings rather than OD...and according to the snowball I'm better off paying off the macbook first...

E

psychopathbabble

MinniMe wrote: »

Alie Ballie Bee you clever clever person!!!! Thank you - for some reason I hadn't thought of putting it into the snowball!

So carrying on as I am now, I would be debt free Dec 13 and pay £1842 in interest, using my weird and wonderful work around (and assuming I didn't get anymore 0% cards after it) my debt free date would be 2montsh earlier and I would pay nearly £1000 less in interest!!!!!!

Will phone CC1 tomorrow and double check that I can pay off existing balance 1st and then make the transfer!! Thank you all - I am very upbeat about this!

Glad you got that sorted out Now I just need a good offer of a big BT to come my way :cool: My highest card is 26%!! x

Allie_Ballie_Bee

£4.42 today please skaps

mooomin

Minni - check that Halifax will allow you to BT into a current account...I suspect you'll need to do individual BTs for each card

Flower08

Evening everyone,

Sorry just a post and run for me i'm afraid, very busy with baby Noah!

PAD for me today is £66 split across Gas/Electric and catalogue.

njk1012

I've been considering a BT myself my CC's 0% interests run out 11th of November and 2nd of Feb.Virgin sent me an offer of 20 months at 0% transferred from them a few months ago and closed the account.

Think that is for new customers too, so if anyone has paid them off and still has others needing to be transferred it might be worth a phone call.

Though somewhere in my deluded brain i keep thinking it is possible to pay them off before paying interest or at least not paying it for very long, so a bit hesitant to add an extra 2.99% of transfer fees to my total. I have till the end of November to decide so leaving it well alone for a bit.

To pay off my CC 1 before the interest start date next month I would need to pay roughly £24 a day at the moment I can only afford around £10 and that's when we stick to a rigid budget with nothing going wrong(so far so good but something always comes up when you least want it too). So i need to get my thinking cap on and try and free up/ make some more money over the next few weeks.

Think first step is to try and get the OH to help with ebaying, have a double wardrobe full of stuff that needs to go.