All my debts will be at 0%apr in the next few weeks :)

MrsTinks

For the first time I've managed to get 0% apr on all my debt! Ok granted I'll probably have to pay 2% transfer fees BUT that's still better than 7.66% apr on my loan £6,849.12 and 16.9% apr on my card £1077.

How? Well I Martins weekly mail reminded us all to check we had the best deals etc and listed the MBNA 0% for 12mnths deal. Now I knew my rating had greatly improved so thought to heck with it and applied. And I got it! £5000 of limit (might ask them for this to be increased to have all my debts in ONE place again) I alo have my Egg card which in Feb will have another 6months of 0% Apr with a £3500 limit. That gives me £8500 of 0% for 6 months and 12 months. My total debt is just shy of £8k That means if I can extend the MBNA to £8500 then I would have a whole year of paying only the initial 2% tranfer fee and saving myself minimum of 5.66% apr.

I'll try to find the snowballer and see what the total saving of this would be

But it would mean that I could pay off £200 a month (which is pretty much my loan payment atm) minimum and that alone would reduce my debt by £2240 (2400-160 transfer fee). If I can plough an extra £100 in a month that would make it £3440 off... not far off halving my debt

Sorry just really chuffed I made it through X-mas with minimal increase in my debts (only increase was due to our car insurances needing renewing beginning of Dec... bad planning etc - have learnt from that one!)

thesaint

Well done:T
Have you asked them if they will cap the BT fee?

MrsTinks

next on my list

MrsTinks

Ok they wouldn't cap the transfer fee but they did up the limit to £6000! So transfered 90% to my Egg card. Will then move that to my loan and come Feburary I'll move the remainder of my loan over to my Egg card for the 6 month anniversary offer. In 12 months I should get another anniversary 6 months at 0% and hopefully be able to up my limit to cover the remaining debts giving me 18 months 0% minus a few transfer fees WOOHOOOO!

scottish_blend

brilliant - well done

Ali-OK

Well done on getting it all moved to 0%.

I hope I don't burst your bubble, but with Egg, note that they charge interest (at your standard purchase rate) on the transfer fee and thus your payments will pay off the moved debt before the fee (which will accrue the interest). There's quite a few threads on the credit card forum about this, so worth checking out, as it seems Egg have been a bit snidey about this.

Alot of other CC's use your first payments to pay the transfer fee off first, so check what MBNA do. Wouldn't want you to get any nasty surprises.