Please Help!

Cat2011

The transfer could be a good idea. If you moved all the barclay card debt over - instead of paying 26% interest, you'd pay 3% (the transfer fee). But the 0% deal would prob, only apply to the balance moved, not the balance already on the virgin card. Do you have enough credit on your Virgin card to move the Barclaycard balance over?

SMC625

Thanks Cat2011

Yes I have enough credit left on (they recently put it up ????)

My was of thinking is that I'm paying £141 min payment a month on the Barclay card with £111 being interest :eek: so surely that is £141 that will be put towards the Virgin debt only. I have no hope (bar a win on the lottery) of paying both the original and transferred debts during the interest free period but that's got to help?

I have also just cancelled payment protection on the Virgin card my last payment was a whopping £50 a month!!! I could try and claim all of that back. I did it once with a Kwik Fit card. One letter and 2 months later I go a check for £360!!

Cat2011

Yeah it's unlikely it'll be paid off before the deal runs out, but you'll clear it a lot quicker and pay less interest if at 0% , might be worth ringing and asking the other cards (post office?) to see if they have a deal too. Def try and claim back the PPI, tho assume you won't get it - don't rely on getting a lump sum.

Have a think about the best way to pay things off. It would be good to throw a lot at the Virgin card whilst at 0% as you're paying off capital, but it might be easier for you to pay off the overdraft first to get you back into the black (assuming it's your only current account). When I was in my overdraft I never noticed the difference between -1200 or -1400, but now I'm back in the black (in my current account) I won't put myself back into the overdraft - helps me control my spending.

pleasedelete

2 adults but one income?

flyingchange

Good evening,

Having earlier replies to your post I would firstly agree with the majority people here and stay away from Debt Management Companies and stick with the CAB. These companies all jump on the band wagon and are here to make money out of YOU being in debt. Money that you pay them each month for administering your Debt Management Plan could be better spent on clearing your debts. The CAB will use the Means Enquiry Form that you have sensibly completed and will reapproach your unsecured creditors and try to reduce the amounts down, including freezing interest. They are fully trained in the area of debt recovery and I for one cannot recommend them enough. They are recognised by most creditors and you will find most companies will co-operate with them.

Good luck with your appointment.

SMC625

pleasedelete wrote: »

2 adults but one income?

Yes I recently split with my Girlfriend so have moved back in with my parents. I have not included her in to this as she doesn't know at the moment.

SMC625

Cat2011 wrote: »

Yeah it's unlikely it'll be paid off before the deal runs out, but you'll clear it a lot quicker and pay less interest if at 0% , might be worth ringing and asking the other cards (post office?) to see if they have a deal too. Def try and claim back the PPI, tho assume you won't get it - don't rely on getting a lump sum.

Have a think about the best way to pay things off. It would be good to throw a lot at the Virgin card whilst at 0% as you're paying off capital, but it might be easier for you to pay off the overdraft first to get you back into the black (assuming it's your only current account). When I was in my overdraft I never noticed the difference between -1200 or -1400, but now I'm back in the black (in my current account) I won't put myself back into the overdraft - helps me control my spending.

I was thinking a 2 pronged attack! By saving money that will hopefully get me out of the overdraft and but earning extra on overtime, put that towards the Virgin card.

pleasedelete

SMC625 wrote: »

Yes I recently split with my Girlfriend so have moved back in with my parents. I have not included her in to this as she doesn't know at the moment.

Then you are 1 adult and soa doesn't make sense? £25 landline? Living with parents? Tv licence? Etc

If the costs are half of an ex flat you are paying for then they are really high- that makes £50 phone and £24 tv licence etc
Council tax?

If you gave moved out you don't have these costs as your parents must already be paying the for their home?

SMC625

pleasedelete wrote: »

Then you are 1 adult and soa doesn't make sense? £25 landline? Living with parents? Tv licence? Etc

If the costs are half of an ex flat you are paying for then they are really high- that makes £50 phone and £24 tv licence etc
Council tax?

If you gave moved out you don't have these costs as your parents must already be paying the for their home?

The Household bills are my contribution to living there.

BobbyMcDougall

It could be worth doing a cash transfer from Virgin to your bank account to clear that overdraft. This will mean your overdraft is not having interest charged to it each month. Remember to cancel the overdraft though.