I feel gooooooooood

scottish_blend

na na na na na na na - I knew that I would now...... (with apologies to the late James Brown )

This morning, with the help of an insurance policy and this wonderful site pointing me in the direction of claiming back bank charges I have paid off the following:

Egg Card - 328.28
And More Card- 1927.60
Virgin Card - 444.03
Mint Card - 309.37
Gas Bill - 191.27
Argos Card - 346.23

total paid - £3546.78 :D:D:D:D:D

I now have left debt wise -

A & L Loan - approx £6000 (4 years at £130.04)
Halifax One Card - £2495.34 (12 months 0%)

Now. I have a further question that i am hoping you kind folks can help with. I have £1000 left. I reckon I could pay during the 12 months 0% on the halifax card £50 a month comfortably. I am also within my BT period with andmore (3.9% for life of balance).

Should I

a) pay the grand off the One Card, and transfer the £800 odd to the andmore, leaving me £600 odd to pay off at 0%

b) pay the grand off the one card - and leave the rest there n the off chance I could pay extra/win enough at matched betting to clear it at 0%? I'm just feeling my way with matched betting but feeling quite comfortable and confident with it, and am in the process of setting up a bank account with debit card and no O/D with citibank purely for the betting part of it.

c) put the grand into some kind of savings account - pay the £50 a month, and use the interest earned on the grand at the end of the year to pay to the balance?

d) anything else you can think of?


Also - the cards that I have cleared off I obviously have no intention of spending on again - should I cancel them? Would this free up some credit history maybe, to allow me to apply for another card at 0% from the many millions of offers that currently come through my letterbox and straight in the bin


Any advice would be appreciated

scottish_blend

Oh - and is there anything I can do with the loan to make it cheaper repayments shorter repayment term? Its current interest rate is 6.4% I think.

raq

sounds a bit like myself.

I had my charges reclaimed back last week and paying off quite a bit of debt.

Now only left with 3 credit cards to £8,250.00. This is gonna take about 3 years. At least it's better this way than getting a loan over a loan over a loan. You know what I mean.

scottish_blend

yeh exactly - it feels good eh?

I've also kept a few bob aside for a wee night out with the girlies tonight for the first time in months!!

bananakinz

Well done, nice to get rid of so many debts in one big hit

A couple of questions :
Can you overpay on the loan? if so this would reduce the length of the loan!
You were paying a minimum on the debt you have cleared - can you throw this money instead to the one card aswell as the £50 per month?

I wouldn't bother with the lob card, cancel all the other cards, then apply for a 0% when you deal ends - looks like you should be able to get one

Well done once again

scottish_blend

cheerz skinz

No - I can't overpay - its a fixed rate loan - as for increasing the £50 a month - mayb but I;d need to see how I got on the first month or so - because when I looked at my fnances back then it was really really tight -and thats why I decided something had to be done. So there may be scope for that.

I take it due to fees and that it wouldnt be worth my while taking another loan at a lower rate to pay that one off?