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A couple of questions...
1_step_closer
Posts: 972 Forumite
In my diary I posted that I had managed to confuse myself (this isn't hard) and so want to set out 2 questions below. They kind of mix in with each other....
Q1 My LBM was July 06 and after totaling up all my loans (the amount I had taken + interest + PPI) and the balances on my cc, the total was £46,073.48.
I religously took off the amount I paid each month from the total and by Dec was approx £40K in debt.
My question is this - when calculationg how much we actually owe, do we use the settlement figure or the amount left to pay? The reason I ask is because I asked Egg to redo my loan without PPI and they did quite happily - the balance is now much lower than I expected it to be. I did a credit check on myself today and the report said that the balance owing was £8640......why is that? The amount at the beginning on the policy/agreement was £16,135.06 and I've only had this approx a year.
I see other people's loan signatures going down but cannot seem to get a true reflection on mine.
As for my FD loan, they baffled me so much with science I quietly gave in!
Q2 My credit cards are as follows:
Monument/Barclaycard Limit £6500 Bal owing £1331 apr 26.4 % soon to be transferred to egg at an anniversary rate of 0% for 6 months then going to 16%.
Mint Limit £6200 Bal owing £5876 apr £3.9% for another 4 months then their rate (which I cannot remember at present).
Amex Limit £1800 bal nil
Egg Limit £2000 bal nil
Goldfish Limit £2750 bal nil.
Now the balance on Monument will be transferring to Egg.
Would it be in my best interest to then cancel the Monument, Amex and Goldfish cards? I don't spend on them and haven't for a very long time but my credit rating report is "fair" and when trying to get a 0% card last week, I was told by the very nice lady that I was unsuccessful as I have too much credit.
If anyone can help I would be very grateful!
Thank you.............
Q1 My LBM was July 06 and after totaling up all my loans (the amount I had taken + interest + PPI) and the balances on my cc, the total was £46,073.48.
I religously took off the amount I paid each month from the total and by Dec was approx £40K in debt.
My question is this - when calculationg how much we actually owe, do we use the settlement figure or the amount left to pay? The reason I ask is because I asked Egg to redo my loan without PPI and they did quite happily - the balance is now much lower than I expected it to be. I did a credit check on myself today and the report said that the balance owing was £8640......why is that? The amount at the beginning on the policy/agreement was £16,135.06 and I've only had this approx a year.
I see other people's loan signatures going down but cannot seem to get a true reflection on mine.
As for my FD loan, they baffled me so much with science I quietly gave in!
Q2 My credit cards are as follows:
Monument/Barclaycard Limit £6500 Bal owing £1331 apr 26.4 % soon to be transferred to egg at an anniversary rate of 0% for 6 months then going to 16%.
Mint Limit £6200 Bal owing £5876 apr £3.9% for another 4 months then their rate (which I cannot remember at present).
Amex Limit £1800 bal nil
Egg Limit £2000 bal nil
Goldfish Limit £2750 bal nil.
Now the balance on Monument will be transferring to Egg.
Would it be in my best interest to then cancel the Monument, Amex and Goldfish cards? I don't spend on them and haven't for a very long time but my credit rating report is "fair" and when trying to get a 0% card last week, I was told by the very nice lady that I was unsuccessful as I have too much credit.
If anyone can help I would be very grateful!
Thank you.............
If you wait for perfect conditions, nothing would ever get done! :T
I'm not short - I'm condensed awesome!
I'm not short - I'm condensed awesome!
0
Comments
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If was you I would cancel the cards you have paid off.This decreases availible credit & improves your credit score.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
Thanks Lou. I was wondering as I seem to remember someone being advised Not to do that on here..................could have read it wrong though!
I will do my letters tomorrow.If you wait for perfect conditions, nothing would ever get done! :T
I'm not short - I'm condensed awesome!0 -
If you go on the main part of the site & have a dig around there is a thread from Martin on thisvery subject!I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
Thanks for that - I found it too!If you wait for perfect conditions, nothing would ever get done! :T
I'm not short - I'm condensed awesome!0
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