Advice needed :( - end of 15 month interest free period

puggy1221

Hi I need some help and I'm getting increasingly worried as the months go bye bye

Quick back story, got a M&S credit card last year with a 15 month no interest on purchases, I have been paying off the minimum payments by direct debit every month without fail....

I'm £18.00 from my 5 grand limit and don't intend to spend a penny more but I rang M&S today to change my billing date and enquired about the interest I will be paying after my 15 month period is up needless to say it's 70-80 quid a month extra I haven't really got spare. :wall:

I need to know what to do now basically, my first plan of action was to get another credit card with a 15th month period again but looking again today there's none about (My credit score is perfect may have been altered now though due to this credit card)

So I'm basically coming to you lovely people to help a man in desperate need of advice before I spiral into uncontrollable debt :beer:

Thanks in advance.

Better_Off_1983

There is no point in getting another credit card to transfer the balance over (?) because you would probably only be paying the minimum payments and not actually reducing the debt.

If I were to get a credit card and take advantage of the 0% interest period, I would pay alot more than the min. payment, in your case, I would have divded the balance by 15 months and paid that sum a month until the balance was cleared.

You will have to make cutbacks somewhere and start reducing your debt... maybe if you posted you statement of means/income and expenditure here I am sure other members can advise you accordingly.

Out of interest, what did you spend the credit on?

puggy1221

Ta for the reply.

Erm well I do have money to start paying off the debt now as my car loan finished this month but the interest is going to eat into that so I will hardly make a dent into the debt.

In answer to your credit spend question moving out (own flat) and general living (I know slippery slope) when things got a bit tight..

jon7226

hi

There are loads of interest free cards to 'tart' to out there - I got a 15 month 1.5% transfer fee Fluid card today via this site.

Pay as much as you can each month off it and if necessary 'tart' to another in 15-22 months time - if you go to the relevant section of this site there are cards with 22 months on them interest free - but approx 3% transfer fees.

you say your credit rating is ok so you should be able to get one.

puggy1221

So when you tart and get another 0% interest but it has a 3% balance transfer rate does that get added to the balance or is that something I have to pay for with real money? Sorry I have no clue

jon7226

Yes it does get added. You need to transfer your balance to the new card - you do not want another interest free spending card! You have about 5 grand to transfer - most seem to allow you to transfer up to 90% of your credit limit.
Then DO NOt spend on it and be very tight with your money to allow you to pay off as much as you can each month.

redpete

puggy1221 wrote: »

So I'm basically coming to you lovely people to help a man in desperate need of advice before I spiral into uncontrollable debt

Using a CC for 15 mths on general living expenses and paying only the minimum amounts says to me that the debt is already out of control.

Another CC for a cheap interest balance transfer can only be seen as a temporary measure. What you need to do now is control your spending or earn more. Posting a Statement of Affairs on the DFW board will get sympathetic advice.

puggy1221

Well I'm about to start a new job Monday so I will be earning alot more in about 3 months (secondment((change of career))

Your making me more worried though now mate well im stumped sounds like I would be better of getting a loan and paying it all off in a lump sum or there is always going back to the parents but I would feel like a failure lol