What should I do?

ok, my problem is tiny compared to others on here, but I would still appreciate some advice. We are due to get married in June and although we have saved the majority of the money, reckon we will need a max of 3k on top of this, we will also need about another 1200 as we are getting a new roof for our flat and this is our share. At the moment the only debt we have is overdrafts and 700 on a cahoot flexible loan, my overdraft is about 1k and is interest free, h2bs is the same and a low interest rate, not exactly sure.

Once the wedding is over we will have alot more money each month to pay off the debts, currently I pay 100 pm to cahoot. I also usually pay wedding things on cc and pay off in full each month, usually about 200pm, we are also saving just under 200pm aswell. So technically we should have at least 500pm to clear off the debts and no reason to get any more.

I'm just unsure as to how to pay for the extra expenses, the cahoot loan has an available balance of 5k, and will be down to about 500 by june, so everything could go on that, but the interest rate is 11.9%. I applied for a 0% card with halifax but was turned down. I also have a balance transfer facility with lloydstsb which has a limit of 4k at 5.9%.

So what would be my best option, just put it all in cahoot, pay for some on one credit card and transfer to lloydstsb or try applying for another 0% card?

Just realised it might not be the right place for this as we are not actually in debt yet, however, we do want to be debt free asap, so would appreciate any advice.
Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
Debt Free Date [strike]Nov 2012[/strike] August 2011

Comments

  • mountainofdebt
    mountainofdebt Posts: 7,795 Forumite
    First Post First Anniversary Combo Breaker
    I really don't want to sound like a kill joy but I (personally) think to spend over £3k for a wedding is alot of money....does it have to be this much especially as you have an overdraft debt of £2k...even if you put the £3K on the cahoot loan and paid it off @£500 pm theoretically it would take you 6 months after the wedding to pay for it.

    This goes without the £1200 needed for a new roof and any other little surprises that life throws at you.
    2014 Target;
    To overpay CC by £1,000.
    Overpayment to date : £310

    2nd Purse Challenge:
    £15.88 saved to date
  • crazyhazy
    crazyhazy Posts: 316 Forumite
    I really don't want to sound like a kill joy but I (personally) think to spend over £3k for a wedding is alot of money....does it have to be this much especially as you have an overdraft debt of £2k...even if you put the £3K on the cahoot loan and paid it off @£500 pm theoretically it would take you 6 months after the wedding to pay for it.

    This goes without the £1200 needed for a new roof and any other little surprises that life throws at you.

    I do understand what you are saying but with only 8 weeks to go, everything is booked and we are determined to have our dream wedding. The thing is we did originally have the £3k (present from h2b parents)extra that we needed but decided to get on the property ladder last year and this was spent doing the flat up, as it was basically a case of stripping everything back and starting from scratch. So, the way i see it is we have basically delayed paying for some of the flat work, by using the wedding money. Incidently my overdraft debt is from being a student who only graduated a few months ago and at 0% I've not rushed to pay it off, hasn't seemed much point so I delibertly transfer as much as possible to our savinhgs account each month, as at least there i will earn some interest on it.
    Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
    Debt Free Date [strike]Nov 2012[/strike] August 2011
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    Do you know why you were declined for a 0% card?

    Have you looked at your credit records?

    Do you have old cards with no balances that could be closed?
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • crazyhazy
    crazyhazy Posts: 316 Forumite
    Do you know why you were declined for a 0% card?

    Have you looked at your credit records?

    Do you have old cards with no balances that could be closed?

    I have a cards with capital one, dorothy perkins and homebase which I need to close, but keep forgetting, now you have reminded me I'll put it on my to do list for tmrw. Will I just need to call them or am I best to write and send the cut up cards back to them?

    Not sure why I was declined think it may have been cos I've not been at this address too long, moved in october and applied in feb, as I've never had a problem getting credit before, even as a student with no income I got 0% with sainsburys.

    I was thinking about closing all my cards except sainsburys cos it has the lowest normal rate, but am worried I wouldn't get another one on a low rate with a high limit like the lloydstsb one to transfer everything to. So think I'll just keep lloydstsb and sainsburys ones.
    Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
    Debt Free Date [strike]Nov 2012[/strike] August 2011
  • feefee_3
    feefee_3 Posts: 111 Forumite
    just hope you get money as wedding gifts and pay for the roof with this any unwanted presents you could sell on not very nice but there no point of them lying around gathering dust
    dont worry too much have a wonderfull day
    Named after my cat, picture coming shortly
  • Debt_Free_Chick
    Debt_Free_Chick Posts: 13,276 Forumite
    Combo Breaker First Post
    Call the Halifax and talk to them about the refusal. If it really is just an address issue, then they may reconsider - especially if you can send them your Council Tax bill to prove you live there.

    Give it a try

    And yes, close all old cards with nil balances. Unless you have an Egg card, as they offer a 0% balance transfer on your "anniversary"

    HTH
    Warning ..... I'm a peri-menopausal axe-wielding maniac ;)
  • mountainofdebt
    mountainofdebt Posts: 7,795 Forumite
    First Post First Anniversary Combo Breaker
    Glad to hear you didn't think I was a killjoy!

    Have a great day!
    2014 Target;
    To overpay CC by £1,000.
    Overpayment to date : £310

    2nd Purse Challenge:
    £15.88 saved to date
  • As you have recently moved you should make sure that you are on the electoral register. If you haven't registered this could be a contributory factor in you being refused credit. Get down to your town hall ASAP to register.

    Regards

    JC
  • crazyhazy
    crazyhazy Posts: 316 Forumite
    Just wanted to say thanks to everyone! It's funny how posting on here can make you see the solution sometimes. I am going to close my old credit cards today and also call the halifax to ask my I was declined. I will also double check I am on the electrol register, although we definately returned the forms. At the moment I will pay for some things on my sainsburys card and then transfer the balance to lloydstsb, so I will pay less interest than putting it all in cahoot. Then if I can get a 0% card it's just a case of doing a balance transfer.
    Total Debt (27th Nov 08) £16,707.03 Now £5,102.72
    Debt Free Date [strike]Nov 2012[/strike] August 2011
  • Jacster_2
    Jacster_2 Posts: 1,192 Forumite
    Good luck for the wedding!
    If it was easy, everyone would do it!
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