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Is Rate Tarting Dead? Discussion

exmodel
Posts: 47 Forumite
in Credit cards
WHAT'S A TART TO DO NOW?????????????????????????
Having found this thread thru Martin's weekly update, (most annoying when the weather is so nice outside and I could be poodling around in the garden but still felt the need to read it,...compulsive or what?lol), I feel I have to ask a quick question!!! I am sure Martin will rise to the occasion to say it may be off topic...if so,...... then where do I post it then deary???:-((((
I confess to being one of Martin's Tarts for some time now but have hit a brick wall whereas I have had to move to more 'comfortable stable card' relationships(somewhere between the 4.9-7.9% life of balance relationship) now that all my latest 0% deals have expired. My proposed solution is listed below in great detail so all help is MOST appreciated (especially if it comes from the 'MAN' himself)!!!
I have recently managed to shift my ENTIRE credit card debt (somewhere in the region of around £40,000 over to my partners cards (***WITHOUT financial association I might add and WITH his full permission***) so that to all intended purposes my credit slate IS or WILL BE clean in about a month once the credit reference agencies get their act together and update their records.
My 'stated' salary is around £40-42,000 per annum for all credit card applications previously. Through this I managed to obtain the following cards over the past few years with their respective credit limits, initial interest rates and final rates once their offers expired-
CARD COMPANY: LIMIT: APR: BALANCE
Capital One Platinum* £20,000 5.9%LOB/16.8% PAID OFF 0
Barclaycard Platinum £6,200 0%til 08/05/14.8% PAID OFF 0
NSPCC Platinum £6,200 0%til 05/05/12.9% PAID OFF 0
A&L VISA £5,900 1.9%til 07/05/16.9% PAID OFF 0
Marbles £3.900 7.9% LOB PAID OFF 0
Egg £3,500 0%til 08/05/14.9% minimum 3,500
Co-op £2,600 15.9% PAID OFF 0
Egg Blue £2,000 14.9% minimum 1,000
As any FOOL can plainly see my credit limits total to £50,300 which is well above my yearly income yet they chose to give me the cards in the first place!:-(
*The asterisk is special as this was supposedly a credit re-starter card with an initial credit limit of only £2,000 but then after sweet talking the guy on the other end he magically made it a £20,000 credit limit. Please don't ANYONE ask how I achived that. I am still wondering to this very day.
I personally feel I am in deep sh*t and eventually it will all catch up with me, therefore I really need Martin to reply to me on this matter but will most appreciate any other help I receive in the mean time.
The main reason I have shifted all my debt is because I was one of those silly people who took out a loan with one of those silly financial companies called Personal Fianance Limited ( SPPL).
This was an innitial consoladation loan to pay off all my previous debts, yet every quarter we get a nice little letter saying they are raising their rates in accordance with a rate we have never heard of before.
We know for a fact that we can get a much cheaper loan thru the Halifax or someone else other than this cunning company we are paying to at the moment...!
My BIG question to Martin is: drum roll................. where does one go when they have exhausted their 0% deals? Should I end some of the cards I have now paid off or what?
I have 8 cards now officialy paid off so where should I take it from here? Apply for more or what?
help desperately needed at this point!!!:-((
Most despartely yours,
Exmodel
The only outstanding debts are my annual Egg offer of 0% for 5 months which I took advantage of immediately at the beginning of March!!!
Having found this thread thru Martin's weekly update, (most annoying when the weather is so nice outside and I could be poodling around in the garden but still felt the need to read it,...compulsive or what?lol), I feel I have to ask a quick question!!! I am sure Martin will rise to the occasion to say it may be off topic...if so,...... then where do I post it then deary???:-((((
I confess to being one of Martin's Tarts for some time now but have hit a brick wall whereas I have had to move to more 'comfortable stable card' relationships(somewhere between the 4.9-7.9% life of balance relationship) now that all my latest 0% deals have expired. My proposed solution is listed below in great detail so all help is MOST appreciated (especially if it comes from the 'MAN' himself)!!!
I have recently managed to shift my ENTIRE credit card debt (somewhere in the region of around £40,000 over to my partners cards (***WITHOUT financial association I might add and WITH his full permission***) so that to all intended purposes my credit slate IS or WILL BE clean in about a month once the credit reference agencies get their act together and update their records.
My 'stated' salary is around £40-42,000 per annum for all credit card applications previously. Through this I managed to obtain the following cards over the past few years with their respective credit limits, initial interest rates and final rates once their offers expired-
CARD COMPANY: LIMIT: APR: BALANCE
Capital One Platinum* £20,000 5.9%LOB/16.8% PAID OFF 0
Barclaycard Platinum £6,200 0%til 08/05/14.8% PAID OFF 0
NSPCC Platinum £6,200 0%til 05/05/12.9% PAID OFF 0
A&L VISA £5,900 1.9%til 07/05/16.9% PAID OFF 0
Marbles £3.900 7.9% LOB PAID OFF 0
Egg £3,500 0%til 08/05/14.9% minimum 3,500
Co-op £2,600 15.9% PAID OFF 0
Egg Blue £2,000 14.9% minimum 1,000
As any FOOL can plainly see my credit limits total to £50,300 which is well above my yearly income yet they chose to give me the cards in the first place!:-(
*The asterisk is special as this was supposedly a credit re-starter card with an initial credit limit of only £2,000 but then after sweet talking the guy on the other end he magically made it a £20,000 credit limit. Please don't ANYONE ask how I achived that. I am still wondering to this very day.
I personally feel I am in deep sh*t and eventually it will all catch up with me, therefore I really need Martin to reply to me on this matter but will most appreciate any other help I receive in the mean time.
The main reason I have shifted all my debt is because I was one of those silly people who took out a loan with one of those silly financial companies called Personal Fianance Limited ( SPPL).
This was an innitial consoladation loan to pay off all my previous debts, yet every quarter we get a nice little letter saying they are raising their rates in accordance with a rate we have never heard of before.
We know for a fact that we can get a much cheaper loan thru the Halifax or someone else other than this cunning company we are paying to at the moment...!
My BIG question to Martin is: drum roll................. where does one go when they have exhausted their 0% deals? Should I end some of the cards I have now paid off or what?
I have 8 cards now officialy paid off so where should I take it from here? Apply for more or what?
help desperately needed at this point!!!:-((
Most despartely yours,
Exmodel
The only outstanding debts are my annual Egg offer of 0% for 5 months which I took advantage of immediately at the beginning of March!!!
0
Comments
-
Try your local CAB or read up & then post on the Fool's dealing with debt board where there are lots of people who have been there & can advise.
http://boards.fool.co.uk/Messages.asp?bid=50079Ethical moneysaver0 -
exmodel wrote:My BIG question to Martin is: drum roll................. where does one go when they have exhausted their 0% deals? Should I end some of the cards I have now paid off or what?
I have 8 cards now officialy paid off so where should I take it from here? Apply for more or what?
Note that the 0% should be considered a short term measure as part of a strategy of debt reduction. It just gives you a breathing space without paying interest so you have a chance to pay off some of the capital. It is a means of tackling debt, not a chance to postpone it.
If you need further advice on debt then Martin has plently of articles on the main site and useful tools to help you work out budgets etc.0
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