Pick A Card, Any Card

galaxy123

Okay, so it's time to rejuggle my cards with 0% rate expiry dates in the near future.

I currently have:
RBS £3800 expires Oct 13

Hubby has:
John Lewis £2000 (already expired)
Virgin (MBNA?) £4800 expires Sep 14

Joint loan £8700 runs to Oct 2021 at 7.1% (£117 per month).

A few spreadsheets later and we've realised if we could pay off the loan with a 0% card, and then kept the repayments identical, we'd pay it off over 2 years earlier and save a whopping £3100 in repayments/interest.

The things is...
I've applied to :
Lloyds who offered me £4200 for 18 months at 0% with 1% fee, and
Fluid (MBNA) who offered me £6000 for 12 months (1% fee or 4% money tfr fee).

As hubby already has a Virgin (MBNA) I'm guessing he won't get a fluid, and as I have a fluid on order, I'm guessing I won't get a Virgin (also MBNA).

The new fluid card could take out some of the loan, and the Lloyds card could take out the JL card and most of the RBS card, but we'll still have a shortfall to take them out completely.

Any suggestions?
I'm a little scared of doing another application (having already done 2 today) as it may scupper my credit file (which to date is untainted by the way).

Thanks in advance.

jonesMUFCforever

You could save loads on the loan if you are allowed to overpay.
That loan rate is pretty good.

Everything else looks ok BUT that spreadsheet needs to be asked how do we pay this off not just tarted from one card to another.

Have you done a statement of affairs?

galaxy123

jonesMUFCforever wrote: »

You could save loads on the loan if you are allowed to overpay.
That loan rate is pretty good.

Everything else looks ok BUT that spreadsheet needs to be asked how do we pay this off not just tarted from one card to another.

Have you done a statement of affairs?

Loan rate is 7.1% which isn't too bad I suppose, although would take us 6 years to pay off (including the BT fees) on a 0% card.

Have worked all of the repayment dates into the spreadsheet, and increasing repayments on the next card as the first reaches its end etc. Last 4 card repayments would therefore be in the region of £335 (rather than £117) and we're debt free 2 years early.

Just need to work out how to get the extra debt from loan to card

galaxy123

jonesMUFCforever wrote: »

You could save loads on the loan if you are allowed to overpay.

Yes, checked the agreement. Penalty is 58 days interest, which is £98 - no brainer

jonesMUFCforever

galaxy123 wrote: »

Yes, checked the agreement. Penalty is 58 days interest, which is £98 - no brainer

Are you saying there is a charge for overpayments? Or is that the charge for early settlement - a totally different thing.

Maestro.

You can hold several MBNA cards so having the fluid should not stop you from getting virgin or vice versa.

Are you also aware that the fluid card allows super balance transfers so you can put the money straight into your bank account?

galaxy123 wrote: »

I'm a little scared of doing another application (having already done 2 today) as it may scupper my credit file (which to date is untainted by the way).

It shouldn't do any serious damage but could make the difference between how much you save? I would only think existing lenders would be concerned if your credit file showed signs of stress or fraud, not just a few searches. That's just conjecture though and based from chatter on here and other forums...

CLAPTON

you move your 7.1% loan to a 0% CC : suppose you can't get another when the promotional period ends?

galaxy123

jonesMUFCforever wrote: »

Are you saying there is a charge for overpayments? Or is that the charge for early settlement - a totally different thing.

58 days interest for early repayment (or partial early repayment) based upon amount repaid, so would apply to both

Maestro. wrote: »

Are you also aware that the fluid card allows super balance transfers so you can put the money straight into your bank account?

yes but that's not a high enough limit to completely wipe out the loan

CLAPTON wrote: »

you move your 7.1% loan to a 0% CC : suppose you can't get another when the promotional period ends?

would be a frightening thought but it's a risk I'm prepared to take, although might hold off and just pay off half the loan now and take a longer term card in say 3-6 months, just to spread the risk (expiry dates not falling together etc).

Thanks for all advice

CLAPTON

your time scales are a little unclear to me

but if your strategy is over 4 years then that's a lot of 0% BT cards to find in that period.

jonesMUFCforever

............With a balance transfer fee everytime.